NUM-Northam Platinum Wage Dispute Could Set Precedent

Bloomberg reported that according to Investec plc (LSE:INVP) and Stanlib Asset Management Ltd., the outcome of the wage dispute currently taking place between Northam Platinum Ltd. (OTCMKTS:NMPNY) and South Africa’s National Union of Mineworkers (NUM) is likely to set a precedent for the largest producers in the industry.

As quoted in the market news:

Northam workers remain off the job even after the company raised a salary-increase offer to as much as 9 percent. The National Union of Mineworkers, or NUM, has demanded an average increase of 61 percent.

‘If Northam settles at 9 percent it does lower the chance of other miners getting single-digit settlements,’ Albert Minassian, an analyst at Investec in Cape Town, said by telephone. ‘Unions need to be seen to be strong and fighting for their members.’

Click here to read the full Bloomberg report.