The Conversation (0)
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.
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.’