NUM Rejects New Wage Offer from Northam Platinum

Reuters reported that South Africa’s National Union of Mineworkers (NUM) has rejected a new wage offer from Northam Platinum Ltd. (OTCMKTS:NMPNF), pushing a strike at the company’s Zondereinde operation into its fifth day.

As quoted in the market news:

‘The new wage offer was rejected outright by our members today,’ said NUM spokesman Livhuwani Mammburu after a mass meeting at the mine in the North West province.

NUM is demanding wage increases of between 22 and 43 percent and a rise in housing allowances of 69 percent.

Northam, which has already improved its initial offer twice, has offered increases of 7 to 8 percent in the first year, slightly above the current inflation rate of 6 percent.

Click here to read the full Reuters report.