The Conversation (0)
NUM to Consider Revised Wage Offer from Northam Platinum
Nov. 06, 2013 11:18AM PST
Precious Metals Investing
Reuters reported that South Africa’s National Union of Mineworkers (NUM) plans to consider a revised wage offer from Northam Platinum Ltd. (OTCMKTS:NMPNF), whose Zondereinde operation is currently being affected by a NUM-led strike. The union will hold a meeting for its members on Thursday and issue a statement after that time.
Reuters reported that South Africa’s National Union of Mineworkers (NUM) plans to consider a revised wage offer from Northam Platinum Ltd. (OTCMKTS:NMPNF), whose Zondereinde operation is currently being affected by a NUM-led strike. The union will hold a meeting for its members on Thursday and issue a statement after that time.
As quoted in the market news:
NUM has been demanding wage increases of between 22 and 43 percent and a rise in housing allowances of 69 percent.
Northam, which has already improved its offer twice, has offered increases of 7 to 8 percent in the first year, compared with a current inflation rate of 6 percent.
The strike involves the workforce at Northam’s Zondereinde operation, which accounts for the vast majority of the company’s annual production of 300,000 ounces.