NUM to Consider Revised Wage Offer from Northam Platinum

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.

Click here to read the full Reuters report.