Platinum Miners Refuse AMCU’s Reduced Wage Offer

Mineweb reported that Lonmin plc (LSE:LMI), Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY) and Anglo American Platinum Ltd. (OTCMKTS:AGPPY) have said no to the Association of Mineworkers and Construction Union’s (AMCU) most recent wage offer.

As quoted in the market news:

Earlier today, AMCU proposed to lower its R12,500 minimum wage demand, spreading it over three years.

In a briefing, Joseph Mathunjwa, the president of AMCU said the union was seeking increases that would take the basic entry wage to R12 500 a month in 2015 but freezing additional perks such as housing allowances.

‘We acknowledge AMCU’s revised demand to achieve R12,500 in basic salary over three years.  However, this revised demand translates into an average annual increase of between 30% to 40% year-on-year and remains unaffordable.’ The companies said in a joint statement.

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