South African Platinum Miners Back to Work

South Africa’s platinum industry is breathing a sigh of relief today after workers at two major platinum mining operations agreed to return to work.

Fin24 reported workers at Lonmin’s (LSE:LMI) accepted a 22 percent pay increase, ending six weeks of deadly strikes that reached a nadir last month with the deaths of 34 striking miners who had been fired upon by police.

“Worker representatives informed us this evening that agreement has been reached, and they have signed the agreement. They have accepted Lonmin management’s latest offer and will return to work on Thursday 20 September,” Fin24 quoted Nerine Kahn, director of The Commission for Conciliation, Mediation and Arbitration (CCMA), as saying.

Meanwhile, number one platinum producer Anglo American Platinum (LON:AAL) confirmed today that operations at its strike-hit Rustenburg mine have resumed.

Anticipation of resumed production resulted in the spot price of platinum dropping 2 percent to $1627.40 per ounce, Reuters reported.