21st Jul 2014 15:09
LONDON (Alliance News) - Aquarius Platinum Ltd Monday said its wholly-owned subsidiary Aquarius Platinum South Africa Proprietary Ltd has reached separate three-year wage agreements with South Africa's National Union of Mineworks and with trade union Solidarity for their members employed at Aquarius's Kroondal mine.
The NUM represents the majority of Kroondal's semi-skilled work force, while Solidarity represents the majority of Kroondal's skilled work force.
Conceived in 1996, Kroondal Platinum Mine is Aquarius Platinum's first and flagship operation. It is around 120 kilometres north-west of Johannesburg.
The company said the agreement is effective immediately and will be applied to all employees within the respective bargaining units at Kroondal.
Aquarius said measured on a cost-to-company basis, the average increase slightly exceeds the increase in the cost of living as measured by inflation rate.
The company said it appreciated "the leadership shown by the Kroondal mine's management team during the negotiation process and the constructive and mature manner in which the NUM and Solidarity conducted the wage negotiations".
Aquarius shares were quoted up 3.8% at 23.88 pence Monday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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