20th Jan 2014 10:38
LONDON (Alliance News) - Lonmin PLC Monday said the Association of Mineworkers and Construction Union in South Africa had given it notice that it will start a strike on Thursday, after wage talks between the two sides broke down.
In a statement, the miner said it had met with the union at an arbitration panel on December 10, but had failed to find a resolution to disagreements over wage demands.
Striking miners will not be paid while they are out of work, as allowed under South African law, Lonmin said.
"Lonmin remains committed to finding a positive and sustainable resolution to the dispute in the interests of all its stakeholders and management continues to engage at all levels to seek agreement," Lonmin said in a statement.
Lonmin shares were up 0.9% at 319 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Lonmin