24th Jun 2014 05:55
LONDON (Alliance News) - The President of South Africa's Association of Mineworkers and Construction Union Monday declared the end of platinum miners strikes which have crippled the industry, exactly five months after they began, according to Reuters.
AMCU president Joseph Mathunjwa addressed thousands of miners at a mass meeting at the Royal Bafokeng Stadium in Rustenburg, saying that they would accept wage offers from the producers on Tuesday and the striking workers should return to work on Wednesday.
"Today we are creating a historic day in the mining sector," Mathunjwa told the crowd, according to Reuters. "The platinum sector will never be the same. What other unions have failed to do over many years, you have achieved in five months."
On June 12, Lonmin PLC, along with Anglo American Platinum PLC, a subsidiary of Anglo American PLC, and Impala Platinum Holding Ltd, said that the two sides had reached "informal undertakings" in principle on a potential deal.
However, last Wednesday, Lonmin said that it had "regrettably" received new demands from the AMCU that, if granted, would mean significant additional costs of over ZAR200 million for the company above the increased costs contained in an in principle deal the sides agreed.
Despite this, it seemed on Monday that there was hope for the tentative agreement, as Lonmin announced that further progress has been made towards a return to work.
The strikes, which began on January 23, have cost mining companies over ZAR21.7 billion, according to the companies. Striking miners, meanwhile, are believed to have missed out on over ZAR9 billion in wages.
http://af.reuters.com/article/southAfricaNews/idAFL6N0P420A20140623?pageNumber=1&virtualBrandChannel=0
By Tom McIvor; [email protected]; @TomMcIvor1
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