https://www.miningweekly.com

Northam, NUM sign three-year wage deal

2nd October 2018

By: Reuters

  

Font size: - +

JOHANNESBURG – South Africa's National Union of Mineworkers (NUM) has signed a three-year wage deal with platinum producer Northam Platinum that secures wage hikes of more than double the inflation rate for its members, the union said on Tuesday.

Depressed prices and rising costs mean South African mining companies have scant room for big wage hikes but unions maintain the increases come off a low base rooted in the country's apartheid past when the black labour force was exploited and underpaid.

NUM said in a statement that the increases for the lowest-paid underground workers would be R1 000 a month in 2018, with raises of R1 100 and R1 200 a month over the next two years.

According to Reuters' calculations this works out to increases of just under 11% annually, compared with an inflation rate of 4.9%.

Northam is in better shape than most of its peers, boosted by high grades and a swing to mechanisation.

Its annual operating profit rose by more than 34% to R823-million for the year to June 30 although preference share dividend arrangement meant it posted a loss.

Edited by Reuters

Comments

Showroom

AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 
Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.235 0.273s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: