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LMI Lonmin Plc

75.60
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Lonmin Plc LSE:LMI London Ordinary Share GB00BYSRJ698 ORD USD0.0001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 75.60 73.70 74.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

End in Sight for S Africa Platinum Wage Talks - AMCU President

06/10/2016 2:02pm

Dow Jones News


Lonmin (LSE:LMI)
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By Alexandra Wexler

 

JOHANNESBURG--Wage negotiations between major South African platinum producers and the largest union in the industry should be wrapped up in about a week, according to the head of the union.

"I believe we won't have a strike," said Joseph Mathunjwa, president of the Association of Mineworkers and Construction Union, on the sidelines of an industry conference in Johannesburg.

The union is asking for a 12,500 rand ($907.5) minimum wage from about ZAR9,000 currently and a 15% raise for skilled workers.

In 2014, a 5-month strike led by AMCU crippled the platinum industry in South Africa, the world's No. 1 producer of the metal, hitting output and bottom lines.

The Chamber of Mines of South Africa recently estimated that about 80% of platinum operations in the country are unprofitable. South Africa's top three producers have restructured, cut jobs, and raised capital in order to stay afloat. They have trimmed hundreds of thousands of unprofitable ounces of production and sold high-cost mines.

Shares in Anglo American Platinum and Impala Platinum are up 2% and 0.4%, respectively, while Lonmin is 2% down.

Write to Alexandra Wexler at alexandra.wexler@wsj.com

 

(END) Dow Jones Newswires

October 06, 2016 08:47 ET (12:47 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.

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