SIBANYE-STILLWATER said the almost two-month long strike at its South African gold mines is being used as leverage by labour unions for upcoming wage negotiations at its platinum operations.
South African miners, including Anglo American Platinum and Impala Platinum, are entering pivotal talks over a multi-year pay deal after announcing record dividends following a rally in palladium and rhodium prices.
While unions are seeking a share of the windfall profits, producers have warned that any settlement with 163 000 platinum workers must not risk the long-term viability of a key export industry.
Sibanye Chief Executive Officer Neal Froneman said the unions were trying to show strength after rejecting the company’s latest offer to boost the wages of gold workers by R850 a month. That equates to an increase of 7.8% – compared with South Africa’s March inflation rate of 5.9% – but the unions are asking for R1 000.
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