Less Ads, More Data, More Tools Register for FREE

Pin to quick picksLonmin Share News (LMI)

  • There is currently no data for LMI

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

South Africa's AMCU union to set wage demands for platinum sector

Mon, 16th May 2016 12:09

JOHANNESBURG, May 16 (Reuters) - Members of South Africa'sAssociation of Mineworkers and Construction Union (AMCU) will onThursday begin meetings to decide on pay demands for platinumcompanies as wage talks loom, a spokesman said on Monday.

Manzini Zungu said the union's branches would put forwardtheir wage demands which would be consolidated at national levelahead of talks with Anglo American Platinum (Amplats),Impala Platinum and Lonmin .

The existing two-year wage deal between the companies andunions expires at the end of next month.

Platinum companies are still reeling from the effects of arecord five-month strike in 2014 led by AMCU - the biggest unionin the sector - when it sought a more than doubling in wages to12,500 rand ($800). In the end, the workers settled for raisesof around 20 percent annually.

The lengthy strike, pay increases and low commodity pricesforced firms to cut thousands of jobs, sell mines and delayprojects. Amplats sold off its Rustenberg mines to Sibanye Gold to focus more on its mechanised mines.

The mining firms have said that unaffordable increases couldtrigger job losses which are a thorny issue in South Africa,which holds local polls in August and where unemployment reachedits highest level on record in the first quarter.

Lonmin's CEO Ben Magara said he did not anticipate furtherjob cuts for now, but added conditions may change.

Zungu however said companies could not use the threat of jobcuts to intimidate workers from asking for salary increases.

"In wage talks, we are going to negotiate for our membersfully aware of the situation and knowing that the threat of jobcuts is a lifetime threat that doesn't go away," Zungu said.

"Our members are just looking for a living wage so that theycan own houses and take kids to university."

The National Union of Mineworkers, the second biggest unionin the sector, said it had not yet started on the process to setwage demands for its members.

($1 = 15.6015 rand) (Reporting by Zandi Shabalala and Tanisha Heiberg; Editing byJames Macharia)

More News
15 Jun 2016 15:32

Wednesday broker round-up

(ShareCast News) - Arrow Global Group: Goldman Sachs reiterates buy with a target price of 340p. Crest Nicholson: JP Morgan keeps at overweight with a 700p target. Shire: Exane BNP Paribas stays at outperform with a target price of 5700p and Jefferies keeps at buy with a target price of 5500p. Woo

Read more
15 Jun 2016 11:02

Broker tips: Wood Group, Jimmy Choo, Lonmin

(ShareCast News) - Shares in oil and gas services company Wood Group rose on Wednesday as Jefferies initiated its rating on the stock at 'buy'. "The company, in our view, has executed a far more coherent growth/mergers and acquisitions strategy compared to UK Service peers, Amec Foster Wheeler and P

Read more
15 Jun 2016 08:30

BROKER RATINGS SUMMARY: Go-Ahead Raised By JPMorgan, Cut By Investec

Read more
15 Jun 2016 07:44

UBS cuts Lonmin to 'sell' on stretched valuation

(ShareCast News) - UBS downgraded Lonmin to 'sell' from 'neutral' but lifted the price target to 140p from 110p, saying the valuation looks stretched following a strong share price performance. The bank said Lonmin achieved good cost performance in the second quarter of 2016, with unit costs down 3%

Read more
15 Jun 2016 07:18

LONDON BRIEFING: Hollywood Bowl Lifts Some Brexit Gloom With IPO Plan

Read more
7 Jun 2016 15:56

UPDATE 3-Northam Platinum workers say will not return to work due to safety concerns

* South Africa platinum sector has been marred by labour violence * NUM says six members have been murdered at Northam * Company urges workers to resume after output suspended Monday * Sector is struggling with depressed prices, rising costs (Adds AMCU comment, Northam urges w

Read more
16 May 2016 16:02

LONDON MARKET CLOSE: Miners Stand Out As FTSE 100 Starts Week Higher

Read more
16 May 2016 15:43

Britain's FTSE finishes higher on stronger miners

(ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for site in development. See the bottom of the report for more details) * Blue-chip FTSE 100 index ends 0.2 pct higher *

Read more
16 May 2016 15:12

Britain's FTSE index edges higher on stronger miners

(ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for site in development. See the bottom of the report for more details) * Blue-chip FTSE 100 index up 0.2 percent * Mine

Read more
16 May 2016 12:58

Lonmin reduces H1 loss, advances business plan delivery

(ShareCast News) - South African miner Lonmin has flagged significant progress in the delivery of its business plan as it posted a much-reduced H1 pretax loss of $21m, from a loss of $118m. The metals digger mined a total of 5.1m tonnes in the six months to 31 March, of which 76.6% was from core Gen

Read more
16 May 2016 11:13

EXTRA: Lonmin Soars As Loss Narrows And Guidance Remains Intact

Read more
16 May 2016 10:59

LONDON MARKET MIDDAY: Miners Supported By Chinese Stimulus Hopes

Read more
16 May 2016 09:35

WINNERS & LOSERS SUMMARY: Markets Unimpressed By British Land Earnings

Read more
16 May 2016 08:22

BUZZ-Lonmin: Soars as H1 reassures investors

** Platinum miner Lonmin's shares up 15 pct, top performers on FTSE Small Cap index, after reporting H1 core profit of $36 mln vs $6 mln loss a year earlier ** Co says cost-cutting ahead of schedule, adds now in net cash position vs net debt at Sept. 30 ** "The results reflect conside

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.