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
24 Mar 2016 09:32

BROKER RATINGS SUMMARY: JPMorgan Starts Countryside At Overweight

Read more
24 Mar 2016 08:23

LONDON BRIEFING: Next Leads FTSE 100 Fall As Smurfit Kappa Set To Join

Read more
16 Mar 2016 09:37

BROKER RATINGS SUMMARY: Citi Downgrades Anglo, Antofagasta and Lonmin

Read more
16 Mar 2016 08:25

LONDON BRIEFING: LSE And Deutsche Boerse Agree All-Share Merger

Read more
11 Mar 2016 09:34

BROKER RATINGS SUMMARY: Goldman Promotes Shell To Conviction Buy List

Read more
3 Mar 2016 10:44

BUZZ-Lonmin: jumps 15% on clarity over restructuring

** Platinum miner Lonmin's shares up 15 pct after saying it cut 5,108 jobs after its restructuring ** S.African union had said on Wednesday that only 75 jobs would be lost at co ** Co top FTSE small cap gainer ; more than half of its 30-day avg vols gone through by 1015 GMT ** S

Read more
3 Mar 2016 10:34

UPDATE 1-Lonmin says over 5,000 workers leave after restructuring

* Share price shoots up 17 pct, looks overbought at such levels * Lonmin says over 5,000 now cut from headcount, most voluntary (Adds details, spokeswoman) JOHANNESBURG, March 3 (Reuters) - South African-focused platinum producer Lonmin said on Thursday it had trimmed its workforce

Read more
3 Mar 2016 10:03

Lonmin says over 5,000 workers leave after restructuring

JOHANNESBURG, March 3 (Reuters) - South African-focused platinum producer Lonmin said on Thursday it had trimmed its workforce by over 5,000 in a restructuring triggered by depressed prices. There has been some confusion over the process after the Association of Mineworkers and Constructio

Read more
2 Mar 2016 10:15

RPT-South Africa's AMCU union says fewer jobs to be lost at Lonmin after negotiations

(Repeats to more subscribers with no change to text) JOHANNESBURG, March 2 (Reuters) - South Africa's Association of Mineworkers and Construction Union (AMCU) said on Wednesday fewer jobs would be lost at platinum producer Lonmin following talks with the company. The union did not i

Read more
2 Mar 2016 09:55

South Africa's AMCU union says fewer jobs to be lost at Lonmin after negotiations

JOHANNESBURG, March 2 (Reuters) - South Africa's Association of Mineworkers and Construction Union (AMCU) said on Wednesday fewer jobs would be lost at platinum producer Lonmin following talks with the company. The union did not immediately give a figure of workers fired by the firm which

Read more
29 Feb 2016 09:34

BROKER RATINGS SUMMARY: Goldman Sachs Raises Sky And Cuts ITV

Read more
15 Feb 2016 14:54

Job cuts to escalate in South African mines as global economy slows

* Political, union pressure on companies to halt job losses * Ruling party worried job cuts could affect local elections * Weaker rand offers some support to mining firms By Zandi Shabalala CAPE TOWN, Feb 15 (Reuters) - Job losses in South Africa's mining sector are likely

Read more
9 Feb 2016 17:35

PRESS: Lonmin Focused On Survival But Doesn't Rule Out M&A - Reuters

Read more
9 Feb 2016 12:43

Lonmin CEO says will not shy away from merger or takeover

By Olivia Kumwenda-Mtambo CAPE TOWN, Feb 9 (Reuters) - Lonmin will not "shy away" from a merger or takeover but for now the company was focused on its plan to survive tough market conditions, its chief executive said on Tuesday. "We are continuously looking at options to maximise valu

Read more
9 Feb 2016 10:51

South Africa plans fuel cell plant to boost platinum demand

* Platinum price has tumbled, firms struggling * Govt supporting fuel cell plant to increase demand * Plant likely by 2018 - Isondo Precious Metals CEO By Wendell Roelf CAPE TOWN, Feb 9 (Reuters) - South Africa plans to set up a fuel cell component plant by 2018, the lates

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.