Anglo American Platinum, Other Miners Sign Wage Agreement With South African Unions -- Update

By Anthony O. Goriainoff

Anglo American Platinum Ltd. (AMS.JO), Impala Platinum Holdings Ltd. (IMP.JO) and joint-venture partner Sibanye Gold Ltd. (SGL.JO) said Friday they have signed a three-year wage agreement in South Africa with recognized unions.

The companies said they have signed a series of wage increases which will benefit employees at their respective operations in the country.

Impala Platinum said the agreement ensures that employees receive increases to all major components of remuneration over the period, including basic salaries, living-out and home-ownership allowances, as well as medical aid and pension fund contributions.

"We believe this agreement will ensure the business can remain sustainable through the typical PGM [platinum group metals] price cycles, while our employees will benefit from meaningful pay and other increases," Anglo American Platinum Chief Executive Officer Chris Griffith said.

Shares in London at 1045 GMT were up 7 pence, or 0.2%, at 2025.50 pence.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

November 15, 2019 06:09 ET (11:09 GMT)

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