[miningmx.com] — LONMIN, the world’s No. 3 platinum producer, said employees will receive pay rises and benefit improvements of up to 10%, depending on job grades, as part of a two-year wage agreement with the National Union of Mineworkers.
The precious metals producer said on Monday the first year of the agreement will be backdated to October 1.
Lonmin said the agreement was in line with the expectations of the market and industry settlements.
Bigger rivals Impala Platinum and Anglo American Platinum reached agreements earlier this year with unions but had to cough up above inflation wage increases over the next two years which ranged from 8% to10%. Inflation was 6% in October.
