By Anthony O. Goriainoff

Anglo American Platinum Ltd. (AMS.JO) said Friday it has signed a three-year wage agreement in South Africa with recognized unions.

The London-listed South African mining company said the agreement will increase the company's total labor costs by 7.4% in the first year, 6.1% in year two, and 6.3% in the last year.

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

Shares in London at 1000 GMT were up 27 pence, or 1.3%, at 2048.50 pence.

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

(END) Dow Jones Newswires

November 15, 2019 05:24 ET (10:24 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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