Anglo American Platinum Signs Wage Agreement With South African Unions
November 15 2019 - 5:39AM
Dow Jones News
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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