Biggest Union Kicks Off Platinum Talks With 48% Wage Demand | Metals Mine

  • Biggest Union Kicks Off Platinum Talks With 48% Wage Demand

    From bnnbloomberg.ca

    The biggest union in South Africa’s platinum industry demanded wage increases of as much as 48% from producers in the world’s top supplier of the metal, setting the stage for a tough fight in upcoming pay talks. • The Association of Mineworkers and Construction Union wants minimum basic pay of 17,000 rand ($1,146) a month, President Joseph Mathunjwa said Friday. That compares with about 11,500 rand currently earned by the lowest-paid workers. Key Insights • The opening salvo -- issued to companies including Anglo American Platinum Ltd., Sibanye Gold Ltd., and Impala Platinum Holdings Ltd. -- represents a ... (full story)

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EventsTrader
Jun 14, 2019 11:55am
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Metal and mining investors will be watching the negotiations closely for any potential strike. The militant labor organization held the longest platinum mining strike in the country in 2014.
I usually don't trade platinum because of the large spreads, but this is one to watch. It will be for a while. Nothing can move platinum as much as labor disruptions in South Africa. If a strike looks likely to happen, buying platinum is what this trader will be doing.
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bigtx
Jun 14, 2019 4:20pm
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48% pay raise? Sounds like anchoring if you ask me. Regardless, these demands across the world add to the uncertainty that is going on. Any of the store of values will likely be rising while we go through this.
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