From Mineweb:
JOHANNESBURG (Mineweb) -Here are the five day and one month charts of our short gold/long platinum pair trade, through yesterday's close:
The platinum wage negotiations have been adjourned; leaving the parties involved pondering their next course of action.
The Association of Mineworkers and Construction Union is still demanding R12,500, but by yesterday afternoon, AMCU had lowered their demand, arguing for a wage increase that will see workers earn R12500 by 2018
The big three platinum producers, Anglo American Platinum, Lonmin, and Impala Platinum, however, remain resolute in their offer of increases between 7 percent and 9 per cent over three years.
The Commission for Conciliation Mediation and Arbitration has its hands full trying to find an amicable solution to the stalemate. And according to a press release from Lomin on Wednesday, “CCMA has deemed the respective parties’ current position to be too far apart to warrant further mediation at this stage”.
Mpumi Sithole, a spokeswoman at Amplats said talks between the platinum sector and the Association of Mineworkers and Construction Union have been suspended indefinitely to allow stakeholders time to reflect the current offer.
AMCU revised its wage demand to achieve a R12, 500 basic salary for the lowest paid workers over a period of four years.
“This revised wage demand translates to an average annual increase of 29% and remains unaffordable. The Company maintains that AMCU’s revised offer remains significantly above inflation and a further increase is not sustainable,” said Sithole....MORE
