After years of bleeding cash in the face of depressed prices, soaring costs, and frequent eruptions of community and labour unrest, South Africa’s platinum sector has turned a corner: Some companies are making money again — lots of it — and are rewarding investors with dividends.
In March, the main CPI gauge was 4.5%, so 2019’s settlements could conceivably be in the single digits — a win for both sides. . And food price inflation was only 3.1% in March. Your typical mineworker has eight dependants, so pap on the table consumes much of their income. Muted food inflation is likely to mute wage demands .
Let’s start with Anglo American Platinum , the world’s top producer of the white metal. Amplats has made a dramatic and profitable pivot to mechanisation, selling off its labour-intensive shafts around Rustenburg to Sibanye-Stillwater — effectively shedding thousands of its Amcu members in the process.
Northam Platinum signed a three-year wage agreement with NUM in October at its main producing mine so it is off the table. Perhaps as a sign of things to come elsewhere, that was for annual increases of 7% for the lowest-paid workers. In 2017, Sibanye-Stillwater also reached a three-year wage agreement at its Kroondal operation which also saw annual hikes of about 7%.
Mathunjwa has compared Froneman to colonial cowboy Cecil Rhodes. Froneman, for his part, has accused Mathunjwa of pursuing a political agenda to entrench his position. Both men, who in their very different ways have dominated South African mining in recent years, are girding for a showdown.
RaymondSuttner AMCU should comply with the law and should be given a chance to do so
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