A R7bn pension fund is at the heart of a legal challenge by the Association of Mineworkers and Construction Union (Amcu) against the world’s largest platinum miner, Anglo American Platinum (Amplats). Not for the first time, Amcu — a relatively new union and one which has grown quickly on platinum and gold mines — has demanded the transfer of pension and provident funds established by companies in these sectors into the Igula Umbrella Provident Fund, which it set up. The gold sector rejected Amcu’s demands for the collective Mineworkers Provident Fund to be paid into Igula after the issue was raised during wage talks in 2015, and the matter went quiet. "Gold companies asked Igula to come and give us a presentation with a view to interrogate their viability and model. It did not materialise," said a gold company when asked on Friday why Igula was not an option. Amcu is now taking the 80%-held Anglo American subsidiary and one of SA’s largest mining companies to the Labour Court to sto...
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