platinum wage talks
Amcu fires the first shot
Steamy gains on the JSE and a resurgent palladium price will make it tougher for PGM mining companies to play hardball
The scene for tough wage talks in the platinum sector has been set now that the dominant Association of Mineworkers & Construction Workers Union (Amcu) has demanded a minimum wage of R17,000, just as the troubled industry begins to find its feet again.
Platinum producers have been struggling to eke out a profit for years, but an unexpected surge in the palladium price — it’s gained 150% in three years — and the crumbling rand have given PGM producers a leg-up this year.