Platinum union agrees on pay plan to end South Africa strike


South Africa’s top platinum companies and the biggest mineworkers union agree on proposals that the labor organization will take to its members in a bid to end a five-month pay strike.

The AMCU union is meeting members at mines today to get their views on the proposal, and the companies - Amplats (AAUKF, AAUKY), Impala Platinum (IMPUY) and Lonmin (LNMIF) - expect a response tomorrow.

More than 70K members of the union have been on strike over pay since Jan. 23, which producers say has cost 22B rand in revenue.

ETFs: PALL, PPLT, SPPP, PTM, PGM

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