Platinum union agrees on pay plan to end South Africa strike

|By:, SA News Editor

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