Following an all-inclusive negotiation process involving South African trade unions and delegates of striking employees, Lonmin reached a settlement and miners have agreed to return to work. The agreement includes a signing bonus of R2,000 ($240) and an average rise in wages of between 11% and 22% for all employees falling within the Category 3-8 bargaining units , effective from 1 October 2012.
This includes the previously agreed 9-10% rises for these employees due to come into effect in October 2012. It also addresses issues of promotion for some categories of workers as well as other allowances.
“These have been difficult and tragic weeks for everyone involved with the company, the communities living around our operations and the South African nation as a whole,” said Simon Scott , Acting Chief Executive, Lonmin. “Tonight’s agreement and the subsequent return to work is only one step in a long and difficult process which lies ahead for everyone who has been affected by the events at Marikana, but it is essential in helping secure the futures of our tens of thousands of employees and all those who rely on Lonmin in the region.”
The company now expects sales for the full year ending 30 September 2012 to be in the range of between 685,000 and 700,000 oz of platinum.