IMPUF - Implats signs five-year wage deal with South African union

Impala Platinum (OTCQX:IMPUY) said on Tuesday it signed a five-year wage settlement with the AMCU union in South Africa for its operating subsidiaries Marula and Impala Rustenburg, Mining Weekly reports. Implats said the agreement is in line with current inflation of 6.5% and "considers the reality of sustained inflationary pressures faced by employees." The agreement provides for increases to salaries, living-out and home-ownership allowances, medical aid contributions, pension fund contributions and funeral cover. Implats (OTCQX:IMPUY) CEO Nico Muller said the agreement ensures five years of stable production and financial planning at its operations. AMCU earlier secured a five-year wage deal with Anglo American Platinum, leaving Sibanye-Stillwater as the last major platinum producer to conclude a wage agreement with the union. Two weeks ago, Sibanye signed a three-year wage deal with AMCU that ended a lockout at the miner's South African gold operations.

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Implats signs five-year wage deal with South African union