South African state-owned ports and rail operator Transnet said Monday it reached a three-year wage deal with the labor union that represents a majority of its workers, agreeing to immediately call off a strike that caused a costly slowdown of exports of iron ore, coal and other minerals.
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Members of the United Transport and Allied Trade Union launched a strike on October 6, demanding an increase linked to South Africa's inflation rate, which rose 7.6% Y/Y in August.
Transnet said it agreed to a 6% wage increase for the current financial year, a 5.5% raise next year and a further 6% boost in 2024; the agreement will be backdated to April 2022.
Sibanye Stillwater's ( SBSW ) operational problems in South Africa persist but its "strategy looks poised for success," Atlas Equity Research writes in an analysis published recently on Seeking Alpha .
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South Africa's Transet agrees to new labor deal with top union, ending strike