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Impala Platinum signs five-year wage deal

Takes effect on July 1.
Image: Bloomberg

Impala Platinum on Tuesday said it had agreed a five-year wage deal with the Association of Mineworkers and Construction Union (AMCU).

“The agreement is in line with current mining inflation of (about) 6.5% and considers the reality of sustained inflationary pressures faced by our employees,” Impala said in a statement, adding that the wage deal takes effect on July 1.

The pay deal covers increases in basic salaries, living-out and home-ownership allowances, medical aid and pension fund contributions, the company said, without providing specific figures.

Impala said the agreement secures five years of stability at its operations in South Africa, a country where strikes have often interrupted mines’ production.

Last month, Impala’s peer Anglo American Platinum also agreed a five-year pay deal with unions.

Impala’s shares were up 2% by 1115 GMT.

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