South Africa’s Sibanye Gold Union Ends Five-Month Strike

Amid violence that left at least nine people dead and after crippling gold production & squeezing the company’s finances, a deal has been reached…

by Chris Powell of the Gold Anti-Trust Action Committee (GATA)

By Felix Njini and Paul Burkhardt
Bloomberg News

South Africa’s Association of Mineworkers and Construction Union agreed to end a strike at Sibanye Gold Ltd.’s gold mines that has crippled production and squeezed the company’s finances.

The deal represents the end to almost five months of legal wrangling between the two sides, amid violence that left at least nine people dead. It suggests a cooling of tensions between Sibanye and one of its biggest unions ahead of potentially-fractious platinum wage negotiations later this year.

AMCU has been on strike since Nov. 21 after refusing to join a wage-agreement that Sibanye reached with other unions. In an apparent victory for Sibanye Chief Executive Officer Neal Froneman, the labor group has now signed the same three-year pact. Sibanye will also provide financial and other assistance to its gold-mine workers, including a one-off payment, a cash advance to be repayable over 12 months, and transport to return to work. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-04-17/sibanye-gold-union-ca…

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