Impala Platinum signs five-year wage deal

Source: Rudi Suardi © 123RF.com

"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 1 July.

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 mine production.

Last month, Anglo American Platinum also agreed to a five-year pay deal with unions.