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South Africa platinum strike 'over' | South Africa platinum strike 'over' |
(about 17 hours later) | |
A five-month platinum strike in South Africa is "officially over", says the leader of the union behind the strike. | A five-month platinum strike in South Africa is "officially over", says the leader of the union behind the strike. |
Joseph Mathunjwa, the president of the Association of Mineworkers and Construction Union (AMCU), said it had accepted a wage deal. | Joseph Mathunjwa, the president of the Association of Mineworkers and Construction Union (AMCU), said it had accepted a wage deal. |
He said the AMCU's striking members would return to work on Wednesday. | |
The stoppage has affected 45% of the global supply of platinum and played a part in the contraction of South Africa's economy in the first quarter. | The stoppage has affected 45% of the global supply of platinum and played a part in the contraction of South Africa's economy in the first quarter. |
So far the mining companies involved, Anglo American Platinum, Imapla Platinum and Lonmin, have not commented. Management are meeting the AMCU on Tuesday when the deal is expected to be signed. | So far the mining companies involved, Anglo American Platinum, Imapla Platinum and Lonmin, have not commented. Management are meeting the AMCU on Tuesday when the deal is expected to be signed. |
'Sign' | 'Sign' |
Mr Mathunjwa was addressing a stadium full of workers, who have not been paid for five months. | Mr Mathunjwa was addressing a stadium full of workers, who have not been paid for five months. |
The workers shouted "sign, sign, sign". | The workers shouted "sign, sign, sign". |
Mr Mathunjwa said the companies had "agreed to the bulk of our demands". | Mr Mathunjwa said the companies had "agreed to the bulk of our demands". |
The strike began on 23 January, when more than 70,000 workers downed tools to demand higher wages and benefits. | The strike began on 23 January, when more than 70,000 workers downed tools to demand higher wages and benefits. |
Pay deal | Pay deal |
The strike has hit platinum production in the world's top exporting country, with companies reporting a combined loss of 23.8bn rand (£1.3bn, $2.2bn) in earnings. | The strike has hit platinum production in the world's top exporting country, with companies reporting a combined loss of 23.8bn rand (£1.3bn, $2.2bn) in earnings. |
The deal could mean pay of as much as 12,500 rand (£694) per month, depending on the seniority of the workers, with increases over the next three years. | The deal could mean pay of as much as 12,500 rand (£694) per month, depending on the seniority of the workers, with increases over the next three years. |
South Africa holds around 80% of the world's known platinum reserves. So far stockpiles have kept the markets supplied with the metal, which is key for producing catalytic converters used to reduce automotive pollution. | South Africa holds around 80% of the world's known platinum reserves. So far stockpiles have kept the markets supplied with the metal, which is key for producing catalytic converters used to reduce automotive pollution. |
The South African rand gained almost 1% to 10.5575 to the US dollar, its strongest since 9 June. |