Lonmin CEO Talks Wages with AMCU

Mineweb reported that talks between South Africa’s Association of Mineworkers and Construction Union (AMCU) and major miners Lonmin plc (LSE:LMI), Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY) and Anglo American Platinum Ltd. (OTCMKTS:AGPPY) seem to have taken a positive step forward. That’s because Ben Magara, CEO of Lonmin, was allegedly present at wage negotiations on Friday.

As quoted in the market news:

Last week, AMCU released a scathing press release accusing the mining companies of negotiating in bad faith by not sending the heads of the companies to address wage negotiations in what has been termed an extraordinary strike that needs to do things differently in order to achieve positive results.

In their press release, AMCU said the negotiation teams of Implats, Amplats and Lonmin consisted of individuals who were former members and shop stewards of their rival, the National Union of Mineworkers.

The move to have the CEO’s present in the negotiation process may have a positive affect for AMCU, said Michael Bagraim, a labour law expert from Bagraim and Associates.

Click here to read the full Mineweb report.