Northam Platinum’s 43-Day Strike Cost 380 Million Rand
This article is for subscribers only.
Northam Platinum Ltd. said a 43-day pay strike that cost it 380 million rand ($55 million) in lost revenue at its only mine ended after workers settled for pay increases of almost four times South Africa’s inflation rate.
Members of the National Union of Mineworkers, the country’s biggest labor union, won pay increases of between 10 percent and 13 percent, the company said in a statement today. The country’s inflation rate was 3.5 percent in August.