20110831
Reuters
JOHANNESBURG (Reuters) - South Africa's National Union of Mineworkers (NUM) said on Wednesday it had agreed a 2-year wage deal with Anglo American Platinum, the world's top producer of the precious metal which accounts for about 40 percent of global supply.



Amplats' shares extended gains to trade 1.6 percent higher amid investor relief that strikes would not threaten a full-year output target of 2.6 million ounces of platinum, while the wage settlements agreed came as no surprise.

The union said Amplats agreed to raise wages by between 8 and 10 percent, depending on worker category. The union had most recently demanded a 15 percent rise.

NUM's wage talks with Impala Platinum are now in arbitration, while negotiations with Northam Platinum and Lonmin are expected to resume in September.

South Africa's economy, including its key mining sector, has been hit by a wave of strikes over the past couple of months and most agreements have seen offers well above the inflation rate, which was 5.3 percent in July.