Amcu, mine bosses still in settlement talks
All parties involved in the labour dispute are expected to sign the agreement this afternoon.
JOHANNESBURG - The Association of Mineworkers and Construction Union (Amcu) and platinum mine bosses are still locked in a closed door meeting on Tuesday afternoon.
The union on Monday announced that a deal was reached with the world's top three platinum producers in a bid to bring an end to five months of turbulence on the platinum belt.
All parties involved in the labour dispute are expected to officially sign the three-year settlement sometime this afternoon.
It is understood that last minute surprises from Amcu held up the process.
Company representatives are due to elaborate on the details of the agreement after which Amcu is expected to respond.
The meeting is taking place in Johannesburg.
A photograph of a wage agreement between Amcu and platinum mines, 23 June 2014. Picture: Govan Whittles/EWN.
Amcu President Joseph Mathunjwa described the strike as one that was a necessity for workers.
The union now says it is shifting its focus to ownership of mines, saying shares need to be transferred to workers.
Mathunjwa said the employee share option at platinum mining houses needed to be revisited because the scheme had only benefitted a select few.
He says re-adjusting the plan will give workers a bigger stake in the companies.
The rand on Tuesday rallied against the dollar following news the platinum strike ended, taking the local currency to its strongest level in two weeks.
The rand had added to earlier gains as commodity-linked currencies took heart at positive factory data from China, a major South African export destination.
Initially unmoved during a two-hour speech by Mathunjwa, the rand gained sharply to nearly 1 percent in late trade on Monday.
Video: Mining strike ends.