Amplats
Anglo American Platinum names industry veteran Viljoen CEO
Natascha Viljoen will take on the role from 16 April and joins Amplats at a time when higher metals prices have boosted the company's earnings.
The union held a briefing earlier on Tuesday and announced that the Commission for Conciliation, Mediation and Arbitration (CCMA) facilitated wage negotiations with Amplats and Sibanye-Stillwater.
The Association of Mineworkers and Construction Union (Amcu) president Joseph Mathunjwa said on Tuesday the union and some employers in the platinum mining sector were headed for another round of mediation at the Commission for Conciliation, Mediation and Arbitration (CCMA).
An illegal strike that led to the dismissal of over 600 employees at the Mototolo mine run by Anglo American Platinum (Amplats) has been resolved and the workers will be reinstated, the company said on Thursday.
The precious metals producer says it dismissed 643 employees at Mototolo, which produced 57,700 ounces of platinum group metals in the first quarter of 2019, after its appeal to end the strike was ignored.
Eskom cut power across the country in February and March as low coal supplies, a severe cash crunch, and multiple failures at its ageing fleet of power stations throttled supply.
Chris Griffith was speaking at a platinum industry conference in Johannesburg.
The South African company said its headline earnings were likely to jump by between 83% and 103%, or 2,715 cents and 3,010 cents per share.
The country is pinning hopes on a recovery in its mining industry after a coup that pushed out veteran leader Robert Mugabe.
The Anglo American unit said headline earnings more than doubled to R3.9 billion in 2017, in line with what it previously flagged to the market.
The changes relate to the Mapela Trust, which was set up to fund development projects in communities around Amplats’ Mogalakwena operation, the world’s largest open-pit platinum mine.
The rights relate to resources at Amandelbult near Northam’s Zondereinde mine and hold an estimated 16.7 million ounces of platinum.
Workers at Lonmin, Anglo American Platinum & Impala Platinum will receive an annual wage increase of R1,000 for the next 3 years.
Amplats and AMCU agreed to pay hikes of between 7 percent and 12.5 percent annually over the next three years.
Residents are displeased with Amplats’ community trust, saying they were not consulted.
The rand traded at 13,669 to the dollar by 1409 GMT, a 0,39 percent gain over Tuesday’s close.
The platinum firm is disposing of about 15 assets to concentrate on its most profitable mines.
The company's interim earnings are expected to rise by almost 1 500 percent.
Amplats says it plans to overhaul a number of its mines, which could lead to up 420 jobs being lost.