Coal sector
Australia's South32 looks to reduce interest in SA coal business
The company also added in the statement that it would invest R4.3 billion ($305.14 million) in SAEC’s Klipspruit Life Extension project.
The union reached the agreement, which varies for each coal producer, after saying last month it would call a strike if wage demands were not met by the Chamber of Mines.
The Chamber of Mines said it would issue a statement on the wage stand-off later on Tuesday.
But the prices are still down 15% & 24%, respectively, from their 2015 peaks in February.
The Chamber of Mines says negotiations to end the week-long coal strike will resume today.
The NUM will be giving feedback to the Chamber of Mines on its latest offer today.
The union says it’s up to Eskom to act & settle a strike over wages in the coal sector.
Workers want pay increases of up to 15 percent while the Chamber of Mines is not budging.
NUM says the employer returned to the negotiating table empty-handed after it rejected their offer.
Commodity price developments often go hand in hand with growth in emerging economies.
Environmental Affairs Dept has approved a request to dump 10,000 tons of coal into the ocean.