{"id":14832,"date":"2012-09-21T04:42:14","date_gmt":"2012-09-21T02:42:14","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/update-1-lonmin-says-s-africa-pay-deal-to-add-14-pct-to-wage-bill\/"},"modified":"2012-09-21T04:42:14","modified_gmt":"2012-09-21T02:42:14","slug":"update-1-lonmin-says-s-africa-pay-deal-to-add-14-pct-to-wage-bill","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-lonmin-says-s-africa-pay-deal-to-add-14-pct-to-wage-bill\/","title":{"rendered":"UPDATE 1-Lonmin says S.Africa pay deal to add 14 pct to wage bill"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG, Sept 20<\/span> (Reuters) &#8211; The world&#8217;s No. 3 platinum<br \/>\nproducer Lonmin  said on Thursday its wage bill<br \/>\nwould rise 14 percent from Oct. 1 because of a pay deal reached<br \/>\nthis week to end a violent 6-week strike.<\/p>\n<p><span><\/span><\/p>\n<p>Lonmin, faced with soaring costs, did not give precise<br \/>\nnumbers, so it was not clear what the wage increases would<br \/>\nultimately cost the company. Lonmin had an $18 million profit in<br \/>\nthe first half of 2012.<\/p>\n<p><span><\/span><\/p>\n<p>The company said a one-time bonus of 2,000 rand ($240) would<br \/>\nbe paid on or before Oct. 1 to each worker for returning to<br \/>\nduty.<\/p>\n<p><span><\/span><\/p>\n<p>Forty-five people were killed last month in violence<br \/>\nunleashed by the illegal strike, including 34 shot dead by<br \/>\npolice in a single incident on Aug. 16 near Lonmin&#8217;s Marikana<br \/>\nmine 100 kms (60 miles) northwest of Johannesburg.<\/p>\n<p><span><\/span><\/p>\n<p>Analysts expect the company to go to the market with a<br \/>\nrights issue to inject cash into its operations after the loss<br \/>\nof production.<\/p>\n<p><span><\/span><\/p>\n<p>Lonmin made the announcement after markets had closed in<br \/>\nLondon and Johannesburg, but its share price fell over 6 percent<br \/>\non Thursday as concerns mounted about the costs and thousands of<br \/>\nits employees returned to work.<\/p>\n<p><span><\/span><\/p>\n<p>Much of the platinum sector in South Africa, which is home<br \/>\nto about 80 percent of known reserves of the precious metal, is<br \/>\nstruggling with thin margins because of low demand and rising<br \/>\ncosts for things like power and wages.<\/p>\n<p><span><\/span><\/p>\n<p>Wildcat strike action has also spread to the world&#8217;s top<br \/>\nproducer Anglo American Platinum.<\/p>\n<p><span><\/span><\/p>\n<p>There are concerns that the Lonmin deal, which will provide<br \/>\npay hikes of 11 percent to 21 percent, will encourage other<br \/>\nworkers in a country marked by glaring income disparities almost<br \/>\ntwo decades after the end of apartheid.<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JOHANNESBURG, Sept 20 (Reuters) &#8211; The world&#8217;s No. 3 platinum producer Lonmin said on Thursday its wage bill would rise 14 percent from Oct. 1 because of a pay deal reached this week to end a violent 6-week strike. Lonmin, faced with soaring costs, did not give precise numbers, so it was not clear what [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-14832","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=14832"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14832\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}