Platinum-Miner Turnout as High as 90% After Strike Over Pay Ends

Jun 26, 2014 4:53 am ET

June 26 (Bloomberg) -- The three biggest platinum companies reported turnout of as much as 90 percent of their workers after an agreement ended South Africa’s longest mining strike.

Anglo American Platinum Ltd., the world’s largest producer of the metal, had the highest attendance, Charmane Russell, a spokeswoman for the three producers at Russell & Associates, said by e-mail. Impala Platinum Holdings Ltd. reported 83 percent and Lonmin Plc 85 percent, she said.

The Association of Mineworkers and Construction Union completed three-year deals with the companies June 24 in Johannesburg. The walkout by at least 70,000 miners cost the companies 23.9 billion rand ($2.2 billion) in revenue and workers 10.6 billion rand in wages since Jan. 23, according to the producers. Workers started to report for duty yesterday.

Some employees won’t come back, JPMorgan Cazenove analysts Steve Shepherd and Allan Cooke wrote in a May 13 note to clients. At each of the companies, it is assumed that “6 percent of the striking workforce will not return to work,” they said.