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Sibanye-Stillwater Strike Slides into 10th Week as Both Sides Refuse to Budge

SOUTH AFRICA
BulletEM BulletEmerging Markets

LOCAL NEWS

  • Union AMCU says no common ground found yet in wage talks with Sibanye-Stillwater after meetings yesterday with the strike now entering its 10th week.
    • The strike has already cost employees R1bn and both sides remain at a stalemate with SSW sticking with its R850/m offer vs R1k demanded (roughly 8.8% 3Y avg increase). The 5-monht strike on 2018 cost Sibanye R1.6bn in gold production (110,000oz in gold) – BusinessDay
  • State infrastructure company Transnet cancels R17.4bn in adjudicated tenders due to ‘material internal irregularity with the tender process’ throwing the sustainability of SA’s civil engineering industry into doubt. Safec CEO says this has far-reaching ripple effects in the construction industry and SA’s economic recovery – MoneyWeb
  • State-owned Land Bank says it will target the end of September to resolve its debt default. Says capital reduction of R14bn of the debt to local lenders is being implemented following the April 2020 default on R738m that triggered a cross-default on R50bn of its debt – BusinessDay
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LOCAL NEWS

  • Union AMCU says no common ground found yet in wage talks with Sibanye-Stillwater after meetings yesterday with the strike now entering its 10th week.
    • The strike has already cost employees R1bn and both sides remain at a stalemate with SSW sticking with its R850/m offer vs R1k demanded (roughly 8.8% 3Y avg increase). The 5-monht strike on 2018 cost Sibanye R1.6bn in gold production (110,000oz in gold) – BusinessDay
  • State infrastructure company Transnet cancels R17.4bn in adjudicated tenders due to ‘material internal irregularity with the tender process’ throwing the sustainability of SA’s civil engineering industry into doubt. Safec CEO says this has far-reaching ripple effects in the construction industry and SA’s economic recovery – MoneyWeb
  • State-owned Land Bank says it will target the end of September to resolve its debt default. Says capital reduction of R14bn of the debt to local lenders is being implemented following the April 2020 default on R738m that triggered a cross-default on R50bn of its debt – BusinessDay