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Gold/Mining/Energy : Stillwater Mining , SWC (former PGMS) -- Ignore unavailable to you. Want to Upgrade?

To: PHILLIP FLOTOW who wrote (1232)	10/17/2000 11:01:09 AM
From: PHILLIP FLOTOW	Read Replies (1) \| Respond to of 1336

Monday October 16, 1:51 pm Eastern Time S.Africa NUM says to end strike at Angloplat (UPDATE: Adds Angloplat reaction, details, background) By Buchizya Mseteka JOHANNESBURG, Oct 16 (Reuters) - South Africa's National Union of Mineworkers (NUM) said on Monday it had voted to end a 29-day wage strike at world No. 1 platinum producer Anglo American Platinum (Angloplat). NUM Executive President Zenzeni Zokwana told Reuters that the union would, however, continue talks with Angloplat management to work out outstanding issues over increased wage and better working conditions. ``The NUM branches met today and the decision was taken to end the strike,'' Zokwana said. Thousands of Angloplat workers have been on strike since September 18 in a wage dispute which has reduced mine output to between 75 and 80 percent of capacity. The NUM had demanded a 10-percent wage increase. But management declined and only offered a nine-percent increase, which it unilaterally implemented two weeks ago. ``We hope that by Friday this week, all our members would have reported back to work,'' Zokwana added. He said the NUM leadership would hold talks with Angloplat on Tuesday at 0800 GMT to iron out outstanding issues. NUM MOVE SURPRISING The NUM decision to end the strike surprised many, including Angloplat management, coming only three days after the union voted on Friday to continue with the industrial action until the company gave in to its 10-percent demand. Angloplat spokesman Mike Mtakati told Reuters, ``This is the best news for us as management.'' He confirmed Angloplat would hold talks with the 290,000-strong NUM on Tuesday and said he hoped a new wage agreement will be signed. ``We are looking forward to a positive meeting with the NUM. It is also our hope that a wage agreement can be signed tomorrow,'' Mtakati added. Last Wednesday, hundreds of Angloplat workers marched on the company's headquarters to pile pressure on the producer. Analysts had warned that platinum output could fall below two million ounces this year if the strike was not ended quickly. Flooding earlier this year was also seeing cutting into production. The NUM said around 10,000 of its members had gone on strike, a figure disputed by Angloplat which said less than 9,000 had taken part in the action. The strike had stopped underground blasting at important mines and forced Angloplat to draw heavily on ore stockpiles to supply its refineries and smelter. Analysts said huge Angloplat stockpiles is what finally broke the back of the union. They said the mines had enough stockpiles to last to the end of November, ensuring capacity operations of 100 percent at the key export-led smelter and refineries. Angloplat recently reported a doubling in interim earings to 2.611 billion rand ($346.6 million), led by surging world platinum group metal prices and a weaker rand. Shares in Angloplat closed 300 cents up, or 1.16 percent, at 262 rand on the Johannesburg bourse. PHIL