Commodities & Energy

Reuters first to report South Africa's NUM union seeks 37 pct pay hike from gold miners over two years

Reuters first to report South Africa's NUM union seeks 37 pct pay hike from gold miners over two years

Reuters was first to report that South Africa’s National Union of Mineworkers has submitted wage hike demands in the gold sector of up to 37 percent over a two year period. The demands far exceed the current inflation rate of 3.8 percent and suggest potentially tough negotiations with companies that have been battling to contain soaring costs in the world’s deepest mines.