Platinum Producer Lonmin, Miners in 2-Yr Wage Pact

South Africa's National Union of Mineworkers (NUM) said on Friday it had sealed a 2-year wage deal with Lonmin, averting a possible strike against the world's third largest platinum producer.

Lonmin's bigger rivals Anglo American Platinum and Impala Platinum clinched similar deals themselves earlier this year, significantly removing any immediate threat of labour unrest to global platinum supplies.

Members of the National Union of Mineworkers overwhelmingly voted in favour of the offer and the union signed on the dotted lines this afternoon, the union said in a statement.

Following a pattern in the mining sector, the settlement is for increases that range from 9 to 10 percent, considerably above the inflation rate which was 6 percent in October.

NUM said its rank and file members at Lonmin had overwhelmingly accepted the offer.

Lonmin is targeting sales of 750,000 platinum ounces for the 2012 financial year.