Platinum Producer Lonmin, Miners Settle Strike

South Africa's trade union Solidarity said on Wednesday it has reached a two-year wage agreement with platinum miner Lonmin that will see its members get pay rises of up to 8 percent.

Lonmin, the world's No. 3 platinum producer, also signed a deal with the bigger National Union of Mineworkers earlier this month.

Solidarity said the increase will range between 6.5 percent and 8 percent, depending on worker category and performance, and will be backdated to Oct 1.

Bigger rivals Impala Platinum and Anglo American Platinum reached agreements earlier this year with South African unions but had to cough up above inflation wage increases over the next two years which ranged from 8-10 percent. Annual inflation was 6.1 percent in November.