Lonmin shares rise after striking miners sign pay deal

Lonmin

Last Updated at 21 Nov 2014, 06:25 ET *Chart shows local time Lonmin intraday chart
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Shares in Lonmin jumped 9% when trading began in London, after the firm signed a pay deal with striking miners in South Africa.

The deal brings to an end a strike lasting nearly six weeks at the Marikana mine in Rustenburg.

The miners, who are mostly rock drill operators, cheered when they were told late on Tuesday that they would get pay rises of between 11% and 22%.

By mid-afternoon Lonmin shares had fallen back slightly, and were up 2.6%.

The workers had been demanding a salary of 12,500 rand a month ($1,513; £935). They currently earn between 4,000 and 5,000 rand.

The agreement also includes a signing bonus of 2,000 rand for employees.

Last month, police opened fire on demonstrators at the mine in Marikana, killing 34 striking workers.

In total 44 people died at the Lonmin-owned mine in mid-August and many others were injured. Unrest has also spread to other mines.

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