Lonmin lost R504m in the 42-day strike
Concern about possible job losses
JSE-listed Lonmin has lost an estimated R504-million in revenue due to the strike which lasted 42 days and resulted in 45 deaths and unrest in the platinum and gold mining sectors.
Nedbank Capital analyst Mohammed Nalla said it would be interesting to see whether the higher wage bill would not have a domino effect, resulting in thousands of jobs being lost in the mining sector in the long term.
"The mining sector employs 357,000 people who each has up to 10 dependants.
"If the higher wage bill results in mining jobs being lost, this means that more than three million people could be affected," Nalla said.
Nalla's comments came after striking miners at the Marikana mine accepted pay increases of up to 22%.
Nalla said international investors would play a wait-and-see game to observe whether the implications of the strike do not spill over to other mines and sectors in the country.
He said the the strike was a result of mining labourers wanting to see their quality of life improve.
He said that the strike would not have happened if Lonmin had been serious about empowering their workers at their mine.
"In hindsight, the strike at Lonmin mine might not have taken place if empowerment structures implemented by mining companies Exxaro and Kumba Iron Ore were replicated," Nalla said.