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AngloGold South Africa workers return to work after strike

AngloGold Ashanti confirms that it has made an offer to its unionized employees in South Africa with the aim of reaching a two-year wage settlement. The National Union of Mineworkers, Solidarity and United Association of South Africa have indicated their members will accept the improved offer and employees, who had embarked on a strike beginning September 3 at the Vaal River Operations, have reported for work. AngloGold Ashanti is awaiting receipt of a formal acceptance of the offer by the unions. Under the agreement, pay levels will rise by between 7.5% and 8% in the first year effective as at July 1 and employees will receive CPI-linked increases in the second year, effective July 1, 2014. AngloGold Ashanti's Vaal River Operations which were impacted by this brief strike accounted for about 16% of AngloGold Ashanti's production in 2012.