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The South African economy is limited to 1.5% potential growth a year because there is no productivity growth. National productivity has declined for five years in a row, highlighting the economy's structural constraints, including in a lack of energy security and logistics capacity, mining industry body Minerals Council South Africa outgoing CEO Roger Baxter told delegates at a recent media briefing. "Unless we stabilise energy availability and get logistics working to transport investment and value to the rest of the economy, we will not get the economy back on track," he said.

The South African economy is limited to 1.5% potential growth a year because there is no productivity growth. National productivity has declined for five years in a row, highlighting the economy's structural constraints, including in a lack of energy security and logistics capacity, mining industry body Minerals Council South Africa outgoing CEO Roger Baxter told delegates at a recent media briefing. "Unless we stabilise energy availability and get logistics working to transport investment and value to the rest of the economy, we will not get the economy back on track," he said.

The settlement is lower than the 15% hike that the NUM had initially proposed in May, and the labour union will be engaging other gold producers individually.