Johannesburg, Sha'ban 26, 1435, June 24, 2014, SPA -- South African miners and platinum companies on Tuesday signed an agreement to end a five-month strike that cost producers billions of dollars and pushed the country close to a recession, broadcaster NCA reported. The Association of Mineworkers and Construction Union (Amcu) was demanding an entry-level wage of 12,500 rand (1,185 dollars), double what the miners were earning, dpa reported. Amcu president Joseph Mathunjwa announced three-year deals with the mining houses Lonmin, Anglo-American Platinum and Impala Platinum. Lonmin's workers will receive 1,000 rand annual increases for three years, while Amplats and Implats workers will receive 1,000 rand increases for the first two years before receiving 950 rand in the last year. The walkout by about 70,000 miners contributed to a 0.6 per cent contraction of the South African economy in the first quarter. "The South African economy can now breathe easier at the resolution, but an enormous challenge remains in making up for the lost production and economic activity," South Africa's Chamber of Commerce and Industry CEO Neren Rau said in a statement. -- SPA 23:14 LOCAL TIME 20:14 GMT www.spa.gov.sa/w