Petra Agrees Five-Year Pay Deal with Mine Workers
June 11, 24
(IDEX Online) - Petra Diamonds says a five-year pay agreement with mine workers in South Africa provides it with much-needed certainty during a "challenging period" for the industry.
The UK-based miner has reached agreement with the National Union of Mineworkers (NUM) under which employees will receive annual increase of between 5.75 per cent and 6.5 per cent or the Consumer Price Index, whichever is higher.
Richard Duffy, Petra's chief executive, said: "We thank our partners in the NUM for their positive and constructive engagement in concluding this agreement against the backdrop of a challenging period for the industry.
"This allows for continued certainty on fixed labour costs at our South African operations and enables us to renew our focus on operational delivery as we continue to build further resilience in the business".
The agreement covers the Cullinan and Finsch mines, in South Africa, but not the Williamson mine, in Tanzania, or Petra's mothballed Koffiefontein mine, in South Africa, which is being sold to Dubai-based Stargems for a "nominal cash consideration".
Pic courtesy Petra shows workers at the Finsch mine.