Photo by: Creamer Media
Diamond mining company De Beers has signed a five-year wage agreement with the National Union of Mineworkers (NUM) following months of negotiations facilitated by the Commission for Conciliation, Mediation and Arbitration with employees in the bargaining unit at Venetia mine and De Beers Sightholder Sales South Africa.
The agreement will see employees receiving an increase of 7% this year, and 6% in the subsequent years until April 30, 2028.
This takes the minimum basic wage at an entry level – excluding allowances for shifts and housing – to R17 630 a month.
The agreement also allows for participation in the employee share ownership plans (ESOPs) and will see De Beers’ employees in South Africa taking part in diversified miner Anglo American’s current South African ESOP from 2023 to 2025.
“We are pleased that we reached a favourable outcome following a very tough negotiation process against the backdrop of challenging market conditions that continue to have an adverse impact on our business and the overall diamond industry.
“The agreement provides a measure of certainty to our employees for the next five years as we focus on ramping up the underground mine at Venetia, which is set to extend the life-of-mine to at least 2046,” De Beers managed operations MD Moses Madondo said on November 3.