Pan African concludes 5-year wage agreement at Barberton Mines, ESOP matures

An image showing Pan African's Barberton mine

Barberton mine

4th June 2024

By: Tasneem Bulbulia

Senior Contributing Editor Online


Font size: - +

JSE-listed Pan African Resources has concluded a milestone five-year wage agreement for increases and other conditions of service with the National Union of Mineworkers (NUM), the representative union for Category 4 to 8 bargaining unit employees, at its Barberton Mines operations.

The agreed increases for the period June 1, to June 1, 2029, amounts to an average yearly increase of about 5.3% a year over the five-year period.

The current five-year wage agreement with UASA – the other representative union at Barberton Mines – entered into in 2021, is valid for another two years, until June 30, 2026.

The agreement with UASA provides for an increase of 5% or consumer prices index (CPI), whichever is higher, capped at 6%. It affords the parties a one-off option to renegotiate these increases, in the event of CPI being lower than 4% or higher than 7.5%.

Further, Pan African says the maturation of the Barberton Mines’ Employee Share Ownership Plans (ESOP) scheme has realised meaningful benefits for qualifying employees over its life.

The scheme was meant to mature on June 30, after a ten-year term, but an early settlement of the scheme, at March 31, was negotiated with employees and unions.

Qualifying employees received dividends of more than R40-million during the scheme's tenor, with the final maturity benefits paid to employees during May.

More than 2 200 employees qualified to receive final maturity payments, with payments dependent on the number of completed years of service.

“We are pleased to have entered into multi-year wage agreements at Barberton Mines, which will ensure stability in labour relations at this operation over the coming years. The maturation of Barberton’s ESOP has also realised tangible benefits to all its participants,” says CEO Cobus Loots.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online



JusChek® - Disposable saliva test

JusChek® - Disposable saliva test

Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa


Latest Multimedia

sponsored by

Platinum, diamonds, hydrogen make headlines
Platinum, diamonds, hydrogen make headlines
19th July 2024
Magazine round up | 19 July 2024
Magazine round up | 19 July 2024
19th July 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:0.228 0.269s - 127pq - 2rq
1: United States
Subscribe Now
2: United States