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resources|service|operations

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

     

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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

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