Diamond miner Petra Diamonds reports that it has concluded a one-year wage agreement with the National Union of Mineworkers (NUM).
This applies to its South African operations for the financial year to June 30, 2021.
Under the terms of the agreement, Petra will make a one-off, ex-gratia payment of between R5 000 and R8 500 to employees graded in the A and B Paterson Bands.
In addition, employees in the A Paterson band will receive an increase of 5.5% in their cash earnings, effective January 1, 2021, with employees in the B Paterson band to receiving a 5% increase.
Besides the wage increases, the agreement also covers various outstanding discussion points between Petra and the NUM, with clear timelines for the finalisation of these, as well as a commitment to continue discussions on a wage agreement for the following financial year to June 30, 2022.
“We thank our partners in the NUM for their positive and constructive engagement that has resulted in this agreement.
This now allows us to renew our focus on continuing to deliver operationally as we reposition the business in emerging from what has been a particularly challenging period,” comments Petra CEO Richard Duffy.