JSE- and NYSE-listed Sibanye-Stillwater reports that, at a mass meeting held at the company's South African gold operations on June 3, members of the Association of Mineworkers and Construction Union (AMCU) and the National Union of Mineworkers (NUM) had given union leadership a mandate to accept a three-year wage proposal made by the Commission for Conciliation, Mediation and Arbitration (CCMA).

The proposal mandated is in line with inflation over a three-year period, at an average annual increase of 6.3% total increase, and will contribute to the sustainability of Sibanye's gold operations.

The CCMA proposal to the parties includes that category four to eight employees will receive an increase of R1 000 in year 1 (amounting to a 7.7% increase); R900 in year 2 (amounting to a 6.5% increase); and R750 in year 3 (amounting to a 5.2% increase), while miners, artisans and officials will receive an increase of 5% in year 1; 5.5% (or CPI if CPI is between 5% and 5.5%) in year 2; and 5% in year 3.

In addition, category four to eight employees will receive a one-off hardship allowance payment of R3 000, of which R1 200 will be a cash payment to employees and R1 800 will be allocated to the reduction of debt or loans owing to the company.

For the agreement to be binding and in order for the lock-out to be lifted, the agreement must be formally concluded by Sibanye and the leadership of AMCU and the NUM. This is expected to take place early next week.

The final agreement will be extended to all employees in the bargaining unit, including members of UASA and Solidarity.

“We welcome this positive step towards ending the industrial action at our gold operations and thank our employees for making their voices heard.

"We also acknowledge the integral mediation role played by the CCMA in facilitating constructive engagements between the parties. We now look forward to returning our South African gold operations to stability and profitability for the benefit of all stakeholders,” says Sibanye Southern Africa chief regional officer Richard Stewart.