Photo by: Bloomberg
JSE- and NYSE-listed Sibanye-Stillwater will restart its South African gold operations in a phased manner over the next two to three months, in order to ensure the safety of the operations and employees.
This follows after it and unions the Association of Mineworkers and Construction Union (AMCU) and the National Union of Mineworkers (NUM) at the weekend finally signed a three-year wage agreement, ending a three-month strike at the gold operations.
The agreement will also be extended to employees who are members of trade unions Uasa and Solidarity and who had previously accepted the miner’s wage offer.
The strike was first initiated by the NUM and AMCU on March 8 and had followed eight months of negotiations.
The final wage agreement involves a R1 000, or 7.7%, increase in year one, a R900, or 6.5%, increase in year two, and a R750, or 5.2%, increase in year three, for category four to eight employees.
In turn, miners, artisans and officials will receive a 5% increase in year one, between a 5% and 5.5% increase in year two and a 5% increase in year three.
The agreement is effective from July 1, 2021.
Sibanye also agreed, as suggested by the Commission for Conciliation, Mediation and Arbitration, to pay a one-off hardship allowance of R3 000 to category four to eight employees and miners, artisans and officials.
The hardship allowance comprises a R1 200 cash payment, and R1 800 in debt or loan reductions owing to the company, since the company incurred costs to medical aid contributions and risk benefits for employees throughout the strike.