BL Premium reports that the National Union of Mineworkers (NUM) has signed a five-year, above-inflation wage agreement with London-listed Petra Diamonds. The deal is effective from 1 July 2024 to June 2029.
Workers will receive increases of 6.25% (or the consumer price index if CPI is greater) in the first year); 5.75%/CPI in the second and third years; and 6.5%/CPI in the fourth and final years. Consumer inflation eased to 4.6% in July, the lowest rate since July 2021. Masibulele Naki, NUM’s chief negotiator at Petra, commented: “We signed the wage agreement (on Friday) ... under a very difficult situation where the NUM is facing two retrenchments at Cullinan and Finsch mines. We managed to negotiate for salary increases that we think will sustain jobs and make ... workers happy.” Petra CEO Richard Duffy said: “We thank our partners in the NUM for their positive and constructive engagement in concluding this agreement against the backdrop of a challenging period for the industry. This allows for continued certainty on fixed labour costs at our SA operations and enables us to renew our focus on operational delivery as we continue to build further resilience in the business.” Petra Diamonds operations in SA include the Cullinan, Finsch and Koffiefontein mines. The company also owns the Williamson operation in Tanzania.
- Read the full original of the report in the above regard by Luyolo Mkentane at BusinessLive (subscriber access only)
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