Petra Diamonds' Cullinan mine
Diamond miner Petra Diamonds and labour union the National Union of Mineworkers (NUM) have signed a five-year wage agreement covering Petra's South African operations for the period July 1, this year, to June 30, 2029.
Employees in the A and B Paterson bands will receive a wage increase of 6.25% or Consumer Price Index (CPI), depending on which one is higher, for year one of the agreement.
This will be followed by increases of 5.75% or CPI for years two and three and 6.5% or CPI for years four and five of the agreement.
“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 South African operations and enables us to renew our focus on operational delivery as we continue to build further resilience in the business,” comments Petra CEO Richard Duffy.
London-listed Petra owns and operates the Cullinan and Finsch mines, in South Africa, and the Williamson mine, in Tanzania.
The Koffiefontein mine, in South Africa, is on care and maintenance.