RAPAPORT… Petra Diamonds has resolved its contract issues with South African workers following a strike threat stemming from a failure to reach a pay agreement.
The miner has signed a one-year deal with employees who are members of the National Union of Mineworkers (NUM), Petra said Tuesday. The company will make a one-time bonus payment of ZAR 5,000 ($302) and an increase of 5.5% for the year to workers in its “A Paterson band,” while employees in the “B Paterson band” will receive a payout of ZAR 8,500 ($512) and a 5% raise.
The two parties have yet to settle on a wage agreement for the “C band,” NUM noted. Petra has also agreed to discuss and finalize other outstanding issues with NUM apart from wages.
“This [settlement] now allows us to renew our focus on continuing to deliver operationally as we position the business in emerging from what has been a particularly challenging period,” said Petra CEO Richard Duffy.
NUM has still not reached an agreement with De Beers over wages for its South African employees at the Venetia mine.
Image: Petra’s Finsch mine in South Africa. (Petra Diamonds)
Petra Fends Off Strike with Wage Agreement
The Bottom Line
- Petra Diamonds signed a one-year wage deal with NUM members, including a one-time bonus and raises of 5-5.5% for 'A Paterson' and 'B Paterson' wage bands.
- The 'C band' wage agreement remains unsettled, with further discussions planned between Petra and NUM on outstanding issues beyond wages.
- The settlement allows Petra to focus on operational delivery amid a challenging period, while NUM continues wage negotiations with De Beers at the Venetia mine.
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