RAPAPORT… Petra Diamonds has reached a new wage agreement with workers at three of its South African mines, bringing strikes at
the projects to an end.
The company struck a deal with the National Union of
Mineworkers over salaries at the Finsch and Koffiefontein operations, meaning
employees could return to work Friday, the miner said Thursday. Petra subsequently announced that the trade union representing workers at the Kimberley mine
had signed the same agreement.
Industrial action during negotiations of the new wage
agreement did not affect Petra’s other mine in South Africa, the Cullinan mine.
The new deal — which provides for certain annual wage increases
— will not have a significant impact on Petra’s production outlook of 4.8
million to 5 million carats for the fiscal year ending June 30, the company
said.
Strikes End at Petra Diamonds’ Mines
The Bottom Line
- Petra Diamonds and the National Union of Mineworkers agreed on wages at the Finsch and Koffiefontein mines, allowing workers to return.
- The Kimberley mine's trade union also signed the same wage agreement, concluding industrial action at these sites.
- The new wage deal includes annual increases but will not significantly affect Petra's production forecast of 4.8 to 5 million carats for the fiscal year ending June 30.
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