Conclusion of wage agreement with the NUM in South Africa
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| 10 June 2024 | LSE: PDL |
Petra Diamonds Limited
(Petra, the Company or the Group)
Conclusion of wage agreement with the NUM in South Africa
Petra announces that it has concluded a five-year wage agreement with the National Union of Mineworkers (NUM) covering its South African operations for the period 1 July 2024 to 30 June 2029.
Employees in the A and B Paterson bands will receive an increase to their salaries as set out below:
| Year One (FY 2025) | Year Two (FY 2026) | Year Three (FY 2027) | Year Four (FY 2028) | Year Five (FY 2029) | |
| Salary Adjustment | 6.25% / CPI* | 5.75% / CPI* | 5.75% / CPI* | 6.50% / CPI* | 6.50% / CPI* |
*CPI is the Consumer Price Index - whichever is the greater will be applied on the standard rate of pay
Richard Duffy, Chief Executive of Petra, commented:
"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".
This agreement constitutes a full and final settlement of the FY 2024 substantive negotiations.
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