Petra Diamonds Ltd - Conclusion of wage agreement with the NUM in South Africa
10 June 2024 LSE: PDL
( Petra , the Company or the Group )
Conclusion of wage agreement with the NUM in
Petra announces that it has concluded a five-year wage agreement with the
Employees in the A and B Paterson bands will receive an increase to their salaries as set out below:
___________________________________________________________________________ | |Year One |Year Two |Year Three |Year Four |Year Five | | | | | | | | | |(FY 2025) |(FY 2026) |(FY 2027) |(FY 2028) |(FY 2029) | |__________|____________|____________|____________|____________|____________| |Salary |6.25% / CPI*|5.75% / CPI*|5.75% / CPI*|6.50% / CPI*|6.50% / CPI*| |Adjustment| | | | | | |__________|____________|____________|____________|____________|____________|
*CPI is the Consumer Price Index - whichever is the greater will be applied on the standard rate of pay
" 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.
FURTHER INFORMATION
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Investor Relations,
ABOUT PETRA DIAMONDS
Petra Diamonds is a leading independent diamond mining group and a supplier of gem quality rough diamonds to the international market. The Company's portfolio incorporates interests in three underground mines in
Petra's strategy is to focus on value rather than volume production by optimising recoveries from its high-quality asset base in order to maximise their efficiency and profitability. The Group has a significant resource base which supports the potential for long-life operations.
Petra strives to conduct all operations according to the highest ethical standards and only operates in countries which are members of the Kimberley Process. The Company aims to generate tangible value for each of its stakeholders, thereby contributing to the socio-economic development of its host countries and supporting long-term sustainable operations to the benefit of its employees, partners and communities.
Petra is quoted with a premium listing on the Main Market of the
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