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Petra Diamonds reaches wage agreement with South Africa's NUM
September 28, 2017 / 3:43 PM / 19 days ago

Petra Diamonds reaches wage agreement with South Africa's NUM

Sept 28 (Reuters) - Petra Diamonds Ltd said on Thursday it had reached an agreement with South Africa’s National Union of Mineworkers (NUM) on pay at the company’s Finsch and Koffiefontein operations.

Employees would return to normal duties on Sept. 29, the company said in a statement. Petra added that no agreement had been reached at the Kimberley Ekapa Mining joint Venture.

The NUM said last week that its members would go on indefinite strike at the Koffiefontein mine from Sept. 24 in support of pay demands.

The three-year wage agreement provides for annual raises to NUM members of between 9 and 10 percent for one year, and 8.5 percent for the remaining two years.

Petra also said that it did not expect the disruption to affect its full-year cost or production guidance. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Adrian Croft)

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