South African workers had threatened to strike work as a result of a failure to reach a pay agreement.
Petra Diamonds has resolved these issues with the workers and reached an amicable solution. The company has signed a one-year deal with employees who are members of the National Union of Mineworkers (NUM), Petra said on Oct 6. 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. According to Petra CEO Richard Duffy -- This
settlement now allows them to renew their focus on continuing to deliver operationally as they position the business in emerging from what has been a particularly challenging period. NUM has still not reached an agreement with De Beers over wages for its South African employees at the Venetia mine.