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.
FURTHER
INFORMATION
Please
contact
Investor
Relations, London
Patrick Pittaway
Telephone:
+44 20 7494 8203
Julia Stone investorrelations@petradiamonds.com
Kelsey Traynor
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 South Africa (Cullinan
Mine, Finsch and Koffiefontein) and one open pit mine in
Tanzania (Williamson). The
Koffiefontein mine is currently on care and maintenance in
preparation for a possible sale following the execution of a
definitive sales agreement as announced on 8
April 2024.
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 London
Stock Exchange under the ticker 'PDL'. The Company's loan notes due
in 2026 are listed on the Irish Stock Exchange and admitted to
trading on the Global Exchange Market. For more information, visit
www.petradiamonds.com.
