2nd Oct 2013 08:54
LONDON (Alliance News) - Pan African Resources PLC said it has concluded wage negotiations with employees and unions at its Barberton Mines in South Africa.
The African-focused precious metals and mining company said it successfully entered into a two-year agreement with the National Union of Mineworkers and the United Association of South Africa on wages and other conditions for its employees at the mines for 2014 and 2015.
The company said the average salary and wage bill increase over these years will amount to roughly 8% per year, effective from July 2013.
"This agreement concludes all of our wage discussions for 2013 and finalises both Evander and Barberton's wage negotiations for the next two financial years," Chief Executive Ron Holding said in a statement.
The agreement comes after 34 mineworkers were killed at Lonmin PLC's Marikana mine a year ago, after police opened fire on workers who were demonstrating against employment conditions. That led to widening protests at mines across South Africa, closing some mines for long periods and forcing companies to make new labour agreements promising better pay and conditions.
During 2013, Pan African Resources gave its condolences to two employees who died in its Barberton Mines, one in a truck crash and another who was fatally electrocuted, and assured shareholders and employees that it is improving safety across its operations.
Pan African Resources shares were up 3.3% to 15.50 pence in morning trading Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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