13th Oct 2015 10:10
LONDON (Alliance News) - Pan African Resources PLC Tuesday said it has concluded negotiations with the trade unions representing employees hired at the company's Baberton and Evander mines in South Africa, which will push up costs at both mines as staff secure a pay rise.
Staff at the Baberton mine, operated by its subsidiary Barberton Mines (Proprietary) Ltd, will see their average salary and wage bill increase 9% per year for the two financial years due to end June 30, 2016 and 2017.
Staff at the Evander mine, operated by Evander Gold Mining (Proprietary) Ltd, will see their average salary and wage bill increase around 7.8% per year in the three financial years due to end June 30, 2016, 2017 and 2018.
Those deals were both struck with the National Union of Mineworkers and the United Association of South Africa on wages and other conditions of employment for employees at the operations.
"We are pleased that multi-year wage agreements are now in place at our gold mining operations. These agreements provide certainty to all Pan African Resources stakeholders and enable our employees to focus on delivering on our production targets," said Chief Executive Cobus Loots.
Pan African Resource shares were up 3.9% to 9.35 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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