REG-Petra Diamonds Ltd: Conclusion of wage agreement with the NUM in South Africa

Petra DiamondsAnnouncement

10/06/2024 07:15

 

 

 10 June 2024  LSE: PDL  

 

 

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.

 

 

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