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.
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. 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.
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