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DiamondCorp Signs Four-Year Wage Deal With Lace Diamond Mine Workers

Wed, 18th Feb 2015 08:48

LONDON (Alliance News) - DiamondCorp PLC on Wednesday said its Lace Diamond Mines Pty Ltd subsidiary has signed a four-year wage deal with the Association of Mineworkers and Construction Union in South Africa.

The deal covers all employees at the Lace Diamond Mine in the country and provides 8% annual increases in basic salaries for most employee categories, along with an unspecified pay rise for those in lower categories over the duration of the four-year agreement.

The Lace Mine was hit by a strike in November, which ended in December. DiamondCorp said during the strike that work on the mine was on track in spite of the industrial action.

"This long wage agreement will provide industrial relations stability at the Lace mine during the critical mine start up years and demonstrates a solid maturing of relationships between the union and management. We are particularly pleased to have negotiated a four year agreement rather than the more common two or three year agreement," said DiamondCorp Chief Executive Officer Paul Loudon.

Shares in DiamondCorp were up 0.3% to 7.275 pence on Wednesday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance