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Petra Diamonds Ltd - Conclusion of Wage Agreement with NUM in South AfricaPetra Diamonds Ltd - Conclusion of Wage Agreement with NUM in South Africa
PR Newswire
London, October 6
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
| 6 October 2020 | LSE: PDL |
Petra Diamonds Limited
(“Petra”, “the Company” or “the Group”)
Conclusion of Wage Agreement with NUM in South Africa
Petra Diamonds Limited announces that it has concluded a one-year wage agreement with the National Union of Mineworkers (“NUM”) covering its South African operations for the financial year to 30 June 2021 (“FY 2021”).
The Company will make a once-off, ex gratia payment at the end of November 2020 of between ZAR5,000 - 8,500 to employees graded in the A and B Paterson Bands. In addition, employees in the A Paterson band will receive an increase of 5.5% in their cash earnings, effective 1 January 2021, with employees in the B Paterson band receiving 5%. Apart from wage increases, the agreement also covers various outstanding discussion points between Petra and the NUM, with clear timelines for finalisation of these, as well as a commitment to continue discussions on a wage agreement for the following financial year to 30 June 2022.
Richard Duffy, Chief Executive of Petra Diamonds, commented:
“We thank our partners in the NUM for their positive and constructive engagement that has resulted in this agreement. This now allows us to renew our focus on continuing to deliver operationally as we reposition the business in emerging from what has been a particularly challenging period”.
This agreement constitutes a full and final settlement of the FY 2021 substantive negotiations.
For further information, please contact:
Petra Diamonds, London Telephone: +44 20 7494 8203
Cathy Malins investorrelations@petradiamonds.com
Marianna Bowes Des Kilalea
The information contained within this announcement is considered by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain. The person responsible for arranging for the release of this announcement on behalf of the Company is Jacques Breytenbach, Finance Director.
About Petra Diamonds Limited
Petra Diamonds is a leading independent diamond mining group and a consistent supplier of gem quality rough diamonds to the international market. The Company has a diversified portfolio incorporating interests in three underground producing mines in South Africa (Finsch, Cullinan and Koffiefontein) and one open pit producing mine in Tanzania (Williamson).
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 of ca. 250 million carats, which supports the potential for long-life operations.
Petra conducts all operations according to the highest ethical standards and will only operate 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' and is a constituent of the FTSE4Good Index. The Company’s US$650 million loan notes due in 2022 are listed on the Global Exchange market of the Irish Stock Exchange. For more information, visit www.petradiamonds.com.