Sibanye agrees on wage deal for its gold operations
South Africa’s National Union of Mineworkers (NUM) said on Wednesday it had agreed a wage deal with Sibanye Stillwater’s gold operations after months of negotiations.
The diversified miner agreed to increase monthly pay for its lowest paid workers by 900 rand ($50.91), while miners, artisans and officials would get a 5.5% raise, NUM said in a statement.
NUM and its rival unions, Association of Mineworkers and Construction Union (AMCU), Solidarity and UASA were jointly negotiating a new wage deal to replace a three-year agreement that lapsed in June.
The one-year agreement is set to be signed in Johannesburg on Nov. 8, NUM said.
Sibanye, AMCU, Solidarity and UASA were not immediately available to comment.
In 2022, Sibanye’s gold output plunged 42% after a three-month wage strike.
On Tuesday, Sibanye reported a nearly 300% increase in third-quarter earnings from its gold operations, to 1.35 billion rand from 344 million rand during the same period last year. That was driven by a 24% increase in the gold price, which helped offset the impact of lower production and higher costs.