By Jaime Llinares Taboada
Sibanye-Stillwater Ltd. said Friday that it has signed a new wage agreement with two unions representing workers from its Kroondal platinum-group-metals mine in South Africa.
The Johannesburg- and New York-listed miner said the deal is for the three years from July 2020 to June 2023.
Sibanye-Stillwater, the National Union of Mineworkers and the Association of Mineworkers and Construction Union agreed to a 5% or a 1,000 rand ($61.38) monthly basic wage increase for the first year--whichever is higher.
"The outcome is in line with our vision and purpose and results in competitive remuneration for our employees while taking into account the longer-term sustainability of our Kroondal operation," Chief Executive Neal Froneman said.
Sibanye-Stillwater employs more than 5,495 employees at its Kroondal underground mine, under a 50%/50% pooling and sharing agreement with Anglo American Platinum Ltd.
Shares in Johannesburg at 1004 GMT were up 1.0% at ZAR52.74.
Write to Jaime Llinares Taboada at email@example.com; @JaimeLlinaresT
(END) Dow Jones Newswires