Business Report writes that the National Union of Mineworkers (NUM) has struck a five-year wage deal with Pan African Resources for its Barbeton mines operation, covering the period June 2024 to June 2029. Under the latest agreement announced yesterday, Pan African and NUM agreed to an average annual increase of approximately 5.3% per annum over the specified five-year period. “We are pleased to have entered into multi-year wage agreements at Barberton Mines, which will ensure stability in labour relations at this operation over the coming years,” said Cobus Loots, Pan African Resources CEO said.

Moreover, Pan African Resources said maturation of Barberton Mines employee share ownership program (Esop) was bringing benefits for qualifying employees over its life. The Esop for Barberton matures at the end of this month on completion of its 10-year term, although an early settlement of the scheme had been negotiated with employees and union for the end of March this year. The qualifying employees had received dividends amounting to over R40 million during the scheme’s tenor, with the final maturity benefits paid to employees last month. More than 2 200 employees had qualified to receive final maturity payments, with payments dependent on the number of completed years of service.

by Tawanda Karombo