(Kitco News) - Sibanye-Stillwater (NYSE: SBSW) confirmed today that on 11 June 2022, it signed a three-year wage agreement for its SA gold operations, effective from 1 July 2021.
The company said that as a result, the lockout has been lifted for members of trade unions, the Association of Mineworkers and Construction Union (AMCU) and the National Union of Mine Workers (NUM), adding that the final agreement will also be extended to all members of UASA and Solidarity.
"The signed wage agreement is in line with management's attempts to achieve an inflation related increase with this agreement resulting in average 6.3% increase over a three-year period,” the company said in its press-release.
The company noted that the operational start-up post the strike will occur in a phased manner over a 2-3 month period to ensure the safe resumption of production.
CEO Neal Froneman commented, "We look forward to restarting our South African gold operations for the benefit of all stakeholders. We thank the CCMA for the mediation role which resulted in a fair outcome to all stakeholders. We are pleased to have achieved an agreement which is in line with inflation and which will contribute significantly to the sustainability of our gold operations.”
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Sibanye-Stillwater is a multinational mining and metals company with a diverse portfolio of mining and processing operations and projects and investments across five continents. The company is also one of the foremost global PGM autocatalytic recyclers and has interests in leading mine tailings retreatment operations.
