Shares in Petra Diamonds (LON:PDL) climbed almost 12% on Thursday after he company said it had reached a new wage agreement with the main union at two of its mines in South Africa, adding that workers will return to work on Friday.
Workers belonging to South Africa’s National Union of Mineworkers (NUM) downed tools at Petra’s Finsch mine and the Kimberley Ekapa joint venture last week. Underground and surface mining have been affected at both sites but its treatment plant is running “near normal” capacity, it added.
NUM’s demands included a 10% salary increase across the board and a housing subsidy of 1,500 rands to be paid every month for three years.
The union also wanted increases in medical aid, family leave, annual leave, equal pay and an increase in the employer’s contribution to the pension fund to 9%, from 7.5%.
The stock was up 11.93% in London to 79.75p at 4:30PM local time.
More to come…
The post Petra Diamonds' shares sparkle as its solves labour disputes in South Africa appeared first on MINING.com.
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