South Africa’s National Union of Mineworkers signed a three-year wage agreement with Northam Platinum Ltd.’s Zondereinde mine, the world’s deepest for the metal.
The pact raises the minimum basic pay and allowances for underground workers by as much as 13 percent each year, the NUM said in a statement. Supervisory employees will receive annual increases of 7.5 percent, it said. South Africa’s inflation rate was 4.7 percent in June.
The NUM has reached wage agreements this month with Samancor Chrome Ltd.’s mining and furnace operations, gold producer Village Main Reef Ltd. and platinum company Tharisa Plc’s mine amid a drop in commodity prices. It’s also the majority union at South African bullion companies including world No. 3 producer AngloGold Ashanti Ltd. that are negotiating over wages.
The agreement at Zondereinde is backdated to July 1, the NUM said. The union went on a two-month strike before the previous accord for the mine’s workers was settled last year.