Sibanye-Stillwater (JSE: SSW and NYSE: SBSW) has announced the conclusion of wage negotiations at its SA gold operations, which began in July 2024. A one-year agreement was reached with the representative unions, the Association of Mineworkers and Construction Union (AMCU), the National Union of Mineworkers (NUM), UASA, and Solidarity, with respect to annual wages and benefits for employees at its Beatrix, Driefontein and Kloof operations.
The agreement is effective from 1 July 2024 to 30 June 2025 and Sibanye-Stillwater noted that it demonstrates the group’s commitment to providing fair, inflation-linked wages while considering the sustainability and prospects of its SA gold operations. The final wage agreement comprises increases of 5.5% or R900 per month (whichever is higher) for both category 4 to 8 employees and miners and artisans for the year ending 30 June 2025, with officials receiving a 5.5% increase.
CEO Neal Froneman said, “We are pleased to have finalised this wage agreement, which is both fair for employees and affordable for the SA gold operations. Our one-year wage offer is in contrast with recent five-year agreements between South African PGM and gold companies and organised labour. Since early 2023, the SA gold operations have undergone significant restructuring in a very volatile inflationary environment and the operations have not yet fully stabilised. We therefore believe it is more prudent and fair to re-engage again in July 2025.”