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Petra Diamonds Ltd - diamond mining group - Concludes a five-year wage agreement with the National Union of Mineworkers, covering its South African operations. The period covers the period from July 1 this year to June 30, 2029. The workers will receive a salary raise of between 5.75% and 6.50% every year from financial year 2025 to financial 2029, or a raise in line with the consumer price index, whichever is the greater. Chief Executive Richard Duffy says: ‘We thank our partners in the NUM for their positive and constructive engagement in concluding this agreement against the backdrop of a challenging period for the industry. This allows for continued certainty on fixed labour costs at our South African operations and enables us to renew our focus on operational delivery as we continue to build further resilience in the business.’ Current stock price: 42.00 pence each, down 2.1% on Friday afternoon in London 12-month change: down 38% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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