Wage Negotiations Successfully Concluded
Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
ADR code: PAFRY
(“Pan African” or the “Company” or the “Group”)
PAN AFRICAN SUCCESSFULLY CONCLUDES A MULTI YEAR WAGE AGREEMENT AT BARBERTON MINES
Pan African is pleased to announce that Barberton Mines Proprietary Limited (“Barberton Mines”) has successfully concluded a three-year wage agreement with the National Union of Mineworkers (“NUM”) (“the NUM Agreement”) and a five-year wage agreement with the United Association of South Africa (“UASA”) (“the UASA Agreement”). NUM and UASA represent the majority of employees at Barberton Mines.
The NUM Agreement provides for an average annual wage increase of approximately 5.6%, compound annually, for the bargaining unit over a three-year term, effective from 1 July 2021 and terminating on 30 June 2024.
The UASA Agreement, effective from 1 July 2021 and terminating on 30 June 2026, provides for the following:
- Year 1 and 2 – an average annual increase of 5.0%
- Year 3 – an average annual increase of 5.0% or the annual South African consumer price inflation rate (“CPI”), whichever is higher, capped at 6.0%
- Year 4 and 5 – an average annual increase of 5.0% or CPI, whichever is higher, capped at 6%. The parties have, however, agreed to re-negotiate these increases in the event of CPI being lower than 4% or higher than 7.5%, for each of these two years.
Assuming, a CPI rate of 5.0% for the initial three-year period, the above mentioned wage increases will result in an average annual increase of approximately 5.4%, compound annually, for these bargaining units over the period.
Cobus Loots; Pan African CEO, commented:
“We are pleased with the outcome of the negotiations and commend the constructive spirit in which they were conducted.”
Rosebank
12 August 2021
The information contained in this announcement has not been reviewed or reported on by Pan African Resources’ auditors and is the responsibility of the directors of Pan African Resources.
For further information on Pan African Resources, please visit the Company's website at
| Contact information | |
| Corporate Office The Firs Office Building 2nd Floor, Office 204 Cnr. Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: + 27 (0)11 243 2900 info@paf.co.za |
Registered Office Suite 31 Second Floor 107 Cheapside London EC2V 6DN United Kingdom Office: + 44 (0)20 7796 8644 |
| Cobus Loots Pan African Resources PLC Chief Executive Officer Office: + 27 (0)11 243 2900 |
Deon Louw Pan African Resources PLC Financial Director Office: + 27 (0)11 243 2900 |
| Phil Dexter/Jane Kirton St James's Corporate Services Limited Company Secretary Office: + 44 (0)20 7796 8644 |
Ross Allister/Alexander Allen Peel Hunt LLP Joint Broker Office: +44 (0)20 7418 8900 |
| Ciska Kloppers Questco Corporate Advisory Proprietary Limited JSE Sponsor Office: + 27 (0)11 011 9200 |
Thomas Rider/Nick Macann BMO Capital Markets Limited Joint Broker Office: +44 (0)20 7236 1010 |
| Hethen Hira Pan African Resources PLC Head: Investor Relations Tel: + 27 (0)11 243 2900 E-mail: hhira@paf.co.za |
Website: www.panafricanresources.com |
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