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NUM reaches wage deal with De Beers

Johannesburg - Diamond producer De Beers has signed a three-year wage deal with the National Union of Mineworkers (NUM), the Anglo American [JSE:AGL] unit said on Wednesday, narrowly avoiding strikes that have plagued the rest of the mining industry.

The agreement comes after the two sides initially hit a deadlock during negotiations, forcing the government labour mediator to step in and handle discussions.

"The discussions were undertaken over several months in a peaceful fashion within the framework of the progressive labour legislation," De Beers chief executive Phillip Barton said in a statement.

The wage deal includes a 9% basic pay increase for lower level employees while higher level workers receive an overall package increase of the same margin.

The deal, which affects about 1 700 workers, also includes a housing subsidy for employees owning homes in areas surrounding De Beers' four operations.

READ THIS NEXT: NUM warns of more job cuts

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