| Thu 12 Aug 2021, 7:57 | | PAN AFRICAN RESOURCES PLC - Pan African successfully concludes a multi-year wage agreement at Barberton Mines |
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Pan African successfully concludes a multi-year wage agreement at Barberton Mines
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
www.panafricanresources.com
Contact information
Corporate Office Registered Office
The Firs Office Building Suite 31
2nd Floor, Office 204 Second Floor
Cnr. Cradock and Biermann Avenues 107 Cheapside
Rosebank, Johannesburg London
South Africa EC2V 6DN
Office: + 27 (0)11 243 2900 United Kingdom
info@paf.co.za Office: + 44 (0)20 7796 8644
Cobus Loots Deon Louw
Pan African Resources PLC Pan African Resources PLC
Chief Executive Officer Financial Director
Office: + 27 (0)11 243 2900 Office: + 27 (0)11 243 2900
Phil Dexter/Jane Kirton Ross Allister/Alexander Allen
St James's Corporate Services Limited Peel Hunt LLP
Company Secretary Joint Broker
Office: + 44 (0)20 7796 8644 Office: +44 (0)20 7418 8900
Ciska Kloppers Thomas Rider/Nick Macann
Questco Corporate Advisory Proprietary Limited BMO Capital Markets Limited
JSE Sponsor Joint Broker
Office: + 27 (0)11 011 9200 Office: +44 (0)20 7236 1010
Hethen Hira Website: www.panafricanresources.com
Pan African Resources PLC
Head: Investor Relations
Tel: + 27 (0)11 243 2900
E-mail: hhira@paf.co.za
Date: 12-08-2021 07:57:00
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