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S.Africa's Sibanye agrees wage deal for its gold operations, union states

South Africa's National Union of Mineworkers (NUM) said on Wednesday it had actually agreed a wage offer with Sibanye Stillwater's gold operations after months of settlements.

The varied miner consented to increase monthly pay for its most affordable paid workers by 900 rand ($ 50.91), while miners, artisans and authorities would get a 5.5% raise, NUM said in a declaration.

NUM and its rival unions, Association of Mineworkers and Building And Construction Union (AMCU), Solidarity and UASA were jointly working out a brand-new wage deal to replace a three-year contract that lapsed in June.

The 1 year agreement is set to be checked in Johannesburg on Nov. 8, NUM said.

Sibanye, AMCU, Solidarity and UASA were not instantly offered to comment.

In 2022, Sibanye's gold output plunged 42% after a. three-month wage strike.

On Tuesday, Sibanye reported an almost 300% increase in. third-quarter revenues from its gold operations, to 1.35 billion. rand from 344 million rand throughout the exact same period in 2015. That was driven by a 24% boost in the gold price, which. helped balance out the effect of lower production and higher costs.

(source: Reuters)