De Beers Group today signed a historic 5-year wage agreement with the National Union of Mineworkers (NUM) following months of negotiations facilitated by the Commission for Conciliation, Mediation and Arbitration (CCMA) with employees in the bargaining unit at Venetia Mine and De Beers Sightholder Sales South Africa.
The agreement will see employees receiving an increase of 7% in 2023, and 6% in the subsequent years until 30 April 2028. This takes the minimum basic wage at an entry level excluding allowances for shifts and housing to R17 630 per month. The agreement also allows for participation in the Employee Share Ownership Plans (ESOPs) and will see De Beers employees in South Africa taking part in Anglo American’s current South African ESOP from 2023 to 2025.
De Beers Group Managed Operations Managing Director, Moses Madondo, said: “We are pleased that we reached a favourable outcome following a very tough negotiation process against the backdrop of challenging market conditions that continue to have an adverse impact on our business and the overall diamond industry. The agreement provides a measure of certainty to our employees for the next 5 years as we focus on ramping up the underground mine at Venetia, which is set to extend the life of mine to at least 2046.”
