ANGGOLD:  14,098   +188 (+1.35%)  20/11/2018 00:00

S.Africa's NUM, UASA and Solidarity unions agree 3-year Harmony Gold wage deal

(Recasts with details, company confirmation)

JOHANNESBURG, Oct 3 (Reuters) - Harmony Gold signed a three-year wage agreement with South Africa's National Union of Mineworkers (NUM) and two other unions on Wednesday, the company and unions said on Wednesday.

Harmony said in a statement that the deal would see a 700 rand ($48.00) a month pay hike in the first year for the lowest-paid underground workers, an increase of about 9 percent according to Reuters' calculations, almost double the inflation rate. Similar percentage increases follow in the next two years.

NUM last month inked a three-year wage deal with AngloGold Ashanti that saw a 12 percent pay hike for entry-level underground workers.

Depressed prices and rising costs mean South African mining companies have scant room for big wage hikes but unions maintain the increases come off a low base rooted in the apartheid past when the black labour force was exploited and underpaid.

($1 = 14.3823 rand) ($1 = 14.3700 rand) (Reporting by Ed Stoddard; Editing by Adrian Croft and Emelia Sithole-Matarise)

2018-10-03 14:57:34

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