Bushveld inks five-year wage deal with South African union

10th Jun 2022 12:10

(Sharecast News) - Bushveld Minerals announced on Friday that it has signed a five-year wage agreement with the Association of Mineworkers and Construction Union (AMCU) in South Africa.

The AIM-traded firm said the agreement provided for a seven percent increase in 2023, then approximately 6.5% for subsequent years.

"Stable labour relations are key to our success so we are pleased to confirm that Bushveld Minerals has agreed with the AMCU leadership a five-year wage deal on behalf of Bushveld Vametco employees," said chief executive officer Fortune Mojapelo.

"This long-term agreement is a first for our company, and an important step to maintain operational stability and long-term labour amity that will allow the company to focus on executing our strategic initiatives and meeting our objectives."

At 1219 BST, shares in Bushveld Minerals were up 1.69% at 9.05p.

Reporting by Josh White at Sharecast.com.