Sibanye-Stillwater ratifies new wage agreement at Montana mine
JSE- and NYSE-listed Sibanye-Stillwater has ratified a new collective bargaining agreement with the United Steel Workers at its East Boulder mine, in Montana, US.
The contract, which is effective from February 16, 2022, to July 31, 2024, covers a range of terms, including average wage increases of 2.5% in 2022, 3% in 2023 and 3% in 2024.
In addition to the base increase in 2022, an increase in benefits and incentives has been agreed, which will result in an effective average increase of 5.4% for 2022 if all safety and quality deliverables are fully met.
This settlement amounts to a yearly average increase of 3.8% for the next three years, which compares favourably with US inflation rates, the company stated.
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