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Pan African higher after concluding Barberton Mines wage agreement

The agreement is with the NUM, and means that pay deals have been concluded with both unions at Barberton
Miners emerging from tunnel
The average pay increase this year at Barberton will be around 8%

Pan African Resources PLC (LON:PAF) has successfully concluded a wage agreement at its Barberton gold project in South Africa with the National Union of Mineworkers.

It is a one-year agreement and follows on from the previous two year wage agreement that concluded on 30 June 2017, the company said in a statement.

WATCH: Pan African's Cobus Loots confident after overcoming setbacks at key mines

The deal is in addition to the three-year wage agreement with the United Association of South Africa, the other union that represents workers at Barberton Mines.

Pan African said the average wage increase for all Barberton Mines employees will amount to around 8% a year, effective from 1 July 2017.

Barberton Mines experienced a 2.5 day stoppage during the negotiation period, but the stoppage is not expected to affect the group’s production guidance of 190,000 ounces for the financial year ending 30 June 2018.

READ: Pan African Resources predicts recovery in current year after challenges at key mines

Shares in Pan African were up 0.3% at 13.54p in mid-morning trade.

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