Sibanye-Stillwater and the Association of Mineworkers and Construction Union (AMCU) have concluded a five-year wage settlement at the company's Rustenburg and Marikana platinum operations.
Sibanye on Friday announced it and the union had reached an agreement for a 6% increase in each year in respect of annual wages and benefits for employees at the two operations.
This agreement with AMCU follows previous agreements reached with the National Union of Mineworkers and UASA four weeks ago, and marks the conclusion of the wage negotiation processes at the platinum business.
In terms of the final agreement, the first three years comprise fixed, average, annual wage increases of 6% and above for bargaining unit employees, with increases for year four and five fixed at R1 300 (6%) and R1 400 (6%) respectively.
Miners and artisans will also receive average annual wage increases of 6% per annum for each of the five years. The final agreement will be extended to all unionised and non-unionised employees at these operations.
Sibanye had last month expressed concern that AMCU leadership had rejected the deal for which there appeared to be overwhelming support for by employees and union representatives at the operations.
"We are pleased to have concluded these wage negotiations timeously and expediently, without disruption or the need for third party intervention," said Sibanye CEO Neal Froneman.
"The annual wage and benefit increases that have been agreed are in line with inflation and secure a five-year period of stability at the Rustenburg and Marikana operations, which will be beneficial for all stakeholders."
In May AMCU and Anglo American Platinum agreed to a deal which saw workers receive an average pay hike of 6.6% from July onwards. A month later, Impala Platinum agreed to a deal in line with mining inflation of around 6.5%.