THUNGELA RESOURCES LIMITED – Thungela signs a three-year wage agreement – SENS


Thungela signs three-year wage agreement

(Incorporated in the Republic of South Africa)
Registration number: 2021/303811/06
JSE Share Code: TGA
LSE Share Code: TGA
ISIN: ZAE000296554
Tax number: 9111917259
(‘Thungela’ or the ‘Company’ and, together with its affiliates, the ‘Group’)


Thungela announces that it has signed a three-year wage agreement with the National
Union of Mineworkers (‘NUM’) which is the recognised labour union across Thungela’s
operations, and which represents 86% of unionised employees. This agreement
enables the implementation of a new wage agreement across Thungela’s operations,
other than Mafube which runs an independent wage negotiation process. The
agreement is effective from 1 June 2022 and covers a period of three-years through to
the end of May 2025.

The wage agreement increases salary and salary-related allowances and is expected to
increase the total labour cost-to-company, on average by approximately 6% per annum
over the three-year period.

Under the agreement, Thungela and the NUM also commit to engaging the board of
trustees of the SACO Employee Partnership Plan Trust (‘EPP’) to review and amend
the trust deed to enable the payment of awards made to the EPP in the same financial
year in which they are declared, as opposed to vesting over a period of three years.

July Ndlovu, CEO of Thungela, commented: ‘We are very pleased to have reached an
agreement with our employees and I thank the NUM for their collaboration and
constructive engagement during the wage negotiation process. The agreement
recognises the important role that our employees have in responsibly creating value
together for a shared future.’

20 September 2022

Investor Relations
Ryan Africa
Email: [email protected]

Media Contacts
Tarryn Genis
Email: [email protected]

UK Financial adviser and corporate broker
Liberum Capital Limited
Tel: +44 20 3100 2000

Rand Merchant Bank
(A division of FirstRand Bank Limited)

Date: 20-09-2022 10:00:00
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