De Beers, NUM Sign Agreement, Avert Strike

Reuters reported that De Beers and South Africa’s National Union of Mineworkers (NUM) have signed a wage deal, meaning that there will not be any strikes at the diamond producer’s operations.

As quoted in the market news:

Peter Bailey, NUM’s negotiator at De Beers, said the union and the company signed a 9 percent wage increase agreement.

The union had initially demanded a 13 percent rise. Workers were expected to strike on Friday after wage talks reached a deadlock.

‘We struck a deal 20 minutes before the strike could commence,’ Bailey told Reuters.

Click here to read the full Reuters report.