01:20 PM EDT, 04/04/2024 (MT Newswires) -- Harmony Gold Mining ( HMY ) said Thursday it has finalized a five-year deal with a coalition of five South African labor unions, covering salary increases and other service conditions.

The labor-union coalition, composed of the National Union of Mineworkers, Solidarity, the United Association of SA Mineworkers and Construction Union, and the National Union of Metalworkers of SA, has agreed to the arrangement, the company said.

The deal starts at the beginning of July and runs through June 30, 2029.

Some workers will see raises of 6.2% in the first three years of the agreement, 6.35% in year four and 6.5% in year five, the company said. Others will receive either 1,200 rand ($64), or 6.2%, whichever is greater, in the first year, 1,250 rand or 6.2% the second year, 1,300 rand or 6.2% in year three, 1,450 rand or 6.35% in year four and 1,500 rand or 6.2% in the fifth year.

Some employees will see their wages increase by 1,200 rand in the first year, 1,250 rand in the second, 1,300 in the third, 1,450 in the fourth and 1,500 rand in the fifth year, the mineworkers union said on social media.

Other agreements include improving severance and medical benefits, medical aid co-contributions, and parental leave, according to Harmony.

Neither Harmony nor the labor unions immediately responded to comment requests by MT Newswires.

Shares of Harmony were up 1.2% in early afternoon trading.

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