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Petra Diamonds Limited announces that it has concluded a one-year wage agreement with the National Union of Mineworkers (“NUM”) covering its South African operations for the financial year to 30 June 2021 (“FY 2021”).

The Company will make a once-off, ex gratia payment at the end of November 2020 of between ZAR5,000 - 8,500 to employees graded in the A and B Paterson Bands. In addition, employees in the A Paterson band will receive an increase of 5.5% in their cash earnings, effective 1 January 2021, with employees in the B Paterson band receiving 5%. Apart from wage increases, the agreement also covers various outstanding discussion points between Petra and the NUM, with clear timelines for finalisation of these, as well as a commitment to continue discussions on a wage agreement for the following financial year to 30 June 2022.

Richard Duffy, Chief Executive of Petra Diamonds, commented:

“We thank our partners in the NUM for their positive and constructive engagement that has resulted in this agreement. This now allows us to renew our focus on continuing to deliver operationally as we reposition the business in emerging from what has been a particularly challenging period”.

This agreement constitutes a full and final settlement of the FY 2021 substantive negotiations.

Issued by Petra Diamonds Limited