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RAPAPORT... DiamondCorp plc, the operator of the Lace diamond mine in South Africa, confirmed that its subsidiary, Lace Diamond Mines (Pty) Ltd., signed a four-year wage agreement with the Association of Mineworkers and Construction Union (AMCU). The deal covers all employees at the Lace diamond mine, which is located in the Free State province of South Africa. The agreement is based on an 8 percent annual wage increase for basic salary in most categories of workers, along with a progressive increase in the lowest categories to $1,075 (ZAR 12,500) per month over the four-year period. DiamondCorp's CEO, Paul Loudon, said, "This long wage agreement will provide industrial relations stability at the Lace mine during the critical mine startup years and demonstrates a solid maturing of relationships between the union and management. We are particularly pleased to have negotiated a four year agreement rather than the more common two- or three-year agreement."
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