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Three of four unions in the gold industry signed a two-year wage agreement with gold producers on Tuesday.
The Chamber of Mines says the wage settlement was reached at levels that were more than employers would have preferred.
The Chamber's chief negotiator, Elize Strydom says they took the view that the agreement has helped secure stability in the industry for a two-year period.
She says overall, the settlement represents a reasonably balanced outcome, in the best interests of shareholders, management and employees.
The agreement was signed by Solidarity, Uasa and the National Union of Mine workers, which represent about 72% of workers, but not by the Association of Mine workers and Construction Union, which represents 19% of workers.