Petra Finsch Workers Strike Over June Pay as Mine Drives 34% of FY2025 Revenue
Updated
Updated · Bizcommunity.com · Jun 19
Petra Finsch Workers Strike Over June Pay as Mine Drives 34% of FY2025 Revenue
1 articles · Updated · Bizcommunity.com · Jun 19
Summary
Finsch mineworkers near Lime Acres downed tools after Petra's business rescue move, saying management reneged on a promise to pay June salaries by June 25.
NUM said the stoppage also reflects safety fears underground, with branch secretary King Serebolo accusing management of reversing commitments to keep working conditions safe.
Petra had already moved to cut loose the underperforming mine as a prolonged diamond-market slump deepened, with chief executive Vivek Gadodia citing weak demand and recent Middle East tensions.
Finsch generated 34% of Petra's fiscal 2025 revenue, but its mainly sub-two-carat output has been hit by a structural price decline in smaller diamonds with no near-term recovery expected.
NUM is seeking intervention from ministers overseeing mining, energy, trade and finance as South Africa's diamond sector strains again after the 158-year-old Ekapa mine entered liquidation earlier this year.