By Jaime Llinares Taboada

Sibanye-Stillwater Ltd. said Friday that it has signed a new wage agreement with two unions representing workers from its Kroondal platinum-group-metals mine in South Africa.

The Johannesburg- and New York-listed miner said the deal is for the three years from July 2020 to June 2023.

Sibanye-Stillwater, the National Union of Mineworkers and the Association of Mineworkers and Construction Union agreed to a 5% or a 1,000 rand ($61.38) monthly basic wage increase for the first year--whichever is higher.

"The outcome is in line with our vision and purpose and results in competitive remuneration for our employees while taking into account the longer-term sustainability of our Kroondal operation," Chief Executive Neal Froneman said.

Sibanye-Stillwater employs more than 5,495 employees at its Kroondal underground mine, under a 50%/50% pooling and sharing agreement with Anglo American Platinum Ltd.

Shares in Johannesburg at 1004 GMT were up 1.0% at ZAR52.74.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

10-23-20 0625ET