South Africa's DRDGold Ltd. and the National Union of Mineworkers signed a three- year labor pact covering the company's Blyvoor mine.

Under terms of the pact, salaries for lower-ranked workers rise by seven percent while higher-ranked workers will see their pay go up six percent.

 In addition, the parties have agreed on performance based profit sharing scheme, the union said in a statement.     

Shares of DRDGold, South Africa's fourth-largest gold company, fell eight cents to $5.37.