Kumba Iron Ore and the National Union of Mineworkers have reached a wage agreement to end a strike at the company's operations.
"The parties have agreed to the salary and wage offer of 7.5 percent, 9.0 percent and 10 percent increases in the various categories, which includes a 0.5 percent safety increment based on 2009 performance," Kumba said in a statement on Wednesday.
The increases would be implemented with effect from July 1 2010.
"The parties have also agreed to extend this to a multi-year agreement."
The company and the union would set up a working group to investigate options on how worker skills were recognised, Kumba said.
"Final agreement was reached and union representatives will hold meetings at the mines to call off the strike."
Spokesman for the NUM Lesiba Seshoka could not be immediately reached for comment.