Shares of Northam Platinum, on Tuesday surged almost 2 percent on the JSE after the platinum miner said the two-month-long wage strike at its Zondereinde mine had ended.

The stock price of the firm – listed on the platinum and precious metals index on the JSE – soared on the news as investors thought the wage settlement would finally bring to an end the losses the company has been incurring since the strike began.

Northam’s revenue losses are projected to be running at about R749.7 million ($69m) and workers have lost R151.7 million ($14m) in wages.

Northam said workers were likely to return to their work stations tomorrow following the authorisation of a 24 months wage contract this afternoon.

The 24-month salary settlement will see an 8, 5 percent and 9,5 percent in basic wage increases for category 2 to 8 workers, the group said after the new settlement was signed.

Workers were also awarded a 9 percent raise in the living out allowance, Northam said.

When workers return to work tomorrow, the company will pay out an “ex-gratia” sum of R3000 ($276).

Glyn Lewis, Northam CEO, said the strike was behind them, and the company would now pay more attention to ensuring that workers returned to work quickly and safely, in addition to starting up stalled operations.