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(Reuters) –     South African state-owned logistics firm Transnet said on Monday it had agreed a three-year wage deal with the union representing the majority of its workers, ending a two-week strike that had hit co*modities exports and piled up millions in losses.

“Transnet and the co*pany’s majority union United Transport and Allied Trade Union (UNTU) reached a three-year wage agreement today,” it said in a statement, adding the deal would bring most of its employees back to work.

UNTU members, who represent more than half of the co*pany’s workforce, went on strike on Oct.6, demanding an increase linked to South Africa’s year-on-year inflation rate, which was 7.6% in August.

Transnet said it had agreed on a 6% wage increase for the current financial year, a 5.5% raise next year and a further 6% boost in 2024. The deal is effective from April 2022, it said.

“The co*pany’s priority in the immediate is clearing any backlogs across the port and rail system – prioritising urgent and time-sensitive cargo,” Transnet said.

UNTU officials were not immediately available for co*ment.

A spokesperson for the South African Transport and Allied Workers Union (SATAWU) told Reuters the minority union had not yet agreed to a deal with Transnet.

The strike has hobbled Transnet’s freight rail and port operations including the Durban harbour, one of Africa’s busiest, impacting mineral and agricultural co*modity exports.

Last week, the Minerals Council of South Africa said mining co*panies were losing 815 million rand ($45.27 million) per day in export revenue due to the strike, as major mineral export harbours were operating at between 12% and 30% of their daily averages due to the strike.

The strike also affected the horticulture sector as fruit exporters struggled to send produce to overseas markets.

($1 = 18.0020 rand)

(Reporting by Nelson Banya in Harare; Editing by Promit Mukherjee, Matthew Lewis and David Evans)