Colombian coal miners and the mining company Cerrejon said they reached an agreement that ends a month long strike.

Colombia Reports said Tuesday the parties had signed a three-year contract that includes a $7,000 signing bonus for miners and a pay raise of 5.1 percent for the first year.

Wage increases were set as cost-of-living adjustments for the final two years of the contract.

The strike, which lasted 32 days, is reported to have cost the company $96 million.

Coal prices in Europe dropped to a record low for 2014 futures when the end of the strike was announced, Colombia Reports said.