LON - Lonmin Plc - Completion of wage negotiations with solidarity
LON
LOLMI
LON - Lonmin Plc - Completion of wage negotiations with solidarity
and UASA
Lonmin Plc
(Incorporated in England and Wales)
(Registered in the Republic of South Africa under
registration number 1969/000015/10)
JSE code:LON
Issuer Code:LOLMI & ISIN:GB0031192486
("Lonmin")
12 December 2007
Completion of wage negotiations with Solidarity and UASA
Lonmin announces it has completed wage agreements with Solidarity
and the United Association of South Africa ("UASA") in respect of
its Marikana operations.
Lonmin has agreed a one year wage settlement with Solidarity.
This agreement provides for an increase of 9% in the first year
effective from 1 October 2007 for all employees categorised as
Union Men plus increases to other benefits; and monthly market
allowances for certain categories of employees.
Lonmin has agreed a three year wage settlement with UASA. This
agreement provides for a 9% increase in the salaries of Officials
in grades B Lower to C Upper in the first year effective from 1
October 2007 plus increases to other benefits. In subsequent
years wage increases will be CPIX plus 2% (except for C4 and C5
employees who will receive CPIX plus a performance differentiated
increase up to a maximum of 4%). In addition we have implemented
scarce skills market allowances for C Upper and C Lower employees.
Lonmin welcomes the new agreements and looks forward to continuing
to work with Solidarity and UASA over the coming years to deliver
on our operational and transformational objectives.
These agreements complete the current round of wage negotiations
for Lonmin`s Marikana operations.
Enquiries:
Alex Shorland-Ball +44 (0)20 7201 6060
Vice President,
Investor Relations & Communications
Date: 13/12/2007 07:50:01 Produced by the JSE SENS Department.
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