ARQ
ARQ
ARQ - Anooraq Resources - Wage agreement reached at Bokoni Platinum Mines
Anooraq Resources Corporation
(Incorporated in British Columbia, Canada)
(Registration number 10022-2033)
AMEX/TSXV/JSE share code: ARQ)
ISIN: CA03633E1088
(`Anooraq` or the `company`)
WAGE AGREEMENT REACHED AT BOKONI PLATINUM MINES
Anooraq is pleased to announce that a two-year wage agreement has been reached
at its Bokoni Platinum Mines (Bokoni), with the National Union of Mineworkers,
the National Union of Metalworkers of South Africa and the United Association of
South Africa.
Negotiations at Bokoni were undertaken under the auspices of Anglo Platinum as
negotiations had begun prior to Anooraq assuming management of this operation on
1 July 2009. The agreement provides for wage increases of:
between 9 and 10% in the first year (10%: A1 to A3 bands, 9.5%: B4 to B7 bands,
9%: C1 to D1 bands), and
between 7.5% and 8% in the second year (8%: A1 to B3 bands, 7.5%: B4 to D1
bands) or alternatively the Consumer Price Index plus 2%, whichever is the
greater.
Agreement was also reached on minimum wages, living-out allowances and home
ownership allowances.
Anooraq is pleased that the parties were able to reach a realistic wage
agreement, without any industrial action.
Johannesburg
20 October 2009
Sponsor
Macquarie First South Advisers (Pty) Limited
Queries:
Joel Kesler
Executive: Corporate and Business Development
Office: +27 11 779 6800
Mobile: +27 82 454 5556
Russell and Associates
Charmane Russell / Nicola Taylor
Office: +27 11 880 3924
Mobile: +27 82 372 5816 / +27 82 927 8957
Date: 20/10/2009 14:00:01 Produced by the JSE SENS Department.
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