LON
LOLMI
LON - Lonmin - Completion of Wage Negotiations
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")
4 December 2009
Lonmin Plc
Result of Rights Issue
Completion of Wage Negotiations
Lonmin Plc ("Lonmin") announces that it has completed a two year wage agreement
with the National Union of Mine Workers in respect of its Marikana operations.
Employees will receive a 10% wage increase during the first year of the
agreement, which will be back-dated to 1 October 2009. In the second year of the
wage agreement, employees will be eligible to receive a CPI (Consumer Price
Index) plus 2% wage increase. In addition, certain minimum rates of pay will be
increased over the life of the wage agreement.
Furthermore, in November 2009, Lonmin concluded a one year wage agreement with
Solidarity, under the terms of which employees will receive a 9.5% wage increase
for the 2010 financial year.
Mahomed Seedat, Chief Operating Officer, commented:
`We are pleased to have successfully concluded these wage negotiations. This was
achieved as a result of the concerted efforts of the negotiating teams involved,
representing Lonmin and all of the recognised unions, to finalise the
agreements. We are grateful to them for the constructive manner in which they
carried out and concluded these negotiations.`
- Ends -
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Date: 04/12/2009 14:18:18 Produced by the JSE SENS Department.
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