| Mon 10 May 2010, 17:32 | | ARQ - Anooraq - Anooraq Completes Significant Labour Restructuring At Bokoni |
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ARQ
ARQ
ARQ - Anooraq - Anooraq Completes Significant Labour Restructuring At Bokoni
Mines
Anooraq Resources Corporation
Incorporated in British Columbia, Canada
Registration number 10022-2033
TSXV/JSE share code: ARQ
AMEX share code: ANO
ISIN: CA03633E1088
("Anooraq" or the "Company")
ANOORAQ COMPLETES SIGNIFICANT LABOUR RESTRUCTURING AT BOKONI MINES
Anooraq confirms that the labour restructuring process entered into at its
flagship operation, Bokoni Platinum Mines ("Bokoni"), during the fourth quarter
of 2009, has been completed.
The labour restructuring agreements were finalised with the relevant trade
unions in December 2009. The subsequent implementation of the labour
restructuring plan affected some 840 on-mine personnel, comprising approximately
25% of the Bokoni workforce.
As a result of the labour restructuring, 153 employees were retrenched and 374
employees were transferred from positions in services to production activities.
During January 2010, some 103 employees were dismissed from the operations due
to an unprotected strike and six production shifts were lost during the
industrial action.
The completion of the labour restructuring lays the foundation for the Company`s
production growth strategy at Bokoni, commencing with effect from April 2010.
This strategy will see the introduction of additional stoping teams at the
operations, as well as additional production efficiency measures being
implemented to improve current production volumes. The Company intends
increasing its number of stoping teams at Bokoni by 40% from its current base of
70 teams, to some 100 stoping teams in service by year end.
Philip Kotze, CEO of Anooraq, said, "The labour restructuring at Bokoni was a
key component of the turnaround strategy, which we identified when assuming
operational control of the mine in July 2009. We now have the right people in
the right jobs, ready to maximise efficiencies both from a production and cost
perspective. We believe the benefits of this restructuring should start to bear
fruit at the operations during the second quarter of 2010"
For further information, please visit our website www.anooraqresources.com, call
investor services in South Africa at +27 11 883 0831, in North America at 1 800
667 2114 or use the contacts referenced below.
Sandton
10 May 2010
JSE 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
Macquarie First South Advisors
Melanie de Nysschen / Annerie Britz / Manisha Ramlakhan
Office: +27 11 583 2000
Mobile: +27 82 465 8969 / +27 83 295 1204
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
The NYSE Amex has neither approved nor disapproved the contents of this release.
This release includes certain statements that may be deemed "forward looking
statements". All statements in this release, other than statements of historical
facts, that address the engagement of a new chief financial officer, future
production, reserve potential, exploration drilling, exploitation activities and
events or developments that Anooraq expects are forward looking statements.
Anooraq believes that such forward looking statements are based on reasonable
assumptions, including assumptions that Anooraq will be able to engage a new
chief financial officer within a reasonable period of time. Forward looking
statements, however, are not guarantees of future performance and actual results
or developments may differ materially from those in forward looking statements.
Factors that could cause actual results to differ materially from those in
forward looking statements include market prices, exploitation and exploration
successes, changes in and the effect of government policies with respect to
mining and natural resource exploration and exploitation and continued
availability of capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are not guarantees
of future performance and those actual results or developments may differ
materially from those projected in the forward looking statements. For further
information on Anooraq, investors should review the Company`s annual information
form filed on www.sedar.com or its form 20-F with the United States Securities
and Exchange Commission and its other home jurisdiction filings that are
available at www.sedar.com.
Date: 10/05/2010 17:32:57 Produced by the JSE SENS Department.
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