NHM - Northam Platinum Limited - Update on strike action at Zondereinde Mine
NHM
NHM
NHM - Northam Platinum Limited - Update on strike action at Zondereinde Mine
NORTHAM PLATINUM LIMITED
(Registration number 1977/003282/06
(Incorporated in the Republic of South Africa)
JSE Code: NHM ISIN: ZAE000030912
("Northam" or "the company")
UPDATE ON STRIKE ACTION AT ZONDEREINDE MINE
The management of Northam regrets to advise that the strike at its Zondereinde
mine in Limpopo province continues, following the failure of the second round of
mediation with the National Union of Mineworkers ("NUM") at the Commission for
Conciliation, Mediation and Arbitration ("CCMA") yesterday, Tuesday 21 September
2010.
Management remains firm in its rejection of the NUM`s demands of:
* a 15% increase in basic wages;
* the collapsing of a number of bands which increases the demand to 19.5%;
* the increase in the living out allowance from the current R1 600 per month
to R3500 per month; and
* in aggregate the total cost to company equates to an increase of 32%.
Northam chief executive Glyn Lewis commented today, "This is a disappointing
outcome after the best efforts of the CCMA. Nevertheless, we remain available
and committed to seeking a resolution to this deadlock which will serve to
satisfy the best interests of the company, its employees and its shareholders"
Johannesburg
22 September 2010
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 22/09/2010 09:10:01 Produced by the JSE SENS Department.
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