NHM
NHM
NHM - Northam Platinum Limited - Zondereinde Mine - Strike Update
NORTHAM PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1977/003282/06)
Share code: NHM ISIN: ZAE 000030912
("Northam" or "the company")
ZONDEREINDE MINE - STRIKE UPDATE
The management of Northam been informed that members of the National Union of
Mineworkers ("NUM") employed at the Zondereinde platinum mine in Limpopo
Province have rejected the company`s revised wage offer, which includes an
average increase of between 9.0% and 9.5% on wages and an increase in the living
out allowance from R1 600 to R1 750 per month.
The Chief Executive Officer, Glyn Lewis, expressed disappointment, particularly
after the constructive meeting between Northam management and representatives of
the NUM on Monday, 4 October 2010. Nevertheless, the company remains committed
to further talks in an effort to expedite a resolution to the current situation.
The strike, which started on Monday, 6 September 2010 when the parties failed to
reach agreement on wages and basic conditions of employment for the 2011
financial year, to date has resulted in lost revenues of an estimated R250
million. Employees in the affected categories have lost approximately R60
million in wages and benefits.
Johannesburg
6 October 2010
Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Ltd
Date: 06/10/2010 16:42:03 Produced by the JSE SENS Department.
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