NHM - Northam Platinum Limited - End of strike at Northam`s Zondereinde Mine
NHM
NHM
NHM - Northam Platinum Limited - End of strike at Northam`s Zondereinde Mine
NORTHAM PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1977/003282/06)
Share code: NHM ISIN: ZAE 000030912
("Northam")
END OF STRIKE AT NORTHAM`S ZONDEREINDE MINE
Johannesburg, Monday 18 October 2010. The management of Northam Platinum
Limited (Northam) advises that agreement has been reached with the National
Union of Mineworkers (NUM) following strike action at the company`s Zondereinde
mine in Limpopo province.
The salient features of the agreement are as follows:
* general increases ranging between 10% and 11% in wages, comprising a
basic increase and a 0.5% service increment;
* an increase of 13% (including a 0.5% service increment) in the basic
minimum wage of underground operators - eg winch drivers, aquajet
operators, loco and loader drivers. This group numbers 1 564
employees (22.7% of the workforce);
* an increase of 12.5% in the living out allowance, from R1 600 to R1
800 per month.
Operations are expected to resume on Tuesday 19 October 2010, initially
focussing on re-establishing safe underground working areas which may have
deteriorated during the stoppage. This, along with other operational
requirements, is likely to have an adverse effect on the return to normalised
production levels.
The six-week strike has resulted in revenue losses of approximately R380
million.
Johannesburg
18 October 2010
Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Ltd
Date: 18/10/2010 17:39:01 Produced by the JSE SENS Department.
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