LON - Lonmin Plc - Lonmin signs wage agreement with NUM
LON
LOLMI
LON - Lonmin Plc - Lonmin signs wage agreement with NUM
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")
Press Release
12 January 2011
Lonmin signs wage agreement with NUM
Lonmin Plc ("Lonmin") is pleased to announce that as part of the two year
agreement with the National Union of Mineworkers ("NUM") announced on 4
December 2009, it has successfully concluded discussions regarding the
agreement`s wage increment element for the second year. In terms of the
settlement reached, employees will receive an 8% wage increase which will be
backdated to 1 October 2010. In addition, each employee will receive an
immediate one-off post tax payment of R850.
Ian Farmer, Chief Executive Officer, commented:
"We are pleased to have now concluded all our wage negotiations and we are
grateful to the respective teams for the spirit with which they have been
conducted. We also express our thanks to our employees who remained patient
during the negotiating period".
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Date: 12/01/2011 16:09:02 Produced by the JSE SENS Department.
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