PAM - Palabora - Wage Agreements entered into with the National Union of
PAM
PAM
PAM - Palabora - Wage Agreements entered into with the National Union of
Mineworkers ("NUM") and Solidarity
PALABORA MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1956/002134/06)
ISIN: ZAE000005245
JSE code: PAM
("Palabora" or "the Company")
WAGE AGREEMENTS ENTERED INTO WITH THE NATIONAL UNION OF MINEWORKERS ("NUM") AND
SOLIDARITY
Palabora is pleased to inform shareholders that the Company has successfully
concluded a three year wage agreement ("the agreements") with both of the
recognised trade unions in South Africa, namely Solidarity and NUM to promote
and advance the interests of its mineworkers. This milestone was achieved
through joint active engagement between the trade unions and Palabora and is the
result of a constructive engagement by the parties.
The key highlights of the agreements include the following:
- The wage increase for 2011/12 is 8.5%;
- The implementation date of the agreements is 1 March 2011; and
- The 2012/13 and 2013/14 wage increases will be reliant on the rate of
inflation, with a minimum of 8.5%.
The term of the agreements will create operational stability for the employees
and for the Company. This new wage agreement coupled with the executed and
lodged Broad Based Black Economic Empowerment (BBBEE) agreements in July 2010
continue the long history of partnership and alignment between the Palabora
employees and the Company.
Phalaborwa
25 March 2011
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 25/03/2011 10:30:01 Produced by the JSE SENS Department.
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