|
DRD
DRDD
DRD - Drdgold Limited - Blyvoor gives notice of intention to reduce
employee numbers
DRDGOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
JSE share code: DRD
ISIN: ZAE000058723
Issuer code: DUSM
Nasdaq trading symbol: DROOY
("DRDGOLD")
BLYVOOR GIVES NOTICE OF INTENTION TO REDUCE EMPLOYEE NUMBERS
DRDGOLD announced today that the Business Rescue Practitioner overseeing
business rescue proceedings at its 74%-owned Blyvooruitzicht Gold Mining
Company Limited ("Blyvoor") has given notice of Blyvoor`s intention to
enter a 60-day consensus-seeking process in terms of Section 189 (3) of
the Labour Relations Act with the National Union of Mineworkers and UASA
- The Union, to consider reducing employee numbers by approximately 500
people.
The reason for the need to consider the reduction is that Blyvoor -
under business rescue proceedings in terms of Chapter 6 of the Companies
Act since June this year - has been unable to meet production and
financial targets, a situation exacerbated by higher utility costs.
Blyvoor is proposing voluntary separation and application of the
principle of "last in, first out" as among the mechanisms to be applied
to effect the required reduction in employee numbers.
Measures currently under consideration to achieve a targeted 30%
improvement in the cost of production in R/kg terms, and thus to avoid
employee reduction, include:
* a reduction in overtime expenditure;
* an increase in available face time and subsequent re-organisation
of shifts;
* a re-evaluation of the profitability of 6 Shaft, 4 Shaft and the
Reef Picking Project;
* a reduction of departmental costs by 10%; and
* revised mining plans.
Roodepoort
27 September 2011
Sponsor
One Capital
Date: 27/09/2011 14:59:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
