| Mon 5 Dec 2011, 9:00 | | LON - Lonmin Plc - Lonmin Reveals details of wage agreement with unions |
|
LON
LOLMI
LON - Lonmin Plc - Lonmin Reveals details of wage agreement with unions
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")
5 December 2011
Lonmin Plc
Lonmin Reveals Details of Wage Agreement With Unions
Lonmin Plc (Lonmin) is today pleased to release details of the two-year wage
agreement signed with the National Union of Mineworkers (NUM) last Friday
evening.
In the first year of the agreement, which will be backdated to 1 October 2011,
employees will receive pay increases and improvements in benefits of up to 10%,
depending on their job grades. The figures, which will also apply to year two of
the agreement, are in line with industry wage settlements.
In addition, also with effect from 1 October 2011, workers who qualify for a
housing allowance at job grades Category 3 to Category 9 will receive a monthly
allowance of R1850, rising to R1950 with effect from 1 October 2012. This is an
increase on the present allowance.
Lonmin also welcomes an agreement to establish a number of working groups to
examine various issues around conditions and benefits for employees and looks
forward to working closely with NUM in these areas in future.
Barnard Mokwena, Executive Vice President Human Capital & External Affairs,
said: "This is a good deal for the Company and the unions, and is in line with
the expectations of the market and industry settlements."
Mr Mokwena added: "Negotiations have been positive throughout and have been
conducted constructively - I`d like to thank all those involved for ensuring a
fair deal was struck in time for Christmas."
ENDS
ENQUIRIES:
Investors / Analysts:
Tanya Chikanza +44 (0) 207 201 6007
Head of Investor Relations
Media:
Cardew Group +44 (0) 207 930 0777
James Clark / Alexandra Stoneham
Media South Africa:
Inzalo Communications
Gillian Findlay +27 (0) 82 330 1477
Date: 05/12/2011 09:00:01 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.
