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KMB
KMB
Kumba - Wage Offer: Solidarity Accepts, Talks Continue With Other Unions
Kumba Resources Limited
Incorporated in the Republic of South Africa
(Registration Number: 2000/011076/06)
Share Code: KMB
ISIN: ZAE000034310
("Kumba" or "the company")
KUMBA WAGE OFFER: SOLIDARITY ACCEPTS, TALKS CONTINUE WITH OTHER UNIONS
Kumba Resources Limited (Kumba) today announced that its revised wage settlement
offer has been accepted by Solidarity and that it is continuing talks with the
National Union of Mineworkers (NUM), the National Union of Metalworkers of SA
(Numsa) and the Building Allied Mining and Construction Workers Union (BAMCWU)
to resolve an impasse following the unions" rejection of the revised offer.
The revised settlement offer made on 2 August 2006 includes an 8,75% wage
increase for lower grades and a 7,75% across-the-board wage increase for other
grades. The housing allowance will increase by 10% for all bargaining unit
employees. The increases effectively mean that the lowest paid Kumba employee
will earn an all-inclusive R3 890 per month plus potential medical benefits and
performance bonuses which are well above the industry average.
"Solidarity members returned to work today and will receive their increases with
effect from 1 July 2006. We are pleased that the union has accepted the offer
which we believe is fair and reasonable and is well above the CPIX of 4,8%,"
said Trevor Arran, Kumba"s general manager for corporate affairs and investor
relations.
The unions have been on strike action at certain Kumba subsidiaries since the
start of the week following deadlocked negotiations on annual adjustments to
wages and service conditions at these subsidiaries.
Support for the strike differs widely across the subsidiaries, with production
being affected to a varied extent. Kumba business units are endeavouring to
minimise disruptions to product supply.
Subsidiaries involved are Sishen Iron Ore Company (Pty) Ltd (Sishen Mine,
Thabazimbi Mine); Kumba Coal (Pty) Ltd (Grootegeluk Mine, Tshikondeni Mine); and
Glen Douglas Dolomite (Pty) Ltd (Glen Douglas Quarry).
Editor"s Note:
Kumba Resources Limited, one of the largest South African-based mining companies
listed on the JSE Securities Exchange, is a focused metals and mining company
with a diverse commodity portfolio consisting of iron ore, heavy minerals, coal,
base metals and industrial minerals. www.kumbaresources.com
For enquiries:
Trevor Arran
General Manager: Corporate Affairs & Investor Relations
Tel: (012) 307 3292
Mobile: 083 609 1444
04 August 2006
Sponsor: J.P.Morgan Equities Limited
Date: 04/08/2006 03:31:24 PM Produced by the JSE SENS Department
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