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LON - Lonmin Plc - Lonmin signs wage agreement with NUM

Release Date: 12/01/2011 16:09
Code(s): LON
Wrap Text

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". ENQUIRIES: Investors/Analysts Tanya Chikanza +44 20 7201 6007 Head of Investor Relations Media: Cardew Group +44 20 7930 0777 Rupert Pittman / Jamie Milton Financial Dynamics +27 11 214 2400 Dani Cohen / Ravin Maharaj Date: 12/01/2011 16:09:02 Supplied by www.sharenet.co.za 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.

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