RBP - Royal Bafokeng Platinum Limited - Conclusion of three-year wage agreement

RBP - Royal Bafokeng Platinum Limited - Conclusion of three-year wage agreement 
ROYAL BAFOKENG PLATINUM LIMITED                                                 
(Incorporated in the Republic of South Africa)                                  
(Registration number 2008/015696/06)                                            
JSE share code: RBP ISIN: ZAE000149936                                          
("RBPlat" or the "Company")                                                     
CONCLUSION OF THREE-YEAR WAGE AGREEMENT                                         
After much deliberations and engagements, the Company has concluded a landmark  
three-year wage agreement with Labour, represented by the National Union of     
Mineworkers.                                                                    
The process of engagement followed a strategic approach from the beginning as   
opposed to the conventional approach of traditional positional bargaining.      
The wage agreement is a mutually beneficial arrangement with sustainable long   
term benefits and obligations for all parties.  Basic pay increases are         
structured on a sliding scale basis over the three-year period with Operational 
Bargaining Unit employees receiving 10%, 8%, and 9% respectively whilst         
employees represented by the Supervisory Bargaining Unit will be receiving 8%,  
7% and 7% respectively. Where the Consumer Price Index ("CPI") reaches 7% by    
March of the increase year, the Supervisory Bargaining Unit employees will      
receive CPI plus 1%. The settlement also incorporates an agreement in respect of
all other related terms and conditions of employment.                           
This three year multiple agreement is unique in the Platinum Industry which     
provides the business and partners with stability and an aligned growth focus   
for the future.  It is also considered unique due to the inclusion of the       
principle that aspects of remuneration are being linked to agreed performance   
and efficiency targets.                                                         
The Company believes that this agreement is not a destination in itself, but    
provides a steady platform for all stakeholders towards growing RBPlat.         
Johannesburg                                                                    
15 August 2011                                                                  
JSE Sponsor                                                                     
Macquarie First South Capital (Pty) Limited                                     
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Date: 15/08/2011 09:00:01 Supplied by www.sharenet.co.za                     
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