Wrap Text
Production at Modder East to be Normalised
CCMA Case Against Gold One Dismissed
Gold One International Limited
Registered in Western Australia under the Corporations Act, 2001 (Cth)
Registration number ACN: 094 265 746
Registered as an external company in the Republic of South Africa
Registration number: 2009/000032/10
Share code on the ASX/JSE: GDO
ISIN: AU000000GDO5
OTCQX International: GLDZY
("Gold One" or the “company”)
Production at Modder East to be Normalised
CCMA Case Against Gold One Dismissed
Gold One advises that the company has begun engaging contract labour as part of the process to normalise production
at Modder East following the dismissal of more than half of the operation’s workforce due to an illegal strike, organised by
the Professional Transport Allied Workers Union (“PTAWU”), during June.
The contingencies put in place by management during the first week of the strike have continued to ensure
that Modder East operates profitably albeit at much lower production levels. With the controlled phasing in
of contract labour, management expects production to return to pre-strike rates by the end of the
September 2012.
As a result of the illegal strike action the company has suffered production losses for which it intends to
pursue a compensation claim against PTAWU in terms of Section 68(1)(b) of the Labour Relations Act 66 of
1995. In addition, the company and various private individuals also suffered damages to property as a result
of violent protest action – perpetrated by the dismissed employees subsequent to the illegal strike – for
which further legal action against PTAWU will be considered.
Gold One is continuing to engage with the South African Police Services to resolve reported cases of
intimidation against current employees at Modder East and additional company security personnel remain
stationed at the operation.
On 26 June 2012, PTAWU referred an unfair dismissal dispute to the Commission for Conciliation, Mediation
and Arbitration (“CCMA”) in respect of the dismissal of the 1,044 employees. The matter was scheduled for
conciliation on 17 July 2012 but could not be conciliated and either party may refer the matter to the Labour
Court.
Gold One President and CEO Neal Froneman comments: “We are focused on managing the short term
impacts of the unprotected strike with a view to finding effective sustainable solutions for long term
stability. The ability of the Modder East team to stand together and maintain profitable production levels
demonstrates our strength in adversity.”
The illegal strike action began during the evening shift on 3 June 2012, after which the company enforced a
policy of ‘no work, no pay’ and obtained a South African Labour Court interdict on 4 June 2012 interdicting
the illegal action. Gold One’s disciplinary process was followed and the employees were dismissed on 11
June 2012. The violence perpetrated by the dismissed employees was interdicted by the High Court on 13
June 2012. The market is referred to the company’s previous media releases published regarding the illegal
strike action at Modder East, published from 4 June 2012.
ENDS
Johannesburg
24 June 2012
JSE SPONSOR
Macquarie First South Capital (Pty) Limited
Issued by Gold One International Limited
www.gold1.co.za
Neal Froneman
President and CEO
+27 11 726 1047 (office)
+27 83 628 0226 (mobile)
neal.froneman@gold1.co.za
Grant Stuart
VP Investor Relations
+27 11 726 1047 (office)
+27 82 602 5992 (mobile)
grant.stuart@gold1.co.za
Carol Smith
Investor Relations
+27 11 726 1047 (office)
+27 82 338 2228 (mobile)
carol.smith@gold1.co.za
Derek Besier
Farrington National Sydney
+61 2 9332 4448 (office)
+61 421 768 224 (mobile)
derek.besier@farrington.com.au
About Gold One
Gold One is a dual listed mid-tier mining group with gold operations and gold and uranium prospects across Southern Africa. Gold
One remains focused on developing and mining low technical risk, high margin precious metal resources in diversified jurisdictions.
The company’s flagship Modder East gold mine, commissioned in 2009, distinguishes itself from most other gold mines in South
Africa owing to its shallow nature (300 to 500 metres below surface) andcontinues to ramp up production, having produced 123,179
ounces in 2011.
At the beginning of 2012, the group expanded further with the acquisition of Rand Uranium (Pty) Limited consisting of the Cooke
Underground Operations and the Randfontein Surface Operations located in the West Rand, 30 kilometres from Johannesburg. The
Cooke underground operations continue to deliver in line with expectations and are currently the subject of a turnaround
intervention. Through Gold One’s purchase of Rand Uranium (Pty) Limited, the group has also acquired one of the world’s most
advanced uranium projects, which envisages recovering uranium, gold and sulphur from the Cooke Tailings Dam and underground
ores.
The Gold One group is majority-owned by a consortium comprising Baiyin Non-Ferrous Group Co. Limited, the China-Africa
Development Fund, and Long March Capital Limited and has an issued share capital of 1,416,527,115 shares.
This news release does not constitute investment advice. Neither this news release nor the information contained in it constitutes an
offer, invitation, solicitation or recommendation in relation to the purchase or sale of securities in any jurisdiction.
Forward-Looking Statement
This release includes certain forward-looking statements and forward-looking information. All statements other than statements of
historical fact included in this release including, without limitation, statements regarding future plans and objectives of Gold One
International Limited are forward-looking statements (or forward-looking information) that involve various risks, assumptions and
uncertainties. There can be no assurance that such statements will prove to be accurate and actual values, results and future events
could differ materially from those anticipated in such statements. Important factors could cause actual results to differ materially
from Gold One’s expectations. Such factors include, among others: the actual results of exploration activities; actual results of
reclamation activities; the estimation or realisation of mineral reserves and resources; the timing and amount of estimated future
production; costs of production; capital expenditures; costs and timing of the development of Modder East and new deposits;
availability of capital required to place Gold One’s properties into production; the ability to obtain or maintain a listing in South
Africa, Australia, Europe or North America; conclusions of economic evaluations; changes in project parameters as plans continue to
be refined; future prices of gold and other commodities; possible variations in ore grade or recovery rates; failure of plant,
equipment or processes to operate as anticipated; accidents; labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals, permits or financing or in the completion of development or construction activities, economic
and financial market conditions; political risks; Gold One’s hedging practices; currency fluctuations; title disputes or claims
limitations on insurance coverage. Although Gold One has attempted to identify important factors that could cause actual results to
differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended.
Any forward-looking statements in this release speak only at the time of issue. There can be no assurance that such statements will
prove to be accurate as actual values, results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements. Gold One does not undertake to update any
forward-looking statements that are included herein, or revise any changes in events, conditions or circumstances on which any such
statement is based, except in accordance with applicable securities laws and stock exchange listing requirements.
Date: 24/07/2012 07:10:00 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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