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Settlement reached at Northam Zondereinde mine
NORTHAM PLATINUM LIMITED
Incorporated in the Republic of South Africa
(Registration number 1977/003282/06)
Share issuer code: NHM
Debt issuer code: NHMI
ISIN code: ZAE000030912
(“Northam” or “the company”)
Settlement reached at Northam Zondereinde mine
Northam management is pleased to advise that the strike at the company’s Zondereinde
mine has ended. Employees are expected to return to work tomorrow, Wednesday 22
January 2014. This follows the signing of a two-year wage agreement this afternoon.
The two-year wage agreement is based on increases on basic wages of 8.5% to 9.5% for
Category 2 to 8 employees, and a 9% increase in the living out allowance; Category 9 to 10
employees’ increases range from 7.5% to 8%, with a living out allowance increase of 7%.
Upon return to work, the company will pay an ex-gratia amount of R3 000. The terms for
payment of the ex-gratia amount will be applied in the manner elected by employees, i.e
either upfront or over time.
Northam’s revenue losses are estimated at R749.7 million and employees have lost R151.7
million in wages.
Northam chief executive Glyn Lewis noted today that the focus now would be on ensuring a
safe and expeditious return to work and start-up of operations.
Johannesburg
21 January 2014
Sponsor and Debt Sponsor
One Capital
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