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Industrial action at Lace mine
DiamondCorp plc
AIM share code: DCP & JSE share code: DMC
ISIN: GB00B183ZC46
(Incorporated in England and Wales)
(Registration number 05400982)
(SA company registration number 2007/031444/10)
("DiamondCorp", "the Company")
INDUSTRIAL ACTION LACE MINE
DiamondCorp, the Southern African diamond development and exploration company, regrets
to announce that members of the Association of Mineworkers and Construction Union
(AMCU) employed at the Company’s Lace diamond project in the Free State province of
South Africa commenced strike action at 06h00 this morning.
The matter in dispute is management's refusal to employ two full-time salaried shop stewards.
The Commission for Conciliation, Mediation and Arbitration has granted AMCU a certificate
for the strike, which means it is a legal and protected strike under the South African Labour
Relations Act. However, the 'no work, no pay' rule will apply. AMCU is the majority union at
the Lace mine.
Paul Loudon, DiamondCorp CEO said: "Management is disappointed that AMCU leaders
have decided to encourage AMCU members at Lace into industrial action which in the end
provides no financial benefits to the mine workforce but is instead self-serving only to the
union leadership. Management's position is clear: a mine development project of less than
260 workers does not require and cannot afford two full-time shop stewards. We feel sorry for
the hardship this action will cause for the Lace workers involved and their families."
Until such time as the strike ends, development tunnelling in the Upper K4 mining block and
processing of development kimberlite will continue with non-AMCU members. Contractors
installing the underground conveyor belt system are not affected by the strike.
Further announcements will be made in due course regarding the strike action and its impact
on the Company’s operations and timeline.
Contact details:
DiamondCorp plc
Paul Loudon, Chief Executive
Tel: +27 56 216 1300
Euan Worthington, Chairman
Tel: +44 7753 862 097
UK Broker & Nomad
Panmure Gordon (UK) Limited
Dominic Morley/Adam James
Tel: +44 20 7886 2500
JSE Designated Advisor
Sasfin Capital (a division of Sasfin Bank Limited)
Sharon Owens
Tel: +27 11 809 7500
23 October 2014
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
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