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SIBANYE GOLD LIMITED - Wage negotiation update

Release Date: 02/10/2015 16:30
Code(s): SGL     PDF:  
Wrap Text
Wage negotiation update

Sibanye Gold Limited
Incorporated in the Republic of South Africa
Registration number 2002/031431/06
Share code: SGL
ISIN – ZAE000173951
Issuer code: SGL
(“Sibanye Gold”, “Sibanye” or “the Company”)

WAGE NEGOTIATION UPDATE
Westonaria, 2 October 2015: Sibanye (JSE: SGL & NYSE: SBGL)
advises shareholders that the National Union of Mineworkers
(NUM), Solidarity and UASA have accepted the offers made by
fellow gold producers AngloGold Ashanti and Harmony. The
Association of Mineworkers and Construction Union (AMCU) has
unfortunately rejected all of the companies’ offers and obtained
a certificate of non-resolution from the CCMA.

The offer made by Sibanye to the unions was conditional on all
four unions accepting the offer and as a result of AMCU’s
rejection of the offers, Sibanye has not yet signed the
agreements with the other three unions.

Sibanye recognizes all representative unions equally as important
stakeholders and in order to ensure the sustainability of its
operations and preserve a harmonious working environment, the
company has committed to continued engagement with all the unions
until there is common agreement.

Commenting on the recent developments, Neal Froneman, CEO of
Sibanye said; “It was pleasing to note the acceptance of the wage
agreements by the NUM, UASA and Solidarity. These unions have
acted in the interest of their members to protect jobs and at the
same time considered the sustainable future of the industry. It
was however disappointing that AMCU chose to reject all of the
offers. Feedback from Sibanye employees suggests that the
majority of employees, including AMCU members, are in favour of
accepting the current offer and the company will continue to
engage with AMCU in order to reach an agreement”.

“The offer is fair and will ensure that our future is secured and
that jobs are protected and we will not be adjusting or
increasing this offer” Froneman concluded.

ENDS


Contact

James Wellsted
SVP Investor Relations
Sibanye Gold Limited
+27 83 453 4014
james.wellsted@sibanyegold.co.za
Sponsor

Sponsor: J.P. Morgan Equities South Africa Proprietary Ltd

FORWARD LOOKING STATEMENTS
Certain statements in this document constitute “forward looking
statements” within the meaning of Section 27A of the US
Securities Act of 1933 and Section 21E of the US Securities
Exchange Act of 1934.

These forward-looking statements, including, among others, those
relating to Sibanye’s future business prospects, revenues and
income, wherever they may occur in this document and the exhibits
to this document, are necessarily estimates reflecting the best
judgment of the senior management of Sibanye and involve a number
of known and unknown risks and uncertainties that could cause
actual results, performance or achievements of the Group to
differ materially from those suggested by the forward-looking
statements. As a consequence, these forward looking statements
should be considered in light of various important factors,
including those set forth in this document. Important factors
that could cause the actual results to    differ materially from
estimates or projections contained in the forward looking
statements include without limitation: economic, business,
political and social conditions in South Africa and elsewhere;
changes in assumptions underlying Sibanye’s estimation of its
current mineral reserves and resources; the ability to achieve
anticipated efficiencies and other cost savings in connection
with past and future acquisitions as well as existing operations;
the success of exploration and development activities; changes in
the market price of gold and/or uranium; the occurrence of
hazards associated with underground and surface gold and uranium
mining; the occurrence of labour disruptions and industrial
action; the availability, terms and deployment of capital or
credit;    changes   in  government   regulations,   particularly
environmental regulations and new legislation affecting water,
mining and mineral rights; the outcome and consequence of any
potential or pending litigation or regulatory proceedings or
other environmental, health and safety issues; power disruptions
and cost increases; fluctuations in exchange rates, currency
devaluations, inflation and other macro-economic factors; the
occurrence of temporary stoppages of mines for safety incidents
and unplanned maintenance reasons; Sibanye’s ability to hire and
retain senior management or sufficient technically skilled
employees, as well as its ability to attract sufficient
historically disadvantaged South Africans representation in its
management    positions;    failure   of  Sibanye’s   information
technology and communications systems; the adequacy of Sibanye’s
insurance coverage; any social unrest, sickness or natural or
man-made disaster at informal settlements in the vicinity of some
of Sibanye’s operations; and the impact of HIV, tuberculosis and
other contagious diseases. These forward looking statements speak
only as of the date of this document.

The Group undertakes no obligation to update publicly or release
any revisions to these forward looking statements to reflect
events or circumstances after the date of this document or to
reflect the occurrence of unanticipated events.

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