To view the PDF file, sign up for a MySharenet subscription.

PAN AFRICAN RESOURCES PLC - Pan African Resources successfully concludes 2015 wage negotiations

Release Date: 13/10/2015 11:05
Code(s): PAN     PDF:  
Wrap Text
Pan African Resources successfully concludes 2015 wage negotiations

Pan African Resources PLC
"Pan African Resources" or the "Group"
(Incorporated and registered in England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496

PAN AFRICAN RESOURCES SUCCESSFULLY CONCLUDES 2015 WAGE NEGOTIATIONS

Pan African Resources shareholders are hereby informed that the Group has successfully
concluded wage negotiations at its gold mining operations and entered into multi-year
agreements with the unions representing its employees. Details of these agreements are as
follows:


Barberton Mines (Proprietary) Limited (“Barberton Mines”)

Barberton Mines has concluded a two-year agreement with the National Union of Mineworkers
("NUM") and the United Association of South Africa ("UASA") on wages and other conditions of
employment for employees at the operation.

The average Barberton Mines salary and wage bill increase for the two financial years ending
30 June 2016 and 2017 will amount to approximately 9% per annum, effective from 1 July 2015.

Evander Gold Mining (Proprietary) Limited (“Evander Mines”)

Evander Mines, under the auspices of the Chamber of Mines, has concluded a three-year
agreement with the NUM and the UASA on wages and other conditions of employment for employees
at the operation.

The average Evander Mines salary and wage bill increase for the three financial years ending
30 June 2016, 2017 and 2018 will amount to approximately 7.8% per annum, effective from
1 July 2015.

CEO of Pan African Resources, Cobus Loots commented: "We are pleased that multi-year wage
agreements are now in place at our gold mining operations. These agreements provide certainty
to all Pan African Resources stakeholders and enable our employees to focus on delivering on
our production targets."

13 October 2015
Johannesburg


CONTACT INFORMATION

Corporate Office
The Firs Office Building
1st Floor, Office 101
Cnr. Cradock and Biermann Avenues
Rosebank, Johannesburg
South Africa
Office:   + 27 (0) 11 243 2900
Facsimile: + 27 (0) 11 880 1240

Registered Office
Suite 31
Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom

Office:   + 44 (0) 207 796 8644
Facsimile: + 44 (0) 207 796 8645


Cobus Loots                                  Deon Louw
Pan African Resources PLC                    Pan African Resources PLC
Chief Executive Officer                      Financial Director
Office: + 27 (0)11 243 2900                  Office: + 27 (0) 11 243 2900
Phil Dexter                             John Prior / Paul Gillam / James Black
St James's Corporate Services Limited   Numis Securities Limited
Company Secretary                       Nominated Adviser & Joint Broker
Office: + 44 (0)207 796 8644            Office: +44 (0)207 260 1000

Sholto Simpson                          Matthew Armitt / Ross Allister
One Capital                             Peel Hunt LLP
JSE Sponsor                             Joint Broker
Office: + 27 (0)11 550 5009             Office: +44 (0)020 7418 8900

Julian Gwillim                          Daniel Thöle
Aprio Strategic Communications          Bell Pottinger PR
Public & Investor Relations SA          Public & Investor Relations UK
Office: +27 (0)11 880 0037              Office: + 44 (0)203 772 2500

www.panafricanresources.com

Date: 13/10/2015 11:05:00 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.

Share This Story