HAR - Harmony Gold Mining Company Ltd - Harmony and Unions agree to two year Release Date: 02/08/2011 16:19:01 Code(s): HAR HAR - Harmony Gold Mining Company Ltd - Harmony and Unions agree to two year
wage agreement
Harmony Gold Mining Company Ltd
Incorporated in the Republic of South Africa
Registration number: 1950/038232/06
JSE Share code: HAR
NYSE Share code: HMY
NASDAQ Share code: HMY
ISIN: ZAE000015228
PRESS RELEASE
HARMONY AND UNIONS AGREE TO TWO YEAR WAGE AGREEMENT
Johannesburg. Tuesday, 2 August 2011. Harmony Gold Mining Company Limited
(`Harmony` or `the Company`) is pleased to announce that it has signed a two
year wage agreement with the National Union of Mineworkers (NUM), Solidarity and
UASA (collectively referred to as the "Unions") today. The increases agreed to
are:
Minimum wages at entry level: 10%
Category 5 to 8 employees: 8.5%
Miners, artisans and officials: 7.5%
The wage agreement between Harmony and the Unions also include a profit share
scheme, in which all employees in the bargaining unit will share on a quarterly
basis. The profit share will be based on 1% of operating profits less capital
expenditure from the Company`s South African assets.
Employees who participated in the strike will return to work later today. The
Company estimates that approximately 500kg of production was lost during the
strike.
Graham Briggs, chief executive officer, commented: "It has been a tough
negotiation process, but we have managed to reach agreement and avoid a
protracted strike. We wish to thank the Unions for their understanding and also
partnering with us in creating a sustainable mining industry."
For more details contact:
Graham Briggs
Chief Executive Officer
+27 83 265 0274 (mobile)
Marian van der Walt
Executive: Corporate and Investor Relations
+27 82 888 1242 (mobile)
Corporate Office:
Randfontein Office Park
P O Box 2
Randfontein
South Africa 1760
T +27 (0)11 411 2000
www.harmony.co.za
Sponsor:
J.P. Morgan Equities Limited
Date: 02/08/2011 16:19:01 Supplied by www.sharenet.co.za
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