Wage Negotiations Concluded

RNS Number : 0730R

Sylvania Platinum Limited

14 November 2012

 



Sylvania Platinum Limited

("Sylvania Platinum", "Sylvania" or the "Company")

(AIM: SLP)

Wage Negotiations Concluded

Sylvania Platinum, the low cost Platinum Group Metal processor and developer, is pleased to announce that it has concluded the wage negotiations in relation to the Western Limb operations and Mooinooi and Millsell, thus bringing to an end the wage negotiations for the 2013 financial year.

As previously announced, the negotiations at the Western operations were delayed due to the recent regional unrest in and around Rustenburg, which compelled the company to close the Mooinooi and Millsell operations and temporarily send part of the workforce on leave.

The final cost of the wage increase across the Company averages 11.4%, with the usual differential increases at the various job categories.

Terry McConnachie, Managing Director, commented:

"Sylvania has been hit hard during the past ten months by external industrial action, especially in February, September and October. Whilst part of the Sylvania workforce has remained available for work during the whole period, we are certainly pleased that agreements have been reached relating to wages across all operations thus improving the prospects of a significant improvement in production from November onwards.

Given that Sylvania's wage bill as a percentage of total unit costs is lower than most other platinum producers, an 11.4% average settlement should see Sylvania's margin improve in relation to its peers". 

Ends

CORPORATE INFORMATION

Registered office:    Sylvania Platinum Limited

                                    Clarendon House

                                    2 Church Street

                                    Hamilton HM 11

                                    Bermuda

Postal address:         PO Box 524

                                    Wembley WA 6913

                                    Australia

CONTACT DETAILS

For further information please contact: 

Terence McConnachie (Managing Director) [phone] Louis Carroll (Director/Assistant Company Secretary) [phone]	Richard Rossiter (Chairman) [phone] Grant Button (Director/Assistant Company Secretary) [phone]
Nominated Advisor and Broker Liberum Capital Limited Michael Rawlinson/Tom Fyson/Christopher Kololian [phone] Sylvania Website: www.sylvaniaplatinum.com	Communications Newgate Threadneedle Graham Herring/ Beth Harris [phone]

 

END

 

 

MSCLIFSRLALSLIF