Wage Settlement

RNS Number : 0429P

Sylvania Platinum Limited

19 October 2012

 



Sylvania Platinum Limited

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

(AIM: SLP)

Operations Update - Wage Settlement certificate for all Eastern Operations issued

·     Eastern Operations:

-      Wage Settlement certificate for all Eastern Operations issued by the Council of Conciliation, Mediation and Arbitration ("CCMA")

·     Western Operations:

-      wage negotiations on-going

-      all workers currently prevented from working by host mine strike

Sylvania Platinum, the low cost Platinum Group Metal ("PGM") processor and developer, announces that a settlement has been reached with the National Union of Mineworkers ("NUM") in respect of all the Company's Eastern Operations following assistance from the CCMA. While there has been no disruption at the Eastern operations (Steelpoort, Doornbosch, Lannex and Tweefontein plants), this agreement should ensure that operations will not be disrupted going forward.  As announced on 17 September, negotiations have been underway for over 6 months to reach a final, signed agreement and a settlement certificate issued by the Commissioner of the CCMA that will see the overall wage bill increasing by 11.8%. This settlement is for the Company's 2013 financial year.

Wage negotiations have been disrupted at the Western Operations located near Rustenburg due to external labour unrest, and whilst talks are continuing, a settlement has not yet been reached. Currently, the outlook is that a similar settlement may be possible for the Western Operations.

Terry McConnachie, CEO, commented: "Given the current industrial climate in the country, the fact that a reasonable settlement has been achieved without any loss in production at any of the Eastern Operations is good news for the company and bodes well for the company in these difficult times."

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: 

South Africa Terence McConnachie (Managing Director) Sylvania Platinum Limited [phone] Louis Carroll (Director/Assistant Company Secretary) Sylvania Platinum Limited [phone]	Australia Richard Rossiter (Chairman) Sylvania Platinum Limited [phone] Grant Button (Director/Assistant Company Secretary) Sylvania Platinum Limited [phone]
United Kingdom Nominated Adviser RFC Ambrian Limited Samantha Harrison [phone] Broker RBC Europe Limited Martin Eales/James Kelly [phone] Sylvania Website: www.sylvaniaplatinum.com	Communications Graham Herring /Beth Harris Newgate Threadneedle [phone]

 

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