Anglo American PLC (AAL) - Anglo American update re. Platinum
RNS Number : 6327O
Anglo American PLC
12 October 2012
12 October 2012
Anglo American update re. Anglo American Platinum
Anglo American plc draws attention to an announcement issued by Anglo American
Platinum Limited, the text of which is set out below:
Anglo American Platinum update
Anglo American Platinum Limited ("Anglo American Platinum") is providing an
update on the ongoing illegal industrial action around its Rustenburg, Union
and Amandelbult mining operations. It has been four weeks since the initial
safety suspension and the subsequent industrial action by employees in the
Despite the company's repeated calls for employees to return to work,
attendance levels have remained below 20%. Currently, most of the company's
mining and processing operations in the north of Rustenburg have insufficient
staff to operate safely and continue to carry out essential services only.
On Friday 5 October, Anglo American Platinum announced that 12,000 of its
striking employees in the Rustenburg area had been dismissed due to
non-attendance and non-representation at the disciplinary hearings. These
employees were given three days to appeal the decision and a subsequent
extension was provided to enable employees who still wished to appeal, the
opportunity to do so. The extension ends at the close of business today.
Disciplinary hearings at Union Mine have now concluded and employees will be
advised of the outcomes in due course. Employees at Amandelbult Mine
(Tumela/Dishaba), who have been engaged in illegal strike action since
Wednesday 3 October, have been making representations since Thursday 11
October, and in line with the process carried out at Rustenburg, employees
will have the opportunity to appeal.
Anglo American Platinum confirms that as a result of the illegal industrial
action of its employees and the initial safety suspension, total lost platinum
production has amounted to 67,000 ounces, resulting in approximately R1.1
billion of lost revenue. The average loss of platinum production is 3,800
ounces per day.
The ongoing illegal strike by Anglo American Platinum employees will adversely
affect the company's delivery obligations regarding the supply of Chrome ore
and as a result force majeure notices have been issued to its chrome
customers. The company's ability to deliver Platinum Group Metals (PGMs) and
base metals however remains unaffected at this stage.
Chris Griffith, Anglo American Platinum CEO says: "We are calling for calm in
those affected areas and continue to work closely with our tripartite partners
- government and the recognised labour unions - to help restore law and order
to the affected areas. Our commitment to the Platinum centralised engagement
structures, driven by the Chamber of Mines, has not changed and, as we have
mentioned, we are considering the possibility of bringing forward wage
negotiations that are within our current arrangements."
Further updates will be provided when appropriate.
This information is provided by RNS
The company news service from the London Stock Exchange
MSCBKBDNQBDDBKD -0- Oct/12/2012 14:34 GMT
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