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 Rustenburg area. 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 END MSCBKBDNQBDDBKD -0- Oct/12/2012 14:34 GMT
Anglo American PLC AAL Anglo American update re. Platinum
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