Anglo American PLC AAL Anglo American update re. Platinum

  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
 
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