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Anglo American PLC AAL Anglo American update re. Platinum



  Anglo American PLC (AAL) - Anglo American update re. Platinum

RNS Number : 2624R
Anglo American PLC
15 November 2012
 



          
 

 

15 November 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's staff return to work

 

Anglo American Platinum  confirms that its  Rustenburg, Union and  Amandelbult 
employees have accepted the terms of the Company's offer and have returned  to 
work this morning.   Management has  put in place  a reintegration  programme, 
which will  include Safe-Start  training and  medical examinations.  As  these 
operations have  been idle  for two  months  it is  important to  ensure  that 
activities are carried out to ensure that working places are made safe. In the
interests of the safety and health of our employees, these activities must  be 
carried out  before  employees  can  be  allowed  to  begin  operations.  Once 
operations have  started  safely,  production  ramp  up  will  begin.   It  is 
therefore anticipated that there will  be no production from these  operations 
for the coming week.

 

The offer, which will be applied to  all employees in the bargaining unit  and 
will benefit approximately 48 000 employees, included the following elements:

 

·      the reinstatement of all the dismissed Rustenburg employees;

·      a once off  allowance of R4500 (pre-tax)  payable in two tranches:  the 
first payment of R2000 hardship allowance to be paid two days after  employees 
have returned to work; and the second  payment of R2500 being a safe  start-up 
allowance to be paid two weeks after employees have returned to work and  have 
commenced actual work;

·      a  monthly allowance  of R400  (pre-tax) which  will be  added to  base 
salaries; and

·      an  undertaking  by  management to  re-open  wage  negotiations  early, 
recognising that any agreements reached would  be implemented in July 2013  in 
order to maintain the wage negotiation cycle.

 

The  illegal  strike  action  began  in  mid-September  2012  and  has  had  a 
significant financial impact on  the Company.  To date,  the Company has  lost 
191 359 ounces of platinum production from own mines.  Anglo American Platinum
has repeatedly stated that the  Rustenburg operations were under  considerable 
economic pressure and  the strike  action was exacerbating  that pressure  and 
affecting the viability of these operations.

 

Chris Griffith, CEO of Anglo American Platinum, said: "We are very pleased  to 
welcome our employees back to work and  will work swiftly to ensure that  real 
work and  safe production  begin as  quickly as  possible.  We  would like  to 
acknowledge the contribution and  support of all  our stakeholders who  worked 
tirelessly with us to  enable the return  to work of  our employees.   We  are 
saddened that two of our colleagues are  not here to mark this day with  us.   
We recognise that we will need to spend the time rebuilding relationships with
our employees  as we  continue  building a  sustainable  company for  all  our 
stakeholders"

 

 

Further updates will be provided as appropriate.

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
MSCBKPDNPBDDKDD -0- Nov/15/2012 15:33 GMT
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