Announcements 2015

Northam’s R6.6 billion Black Economic Empowerment transaction approved and results of general meeting

Northam shareholders are advised that at the general meeting of shareholders held on Thursday, 19 March 2015.


Northam shareholders (“shareholders”) are advised that at the general meeting (“GM”) of shareholders held on Thursday, 19 March 2015, the special and ordinary resolutions, as set out in the notice of GM dated 17 February 2015, were approved by the requisite majority of shareholders present or represented by proxy at the GM.

Paul Dunne, Chief Executive Officer of Northam, said: “Northam is delighted to announce the approval of our landmark BEE transaction. Northam appreciates the overwhelming shareholder support. The exceptionally high shareholder turnout confirms the importance of this transaction to Northam’s shareholders and the deep level of support for the transaction.”

The following tables set out the percentage of votes exercised For and Against each resolution at the GM, and the Percentages Abstained.

In summary, the resolutions essential to the implementation of the proposed black economic empowerment transaction received shareholder approvals of between 98.6% and 99.1%. The proposed change in Northam’s memorandum of incorporation received 84.3% shareholder approval. More than 91% of Northam’s shareholders voted on the resolutions.

In the tables below, the:

  • Shares Voted on a resolution are disclosed as a number and a percentage in relation to the total issued share capital of Northam;
  • Votes carried For and Against on a resolution are disclosed as a percentage in relation to the total number of shares voted at the GM; and
  • Percentage Abstained is calculated as a percentage of the total issued share capital of Northam.
Special resolution number 1 – adoption of new MOI *
Shares Voted For Against Percentage Abstained  
364 047 236
91.6%
84.3% 15.7% 0.1%  

* Special resolution number 1 will be filed with the Companies and Intellectual Property Commission in due course.

Special resolution number 2 – directors’ authority to issue shares in terms of sections 41(1) and 41(3) of the Companies Act
Shares Voted For Against Percentage Abstained  
364 512 586
91.7%
99.0% 1.0% 0.0%  
Special resolution number 3 – financial assistance in terms of sections 44 and 45 of the Companies Act
Shares Voted For Against Percentage Abstained  
362 995 678
91.3%
99.1% 0.9% 0.4%  
Special resolution number 4 – general authority to repurchase issued shares
Shares Voted For Against Percentage Abstained  
364 155 781
91.6%
98.6% 1.4% 0.1%  
Ordinary resolution number 1 – specific issue of subscription shares
Shares Voted* For Against Percentage Abstained  
291 311 512
73.3%
98.8% 1.2% 18.4%  

* As set out in the GM notice to shareholders, the PIC and its associates were not permitted to vote on ordinary resolution number 1.

Ordinary resolution number 2 – specific issue of new Northam shares
Shares Voted* For Against Percentage Abstained  
291 311 512
73.3%
98.8% 1.2% 18.4%  

* As set out in the GM notice to shareholders, the PIC and its associates were not permitted to vote on ordinary resolution number 2.

Johannesburg
19 March 2015

Sole Corporate Advisor, Bookrunner, Sponsor and Debt Sponsor
One Capital

Notice of acquisition of beneficial interests in Northam ordinary shares (“shares”)

In accordance with Section 122(3)(b) of the Companies Act, No 71 of 2008, as amended (“the Act”) and paragraph 3.83(b) of the JSE Listings Requirements, Northam shareholders are advised of the following.


In accordance with Section 122(3)(b) of the Companies Act, No 71 of 2008, as amended (“the Act”) and paragraph 3.83(b) of the JSE Listings Requirements, Northam shareholders are advised of the following:

  • The company has received notification from Allan Gray Proprietary Limited, on behalf of their clients (“Allan Gray’s clients”) that they have, in aggregate, acquired an interest in Northam shares, such that the total interest held by Allan Gray’s clients now amounts to 5.85% of the total issued share capital of Northam.

The company will file the relevant notice with the Takeover Regulation Panel, as required in terms of Section 122(3)(a) of the Act.

Johannesburg
13 March 2015

Sponsor and Debt Sponsor
One Capital

Secondary placement of a 13% interest in Northam and notification in terms of section 122(3) of the Companies Act

Prior to this announcement ENRC N.V. held 51 732 782 ordinary shares in Northam, constituting approximately 13.01% of Northam’s issued share capital.


1. Introduction

Prior to this announcement ENRC N.V. ("ENRC") held 51 732 782 ordinary shares in Northam ("Shares"), constituting approximately 13.01% of Northam’s issued share capital ("ENRC Stake").

Following a strategic review by ENRC, it concluded that the ENRC Stake represented a non-core asset and resolved to dispose thereof in an orderly manner and informed Northam of this intention.

ENRC and Northam jointly appointed One Capital as sole bookrunner to conduct a bookbuild ("Bookbuild") in respect of the ENRC Stake.

The entire ENRC Stake was placed in the Bookbuild.

Paul Dunne, Northam’s Chief Executive Officer, said “We are very pleased to again see the strong institutional support for Northam in a difficult platinum market.  It is also very positive to see that this support extends to Northam’s BEE transaction.”

2. Outcome of the Bookbuild

Following an oversubscription by qualifying institutional investors ("Institutions") in terms of the Bookbuild, the entire ENRC Stake was placed at a price of R48.25 per Northam share ("Bookbuild Price"), representing a total transaction value of approximately R2.5 billion.

The Bookbuild Price represents a discount of approximately 1% to the closing price per Share on the day preceding the booking of the Bookbuild trades.

3. Expressions of support in respect of Northam’s BEE transaction

All of the Institutions have expressed support ("Expressions of Support") for Northam’s Black Economic Empowerment transaction ("Northam’s BEE Transaction"), further details of which are contained in the circular to Northam shareholders dated 17 February 2015 ("Circular").

These Expressions of Support, combined with the irrevocable undertakings already received from other Northam shareholders to vote in favour of the resolutions pertaining to Northam’s BEE Transaction (as set out in the Circular), indicate strong support for Northam’s BEE Transaction.

4. Prescribed notification

In accordance with paragraph 3.83(b) of the JSE Limited Listings Requirements and section 122 of the Act, Northam shareholders are advised that Northam has received a notification from ENRC that it has disposed of its entire shareholding in Northam such that its shareholding in Northam now amounts to 0% of the total number of Shares in issue.

Northam will file the relevant notices with the Takeover Regulation Panel, as required in terms of section 122(3)(a) of the Act.

Johannesburg
10 March 2015

Sole Bookrunner in respect of the Bookbuild and Corporate Advisor, Sponsor and Debt Sponsor to Northam

One Capital

Dealings in securities

In compliance with paragraph 3.63 of the JSE Limited Listings Requirements, Northam hereby advises its shareholders of the following dealings by directors of the company and the company secretary:


In compliance with paragraph 3.63 of the JSE Limited Listings Requirements (“JSE listings requirements”), Northam hereby advises its shareholders of the following dealings by directors of the company and the company secretary:

Northam ordinarily makes all awards pursuant to the Northam Share Incentive Plan towards the end of each calendar year. In the event that the grant, acceptance and/or rejection of an award is, as a result of regulatory trading restrictions prevented, awards to the effected participants are deferred until the relevant trading restrictions are lifted. This results in the acceptance or rejection of those awards after the ordinary grant date. In these instances, the terms and conditions of the awards are not adjusted so that participants are treated consistently irrespective of trading restrictions.

Name of director: Paul Anthony Dunne
Date of acceptance: 23 February 2015
Nature of transaction: Acceptance of awards of ordinary shares in terms of the Northam Share Incentive Plan
Class of Securities: Award over ordinary shares
Total number of ordinary shares covered by the awards 150 300
(37 900 retention shares with no performance conditions)
(112 400 performance shares with performance conditions)
Vesting date 100% of the retention shares and depending on achievement of the performance conditions, between nil to 135% of the performance shares on 4 November 2017
Strike price R nil
Value of transaction -
Nature and extent of director’s interest Direct beneficial
Transaction completed on market: No
Clearance obtained in terms of paragraph 3.66 of the JSE listings requirements Yes

Name of director: Ayanda Zemini Khumalo
Date of acceptance: 23 February 2015
Nature of transaction: Acceptance of awards of ordinary shares in terms of the Northam Share Incentive Plan
Class of Securities: Award over ordinary shares
Total number of ordinary shares covered by the awards 150 300
(37 900 retention shares with no performance conditions)
(112 400 performance shares with performance conditions)
Vesting date 100% of the retention shares and depending on achievement of the performance conditions, between nil to 135% of the performance shares on 4 November 2017
Strike price R nil
Value of transaction -
Nature and extent of director’s interest Direct beneficial
Transaction completed on market: No
Clearance obtained in terms of paragraph 3.66 of the JSE listings requirements Yes

Name of director: Ayanda Zemini Khumalo
Date of acceptance: 23 February 2015
Nature of transaction: Acceptance of awards of ordinary shares in terms of the Northam Share Incentive Plan
Class of Securities: Award over ordinary shares
Total number of ordinary shares covered by the awards 122 000
(44 000 retention shares with no performance conditions)
(78 000 performance shares with performance conditions)
Vesting date 100% of the retention shares on 15 November 2015 and depending on targets met in terms of the performance conditions, between nil to 135% of the performance shares on 15 November 2016
Strike price R nil
Value of transaction -
Nature and extent of director’s interest Direct beneficial
Transaction completed on market: No
Clearance obtained in terms of paragraph 3.66 of the JSE listings requirements Yes

Name of company secretary: Patricia Beatrice Beale
Date of acceptance: 23 February 2015
Nature of transaction: Acceptance of awards of ordinary shares in terms of the Northam Share Incentive Plan
Class of Securities: Award over ordinary shares
Total number of ordinary shares covered by the awards 26 900
(6 800 retention shares with no performance conditions)
(20 100 performance shares with performance conditions)
Vesting date 100% of the retention shares and depending on achievement of the performance conditions, between nil to 135% of the performance shares on 4 November 2017
Strike price R nil
Value of transaction -
Nature and extent of director’s interest Direct beneficial
Transaction completed on market: No
Clearance obtained in terms of paragraph 3.66 of the JSE listings requirements Yes

Name of company secretary: Patricia Beatrice Beale
Date of acceptance: 23 February 2015
Nature of transaction: Acceptance of awards of ordinary shares in terms of the Northam Share Incentive Plan
Class of Securities: Award over ordinary shares
Total number of ordinary shares covered by the awards 19 000
(7 000 retention shares with no performance conditions)
(21 000 performance shares with performance conditions)
Vesting date 100% of the retention shares on 15 November 2015 and depending on targets met in terms of the performance conditions, between nil to 135% of the performance shares on 15 November 2016
Strike price R nil
Value of transaction -
Nature and extent of director’s interest Direct beneficial
Transaction completed on market: No
Clearance obtained in terms of paragraph 3.66 of the JSE listings requirements Yes

Johannesburg
23 February 2015

Sponsor
One Capital

Northam provides update on strategy

Northam Platinum chief executive Paul Dunne told analysts and the media today that some clear opportunities were emerging in the platinum sector, which Northam is exploring and progressing in terms of its strategic review process.


Opportunities emerging in exciting sector

Northam Platinum chief executive Paul Dunne told analysts and the media today that some clear opportunities were emerging in the platinum sector, which Northam is exploring and progressing in terms of its strategic review process. Dunne was speaking at a presentation to update the market on the group results and prospects.

Salient features of the strategic update:

  • Northam is able to grow its production in a capital efficient manner at the lower end of the platinum industry cost curve by developing its >100 million 4E ounce resource at Booysendal. Northam has already taken a step in this direction with the announced acquisition of the Everest assets from Aquarius Platinum (South Africa) Proprietary Limited (AQPSA).
  • By diversifying its production assets Northam should be in a position to reduce its operating risk, a welcome feature for the group which had been a ‘single asset’ operator for many years.
  • Northam can reduce, over time, its risk exposure by focusing future growth on mechanised bord-and-pillar mining methods. This approach is neither labour nor capital intensive and history shows that it delivers materially better safety statistics.
  • At Zondereinde, Northam has the opportunity to become more competitive, optimising its operations by focusing on less geologically complex reserves of Merensky and UG2 reefs. The Zondereinde mine is relatively well placed by virtue of having pre-developed, de-stressed, relatively high-grade UG2 reef and under-exploited, more conformable Merensky reef accessible from its developing sub-decline shaft system. Management estimates that the Zondereinde operation should be able to deliver around 300 000oz 4E per annum over the next 20 years.
  • Northam will continue to assess opportunities which may arise from restructuring in the sector and which fit its objective of growing down the industry cost curve.
  • Northam is well positioned to deliver powerful cash flow for its shareholders when the next commodity price upcycle begins. This said, management firmly believes it prudent to position the group for positive free cash flow at current commodity prices.

Looking to the more immediate prospects for the group, Dunne said today, “Metal prices are likely to remain subdued in the near term. We remain concerned about the unstable electricity supply in South Africa, along with an unsettled labour climate. Nonetheless,” said Dunne, “and despite the difficult operating conditions, we believe Northam is well positioned for the future.”

Issued by Russell & Associates
Tel 011 880 3924

Marion Brower – 071 493 0387
Memory Johnstone – 082 767 8287

Northam swings to profit

The company’s results for the first half of the 2015 financial year were released on SENS this morning and posted to shareholders today, Friday 20 February 2015.


Strategic review starts to deliver results

The company’s results for the first half of the 2015 financial year were released on SENS this morning and posted to shareholders today, Friday 20 February 2015.

Key features

  • Sales revenues reach the R3 billion mark
  • Headline earnings per share of 89.6 cents
  • 35% empowerment post BEE transaction
  • Parallel capital raising to overhaul the balance sheet
  • Expansion strategy crystallised
  • Booysendal ramp-up on track
  • Solid performance from Zondereinde
  • Unsettled labour climate

Financial overview

Profit attributable to shareholders of R354.1 million (H1 2014: loss R92.7 million) may be ascribed to two main factors:

  • Higher group production volumes, which impacted positively on unit cash costs. The comparative period in the previous financial year was marked by protracted industrial action at Zondereinde.
  • A generally higher ZAR basket price for platinum group metals (3PGE + Au) owing to a weaker ZAR/USD exchange rate.

Metal sales revenues for the group reached R3.0 billion for the period (H1 F2014: R2.3 billion) reflecting the effect of higher volumes combined with the weakening of the rand by 9.5% year on year against the US dollar. This was despite losses of 615kg and R255 million in production and revenues respectively, resulting from the shaft incident at Zondereinde. Noteworthy is the contribution from Booysendal where metal sales ramped up to 1 820kg (H1 F2014: 1 138kg), an increase of 59.9% year on year.

Corporate activity

The BEE transaction announced by the company on 22 October 2014 has progressed well. Details of the transaction are contained in a circular (available on the Northam website www.northam.co.za). In terms of the transaction Northam intends to raise R4.6 billion in cash by issuing new shares. The effect of the transaction would be to increase Northam’s BEE shareholding to 35.4%. The deal, which encompasses a parallel capital raising, will facilitate the injection of R4 billion in cash to fund the group’s growth strategy.

The deal has been facilitated by the Public Investment Corporation (PIC) and Coronation Asset Management Proprietary Limited (Coronation) and secures for Northam the following:

  • The immediate transfer of economic value to a broad-based HDSA group.
  • Funding to strengthen the group balance sheet, thereby positioning the company to exploit value-accretive growth opportunities in the sector.

In a separate transaction the group purchased an additional 20% of Northam Chrome Producers Proprietary Limited (NCP) for R50.0 million with effect from 1 August 2014. This brings the total holding in this subsidiary to 100%. NCP produces chrome from Zondereinde’s UG2 tailings.

Operational overview

Zondereinde

The group’s Zondereinde mine performed well during the period, with improved tonnages and production. This was in spite of the shaft incident at Zondereinde in July, which resulted in lost production of 615kg. The higher volumes helped to contain unit operating costs which improved by 4% from R404 674/kg to R388 547/kg year on year.

The extension of the decline section of the mine has progressed steadily and on completion will extend the mine’s life to more than 20 years. At the same time work continues on optimising the exploitation of both orebodies at Zondereinde and entails the reconfiguration of the concentrator plants and increasing smelter and base metal removal capacity.

Booysendal

The production ramp-up at Booysendal mine continues as planned, with the production of metals in concentrate increasing by 15.8% to 2 041kg (H1 F2014: 1 763kg), illustrating the effect of significantly improved concentrator recoveries.

Work continues on investigating the feasibility of mining the Merensky reef at Booysendal mine. To that end, on-site work has started on a box-cut to extract a bulk sample of Merensky ore to conduct metallurgical test work and to examine the feasibility of using mechanised methods to mine the Merensky reef here.

Booysendal’s commendable safety performance continues.

Prospects

Looking to the prospects for the group, Dunne said today, “Metal prices are likely to remain subdued in the near term. We remain concerned about the unstable electricity supply in South Africa, along with an unsettled labour climate. Nonetheless,” said Dunne, “and despite the difficult operating conditions, we believe Northam is well positioned for the future.”

Notice of general meeting

Shareholders are referred to the SENS announcement on 22 October 2014 in which they were advised that Northam had concluded a fully funded R6.6 billion ten year secured Broad Based Black Economic Empowerment transaction...


Shareholders are referred to the SENS announcement on 22 October 2014 in which they were advised that Northam had concluded a fully funded R6.6 billion ten year secured Broad Based Black Economic Empowerment transaction, incorporating a fully funded R4.6 billion equity capital raising (collectively, the “Transaction”). The Transaction will secure a sustainable 35.4% Historically Disadvantaged South African (“HDSA”) interest in Northam and simultaneously secure funding for the company’s expansion and growth plans.

Notice is hereby given that a general meeting of Northam shareholders (“general meeting”) will be held at Glen Hove Conferencing, 52 Glenhove Road, Melrose Estate, Johannesburg, South Africa on Thursday, 19 March 2015 at 10:00 for shareholders to consider and, if deemed fit, pass the special and ordinary resolutions, with or without modification.

A circular, incorporating the full terms and conditions pertaining to the Transaction and the notice of general meeting containing the proposed resolutions to give effect to the Transaction (the “circular”), was posted to shareholders today, Tuesday, 17 February 2015. The circular is available on the company’s website  and copies available at the company’s registered office until the date of the general meeting.

 

The salient dates for the general meeting are:

2015

Record date to determine which shareholders are entitled to receive the circular on

Friday, 6 February

Last day to trade in shares in order to be recorded in the register in order to vote at the general meeting on

Friday, 6 March

Record date to determine which shareholders are entitled to vote at the general meeting on

Friday, 13 March

Forms of proxy to be received by the transfer secretaries by 10:00 on

Wednesday, 18 March

General meeting to be held at 10:00 on

Thursday, 19 March

Results of the general meeting released on SENS on

Friday, 20 March

Notes:

  1. The above dates and times are subject to change. Any such change will be released on SENS once approved by the JSE, if required.
  2. Dematerialised shareholders, other than those with “own name” registration, must provide their CSDP or broker with their instructions for voting at the general meeting by the cut-off time and date stipulated by their CSDP or broker in terms of their respective custody agreements.
  3. Any form of proxy not delivered to the transfer secretaries by the stipulated time may be handed to the chairman of the general meeting (or any adjournment or postponement of the general meeting) before such shareholder’s voting rights are exercised at the general meeting (or any adjournment or postponement of the general meeting).
  4. If the general meeting is adjourned or postponed, the forms of proxy submitted for the initial general meeting will remain valid in respect of any adjournment or postponement of the general meeting.
  5. All times referred to in this announcement are references to South African standard time.

Johannesburg
17 February 2015

Sole corporate advisor, sole bookrunner, JSE transaction sponsor and JSE equity and debt sponsor to Northam

One Capital

Trading statement

Shareholders are advised that the group’s earnings and headline earnings per share for the six months ended 31 December 2014 are estimated to range between 80 cents per share and 98 cents per share.


Shareholders are advised that the group’s earnings and headline earnings per share for the six months ended 31 December 2014 are estimated to range between 80 cents per share and 98 cents per share, compared to the loss and headline loss of 25 cents per share reported for the six months ended 31 December 2013. The aforementioned range expressed in percentage terms is an increase of between 420% and 492%.

The anticipated increase in earnings is attributable to higher production volumes from both the Zondereinde and Booysendal divisions.  In the previous comparable period Zondereinde’s results were negatively impacted by the effects of a protracted strike, while Booysendal’s output continues to grow in line with the mine’s ramp-up.

The weighted average number of shares in issue for the six months ended 31 December 2014 is 397 586 096.

This trading statement has not been reviewed or reported on by the group’s auditors.

The interim results for the six months ended 31 December 2014 are anticipated to be released on or about the 20 February 2015.

Johannesburg
11 February 2015

Issued by
Russell & Associates
Johannesburg
Tel +27 (0)11 880 3924

Marion Brower +27 (0) 82 895 0698
Memory Johnstone +27 (0)11 880 3924

Northam acquires the Everest Mine and related assets

Northam is pleased to announce that it entered into a sale of assets agreement with Aquarius Platinum on 9 February 2015 in terms of which Northam will acquire the Everest Mining Assets...


1. Introduction

Northam is pleased to announce that it entered into a sale of assets agreement (“Purchase Agreement”) with Aquarius Platinum (South Africa) (Pty) Ltd (“AQPSA”) on 9 February 2015 in terms of which Northam will acquire the Everest Mining Assets and Everest Mining Right (as defined below), for a total cash purchase consideration of R450 million (“Transaction”).

Paul Dunne, CEO of Northam, says, “the consolidation of Everest provides an excellent platform for Northam to develop the Booysendal Central and Booysendal South orebodies, market conditions permitting. These assets are an ideal geographical and operational fit for Northam’s Booysendal Division. Northam is confident that this transaction will add significant shareholder value, unlocking a resource of approximately 60 million PGM ounces in an extremely capital efficient manner.”

The Transaction is subject to the fulfilment of certain conditions precedent as more fully set out in paragraph 4 below and will be implemented as follows:

  • In terms of the first part of the Transaction, Northam will acquire the mine known as the Everest platinum mine (“Everest Mine”), the related mining and processing infrastructure (including the concentrator plant and the chrome plant) and all moveable and immovable property associated with the Everest Mine (collectively, the “Everest Mining Assets”) for a cash purchase consideration of R400 million (“Part A Sale”).
  • In terms of the second part of the Transaction, Northam will acquire the new order mining right in respect of the Everest Mine (“Everest Mining Right”) for a cash purchase consideration of R50 million (“Part B Sale”).

The Part A Sale will be implemented on 26 June 2015, subject to the fulfilment of the Part A Conditions Precedent set out in paragraph 4.1 below. The Part B Sale will be implemented upon fulfilment of the Part B Conditions Precedent set out in paragraph 4.2 below.

2. Background information on the Everest Mining Assets

The Everest Mining Assets are located adjacent to Northam’s Booysendal resource, on the southern portion of the eastern limb of the Bushveld Complex near the town of Mashishing, in the province of Mpumalanga. AQPSA placed the Everest Mine on care and maintenance in June 2012 in view of prevailing adverse market conditions.

The Everest Mining Assets comprise, inter alia, a concentrator plant with a nameplate throughput capacity of 250 000 tonnes per month; a chrome spiral recovery plant; a tailings dam and three decline shaft systems situated on the Everest mining area. A portion of the land comprising the Everest mining area and forming part of the Everest Mining Assets is owned by AQPSA. The balance of the land comprising the Everest mining area is leased from the Bakone Ba Phetla Communal Property Association (“Community”) (“Existing Lease”). Pursuant to the Transaction, Northam will seek to enter into a new lease agreement with the Community (“New Lease”).

3. Rationale

The location of the Everest Mining Assets presents an ideal opportunity for Northam to unlock value at the Booysendal Central and Booysendal South orebodies in a capital efficient manner, once market conditions improve.

4. Conditions precedent

4.1.The Part A Sale is subject to the fulfilment of the following conditions precedent (collectively, the “Part A Conditions Precedent”):

  • termination of the Existing Lease and conclusion of the New Lease, which condition may be waived at Northam’s election; and
  • approval of the Transaction by the Competition Authorities (“Competition Approval”).

4.2. The Part B Sale is subject to the fulfilment of the following conditions precedent (collectively, the “Part B Conditions Precedent”):

  • consent by the Minister of Mineral Resources for AQPSA to transfer the Everest Mining Right to Northam in terms of section 11 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002; and
  • fulfilment or waiver of the Part A Conditions Precedent.

5. Interim contract mining arrangement

In addition to the Purchase Agreement, Northam has concluded a contract mining and mine management agreement with AQPSA in terms of which Northam will have the right to, on behalf of AQPSA, mine platinum group metals at the Everest Mine during the interim period between receipt of Competition Approval and closing of the Part B Sale. Northam will also assume responsibility for care and maintenance of the Everest Mining Assets from the date of receiving Competition Approval.

6. Categorisation

The Transaction falls below the threshold for categorisation in terms of the JSE Limited Listings Requirements and does not require Shareholder approval.

Johannesburg
10 February 2015

Corporate Advisor and Sponsor: One Capital
Attorneys: Cliffe Dekker Hofmeyr Incorporated

Process in place to resolve strike action at Zondereinde

Following constructive discussions between management and the NUM leadership at Zondereinde mine over the past few days...


Following constructive discussions between management and the NUM leadership at Zondereinde mine over the past few days, the parties have agreed to a process to bring the industrial action to a close, and to create an enabling environment to resolve the current impasse.

The conditions attached to the understanding reached include the following:

  • The principle of no work no pay will apply
  • Adherence to the Peace and Stability Framework for the Mining Industry
  • An acceptable process to deal with the issues in dispute raised during the strike

Employees will start returning to work with effect from the night shift today, Tuesday 20 January. Zondereinde general manager Danny Gonsalves welcomed the end to the industrial action and thanked all parties for the constructive discussions which led to this point.

Issued by
Russell & Associates
Johannesburg
Tel +27 (0)11 880 3924

Marion Brower +27 (0) 82 895 0698
Charmane Russell +27 (0) 82 372 5816
Memory Johnstone +27 (0)11 880 3924