Northam, NUM reach 2003 wage agreement

Johannesburg, 3 October 2003. The management of Northam Platinum Limited announced today that the 2003 negotiations on wages and conditions of employment have been concluded and that agreement has been reached between the company and the National Union of Mineworkers.

The agreement provides for an average increase of 11%, with higher percentages for the lowest employee categories, reflecting the company’s continuing commitment to minimising the wage gap.

The parties further agreed to establish representative forums to identify and address any reasons for differences in conditions of employment without prejudicing the company’s position; additional benefits for the dependents of employees who die in mine accidents; and the provision of an increased living-out allowance for employees living off the mine premises to promote home ownership amongst Northam Platinum’s employees.

This settlement follows on a two-year agreement reached in 2001 and is effective from 1 July 2003 for a one year period ending June 2004.

For Northam Platinum
Gary Campbell-McKay
082 658 9165