Zondereinde mine - update 8

Johannesburg, 6 January 2014. The management of Northam advises that it is seeking to secure a further meeting with the leadership of the NUM under the auspices of the CCMA in an attempt to resolve the strike action at the company’s Zondereinde platinum mine in Limpopo Province.

The NUM’s latest demands, tabled at a CCMA meeting on 7 December 2013, and which amount to an average increase of 16% in wages, and a 69% increase in the living out allowance, remain unaffordable for the company and out of kilter with the settlements reached in the gold sector and at a number of other platinum producers.

To date the company has lost R500 million in revenue, and employees losses in wages have now reached the R100 million level.

Shareholders will be kept informed of progress.

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