Impala Platinum Holdings Ltd. (IMPUY: OTC Link) | IMPLATS LABOUR RELATIONS UPDATE

IMPLATS LABOUR RELATIONS UPDATE

Sep 11, 2012

OTC Disclosure News Service

Johannesburg, South Africa –

Impala Platinum Holdings Limited

(Incorporated in the Republic of South Africa)

(Registration No. 1957/001979/06)

ISIN: ZAE000083648

JSE Share Code : IMP

LSE Share Code : IPLA

ADR Code : IMPUY

(“Implats” or “the Company”)

 

IMPLATS LABOUR RELATIONS UPDATE

 

Implats is in the process of informing all stakeholders that the Company has received a wage demand from the Interim Workers Committee (IWC) at Impala Rustenburg.

 

At the end of April 2012 a wage increase was implemented which formed part of the settlement following the industrial action that was concluded during early March 2012.

 

Despite clear commitments from all parties to uphold the settlement, the IWC has now demanded that the Company implement the same increase again for the second year of the 2011/12 wage agreement. These increases have already been implemented and were brought forward by a period of two months to April 2012 as a gesture of goodwill.

 

Implats CEO, Terence Goodlace, commented, “Should this implementation be effected as per the demand, this would equate to a double increase within a period of six months.”

 

In a meeting with the IWC, the Company yesterday proposed a process of open mediated dialogue with all stakeholders to find a sustainable resolution as quickly as possible.  At the meeting, the Company also offered to conduct a full wage review to commence as early as possible to ensure that all stakeholders’ demands are considered and discussed in detail.

 

Mr Goodlace added, “Our overriding imperative in this process is to ensure peace, order and stability.  We believe that current tensions are an issue for the entire industry. Profitability margins continue to remain under severe pressure with consequences for all concerned. We are therefore actively engaging all stakeholders at the highest level as a sustainable solution can only be delivered through the collaborative efforts of all parties, at all levels.”

 

Stakeholders will be kept informed as the process evolves.

 

11 September 2012

Johannesburg

 

Sponsor

Deutsche Securities (SA) (Proprietary) Limited

 

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/IMPUY/news?id=52355

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