Impala Platinum Holdings Ltd. (IMPUY: OTC Link) | MEDIA UPDATE ON STAYAWAY AT IMPALA RUSTENBURG

MEDIA UPDATE ON STAYAWAY AT IMPALA RUSTENBURG

Feb 22, 2012

OTC Disclosure News Service

Johannesburg, South Africa –

The rehiring process continued today and to date 8,368 workers have been re-engaged, of which 1,074 are rock drill operators.  The total Rustenburg employee complement is now 24,168.

 

Implats welcomes the call by Cosatu to strikers to return to work, and the plea for calm by the SA Communist Party which expressed concern about the violence.

 

During the NUM’s mass meeting on Tuesday at Implats’ Rustenburg mine, a few statements were made which are inaccurate and of grave concern to management.  Implats is urgently consulting the NUM leadership and is hoping to convene a meeting to discuss the matter as soon as possible.  Until this meeting has been held, we would prefer not to discuss the issue in the media. 

 

Remuneration issues

No formal wage demands have been tabled by the NUM, but there seems to be misinformation and confusion relating to remuneration packages and in response to many questions in this regard, Implats would like to provide the following information.

 

Miners are a skilled category on the same level as artisans.  They have blasting certificates which puts them in a position of responsibility and supervision with authority over other workers. This position also carries with it a legal appointment with clear legal responsibilities. 

 

Implats has had discussions with the NUM over a long period of time regarding the high turnover (average of 25% per annum) of these employees in the past 2 – 3 years.  The contributing factors include the fact that their reward has become out-of-line with the rest of the industry. Implats’ reward policy is to position our wages and salaries within 10% of the sector benchmarks, but the miner category has been one in which we have been substantially below the benchmark for a number of years.

 

After consultation with the NUM during November/December 2011, a salary increase and a housing allowance increase for the miners was debated, agreed and implemented in consultation with the NUM in January 2012. 

 

All salaries in the bargaining unit are rigorously negotiated with the NUM who represent the majority of the workers and these salaries form part of signed and binding agreements.  At no stage are any collective increases implemented without due process and consultation with the NUM.

 

 

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=42659

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