Atlatsa's Bokoni Platinum Mine concludes two-year wage agreement with employees

Date : 11/18/2016 @ 6:45AM
Source : PR Newswire (Canada)
Stock : Atlatsa Resources Corporation (ATL)
Quote : 0.045  -0.01 (-18.18%) @ 11:50AM
Atlatsa Resources Corporation share price Chart

Atlatsa's Bokoni Platinum Mine concludes two-year wage agreement with employees

Atlatsa Resources Corporation (TSX:ATL)
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JOHANNESBURG, Nov. 18, 2016 /CNW/ - Atlatsa Resources Corporation ("Atlatsa") (TSX: ATL; JSE: ATL) is pleased to announce that Bokoni Platinum Mines (Proprietary) Limited ("Bokoni Mine") has concluded a two-year wage agreement ("the Agreement") with the National Union of Mineworkers (NUM), Togetherness Amalgamated Workers Union of South Africa (TAWUSA) and the United Association of South Africa (UASA) retrospectively effective from 1 July 2016. The Agreement has been extended to all non-union affiliated employees in terms of section 23 of the Labour Relations Act 66 of 1995.

The Agreement includes*:

Increase in basic pay

Band

2016

2017

A1 – B7

ZAR850 per month

ZAR1 000 per month

C1 – D1

6% per annum

6.5% per annum

 

Increase in allowances (per month)

Allowances

2016

2017

Living out allowance

ZAR50

ZAR100

Home ownership allowance

ZAR50

ZAR100

Medical aid contributions

5%

5.5%

Transport allowance

ZAR30

ZAR50

Dog handlers allowance

-

ZAR50

* Currency values are presented in South African Rand (ZAR)

The impact of the Agreement will result in an increase in the labour cost at Bokoni Mine, with a cost-to-company increase of 6.38% in year one and 7.00% in year two or an average of 6.69% over the two year period.

Harold Motaung, Chief Executive Officer of Atlatsa, said, "We are pleased with the constructive and collaborative manner in which the Bokoni Mine management and Unions progressed and concluded the wage negotiations. The finalisation of the wage agreement supports labour stability at the mine and bodes well for our on-going working relationship with our employees, Unions and broader stakeholder groups."

Queries:

On behalf of Atlatsa
Joel Kesler
Chief Commercial Officer
Office: +27 11 779 6800
Email: Joel@atlatsa.com

SOURCE Atlatsa Resources Corporation

Copyright 2016 Canada NewsWire

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