Impala Platinum Hldg Implats labour relations update
September 11 2012 - 1:00AM
UK Regulatory
TIDMIPLA
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
END
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