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Last checked at 
19 Oct 2012 07:00
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Sylvania Platinum Limited
("Sylvania Platinum", "Sylvania" or the "Company")
(AIM: SLP)
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Operations Update - Wage Settlement certificate for all Eastern Operations issued
Β·; Eastern Operations:
- Wage Settlement certificate for all Eastern Operations issued by the Council of Conciliation, Mediation and Arbitration ("CCMA")
Β·; Western Operations:
- wage negotiations on-going
- all workers currently prevented from working by host mine strike
Sylvania Platinum, the low cost Platinum Group Metal ("PGM") processor and developer, announces that a settlement has been reached with the National Union of Mineworkers ("NUM")Β in respect of all the Company's Eastern Operations following assistance from the CCMA. While there has been no disruption at the Eastern operations (Steelpoort, Doornbosch, Lannex and Tweefontein plants), this agreement should ensure that operations will not be disrupted going forward. As announced on 17 September, negotiations have been underway for over 6 months to reach a final, signed agreement and a settlement certificate issued by the Commissioner of the CCMA that will see the overall wage bill increasing by 11.8%. This settlement is for the Company's 2013 financial year.
Wage negotiations have been disrupted at the Western Operations located near Rustenburg due to external labour unrest, and whilst talks are continuing, a settlement has not yet been reached. Currently, the outlook is that a similar settlement may be possible for the Western Operations.
Terry McConnachie, CEO, commented: "Given the current industrial climate in the country, the fact that a reasonable settlement has been achieved without any loss in production at any of the Eastern Operations is good news for the company and bodes well for the company in these difficult times."
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CORPORATE INFORMATION
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Registered office: Sylvania Platinum Limited
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
Postal address: PO Box 524
Wembley WA 6913
Australia
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CONTACT DETAILS
For further information please contact:Β
South AfricaTerence McConnachie (Managing Director) Sylvania Platinum Limited+27 (11) 673 1171 Β Louis Carroll (Director/Assistant Company Secretary)Sylvania Platinum Limited+44 (0) 7969 170 622 Β | Australia Richard Rossiter (Chairman)Sylvania Platinum Limited +61 (4) 1868 8338 Β Grant Button (Director/Assistant Company Secretary) Sylvania Platinum Limited+61 (8) 9226 4777 Β |
United KingdomNominated Adviser RFC Ambrian LimitedSamantha Harrison +44 (0) 20 3440 6800 Β Broker RBC Europe Limited Martin Eales/James Kelly +44 (0) 20 7653 4000 Β Sylvania Website: www.sylvaniaplatinum.com Β Β | Communications Graham Herring /Beth Harris Newgate Threadneedle +44 (0) 20 7653 9850 Β |
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