Sylvania Platinum Limited Wage Settlement (0429P)

TIDMSLP

RNS Number : 0429P

Sylvania Platinum Limited

19 October 2012

Sylvania Platinum Limited

("Sylvania Platinum", "Sylvania" or the "Company")

(AIM: SLP)

Operations Update - Wage Settlement certificate for all Eastern Operations issued

   --     Eastern Operations: 

- Wage Settlement certificate for all Eastern Operations issued by the Council of Conciliation, Mediation and Arbitration ("CCMA")

   --     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") 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."

Ends

CORPORATE INFORMATION

   Registered office:    Sylvania Platinum Limited 

Clarendon House

2 Church Street

Hamilton HM 11

Bermuda

   Postal address:         PO Box 524 

Wembley WA 6913

Australia

CONTACT DETAILS

For further information please contact:

 
 South Africa                                  Australia 
  Terence McConnachie (Managing                 Richard Rossiter (Chairman) 
  Director)                                     Sylvania Platinum Limited 
  Sylvania Platinum Limited                     [phone] 
  [phone] 
                                                Grant Button 
  Louis Carroll                                 (Director/Assistant Company Secretary) 
  (Director/Assistant Company Secretary)        Sylvania Platinum Limited 
  Sylvania Platinum Limited                     [phone] 
  [phone] 
 United Kingdom                                Communications 
  Nominated Adviser                             Graham Herring /Beth Harris 
  RFC Ambrian Limited                           Newgate Threadneedle 
  Samantha Harrison                             [phone] 
  [phone] 
 
  Broker 
  RBC Europe Limited 
  Martin Eales/James Kelly 
  [phone] 
 
  Sylvania Website: www.sylvaniaplatinum.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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