12th Dec 2007 16:55
Lonmin PLC12 December 2007 Completion of wage negotiations with Solidarity and UASA Lonmin announces it has completed wage agreements with Solidarity and the UnitedAssociation of South Africa ("UASA") in respect of its Marikana operations. Lonmin has agreed a one year wage settlement with Solidarity. This agreementprovides for an increase of 9% in the first year effective from 1 October 2007for all employees categorised as Union Men plus increases to other benefits; andmonthly market allowances for certain categories of employees. Lonmin has agreed a three year wage settlement with UASA. This agreementprovides for a 9% increase in the salaries of Officials in grades B Lower to CUpper in the first year effective from 1 October 2007 plus increases to otherbenefits. In subsequent years wage increases will be CPIX plus 2% (except for C4and C5 employees who will receive CPIX plus a performance differentiatedincrease up to a maximum of 4%). In addition we have implemented scarce skillsmarket allowances for C Upper and C Lower employees. Lonmin welcomes the new agreements and looks forward to continuing to work withSolidarity and UASA over the coming years to deliver on our operational andtransformational objectives. These agreements complete the current round of wage negotiations for Lonmin'sMarikana operations. Enquiries: Alex Shorland-Ball +44 (0)20 7201 6060Vice President,Investor Relations & Communications This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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