GDO 0.00% 30.0¢ gold one international limited

wage negotiation concluded

  1. 161 Posts.
    lightbulb Created with Sketch. 15
    Some good news overnight from the JSE site....some certainty at last.

    GOLD ONE CONCLUDES A THREE YEAR WAGE AGREEMENT WITH THE NATIONAL UNION OF
    MINEWORKERS
    Gold One is pleased to announce that it has concluded a three-year wage
    agreement with the National Union of Mineworkers ("NUM"). The agreement is
    effective from 1 January 2010 to 31 December 2012. Striking employees (Patterson
    grades A and B) have agreed to return to work with effect from the start of
    dayshift on Wednesday, 28 April 2010.
    Gold One`s original, carefully considered wage offer, tabled prior to the
    commencement of the industrial action on Tuesday, 23 March 2010, has been
    accepted by the NUM. The offer has been re-packaged at the request of the NUM
    but the quantum to the company remains the same. The agreed increases are
    significant, fair and reasonable and take cognisance of industry norms. The
    increases are included in the projected cash costs for 2010, 2011 and 2012 as
    they were incorporated into the relevant budgets during the 2009 business
    planning cycle.
    The average basic salary increase for 2010 is 10%, for 2011 it is 11.5%, and 26%
    in 2012. The increases coupled with the allowances below will ensure that
    employees benefit in the expected prosperity of the company. In addition, Gold
    One will implement a living out allowance, a travelling allowance and allowances
    for meal breaks. A living out allowance of ZAR225.00 per month for 2010 and 2011
    increasing to ZAR400.00 per month for 2012 will be implemented.
    Commented Gold One President and Chief Executive Officer, Neal Froneman: "I am
    delighted that this impasse has been resolved. We remained steadfast under very
    difficult circumstances throughout the strike because we believed that our
    original offer was significant, fair and reasonable and would ensure long-term
    sustainability of the mining operations, while also ensuring job retention and
    creation. My thanks go to those employees who ensured that production continued
    thereby putting Gold One in a position to negotiate these increases to a logical
    conclusion."
    Issued by Gold One International Limited
    Website: www.gold1.co.za
    Johannesburg
    22 April 2010
    For further information contact:
    Date: 22/04/2010 12:54:01 Supplied by www.sharenet.co.za
    Produced by the JSE SENS Department
 
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