Harmony and Unions agree to two year wage agreement
Johannesburg. Tuesday, 2 August 2011. Harmony Gold Mining Company Limited (‘Harmony’ or ‘the Company’) is pleased to announce that it has signed a two year wage agreement with the National Union of Mineworkers (NUM), Solidarity and UASA (collectively referred to as the “Unions”) today. The increases agreed to are:
| Minimum wages at entry level: | 10% |
| Category 5 to 8 employees: | 8.5% |
| Miners, artisans and officials: | 7.5% |
The wage agreement between Harmony and the Unions also include a profit share scheme, in which all employees in the bargaining unit will share on a quarterly basis. The profit share will be based on 1% of operating profits less capital expenditure from the Company’s South African assets.
Employees who participated in the strike will return to work later today. The Company estimates that approximately 500kg of production was lost during the strike.
Graham Briggs, chief executive officer, commented: “It has been a tough negotiation process, but we have managed to reach agreement and avoid a protracted strike. We wish to thank the Unions for their understanding and also partnering with us in creating a sustainable mining industry.”
For more details contact:
Graham Briggs
Chief Executive Officer
+27 (0) 83 265 0274 (mobile)
Marian van der Walt
Executive : Corporate and Investor Relations
Tel: +27 (0)82 888 1242
Corporate Office:
Randfontein Office Park
P O Box 2
Randfontein
South Africa 1760
T +27 (11) 411 2000