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Sibanye-Stillwater signs three year agreement at its Kroondal operations

The agreement is effective from 1 July 2017 and includes a R1,000 per month increase year on year for the next 3 years for the category B employees (lower category employees) with CPI related increases for the next 3 years for  category A employees. 

Johannesburg, 9 November 2017: Sibanye-Stillwater (JSE: SGL & NYSE: SBGL - https://www.commodity-tv.net/c/search_adv/?v=297484 ) advises that it has signed a three year wage agreement with all three unions at its Kroondal PGM operations in South Africa.

The agreement is effective from 1 July 2017 and includes a R1,000 per month increase year on year for the next 3 years for the category B employees (lower category employees) with CPI related increases for the next 3 years for category A employees. Medical aid subsidies will also increase from R300 by R50 per month year on year for three years for category A and B employees. The increase represents an average escalation of about 7% in the wage bill for the Kroondal operations.

Neal Froneman, CEO of the Group, said; “It was pleasing to note the acceptance of the wage agreement by all the unions namely the Association of Mineworkers and Construction Union (AMCU), the National Union of Mineworkers (NUM) and Solidarity. These unions have acted in the interest of their members to protect jobs and at the same time considered the sustainable future of the Kroondal operations.”

Investor relations contact:

James Wellsted
Head of Investor Relations
+27 (0) 83 453 4014
Email: ir@sibanyestillwater.com
Swiss Resource Capital AG – Jochen Staiger
info@resource-capital.ch - www.resource-capital.ch

Sponsor: J.P. Morgan Equities South Africa Proprietary Limited

FORWARD LOOKING STATEMENTS
This announcement includes “forward-looking statements” within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995, including the statements related to expected production volumes. Forward-looking statements may be identified by the use of words such as “target”, “will”, “forecast”, “expect”, “potential”, “intend”, “estimate”, “anticipate”, “can” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The forward-looking statements set out in this announcement involve a number of known and unknown risks, uncertainties and other factors, many of which are difficult to predict and generally beyond the control of Sibanye-Stillwater, that could cause Sibanye-Stillwater’s actual results and outcomes to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this announcement. Sibanye-Stillwater undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events, save as required by applicable law.

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PDAC 2019

Always up to date with the newsletter from SRC

Swiss Resource Capital AG will use the information you provide in this form to keep in touch with you and to provide you with updates and marketing information. To receive our news, you still have to give us permission to send you E-Mails below.

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