Lonmin reaches settlement

Lonmin workers return to work

Lonmin announced settlement reached with workers
Average rise in wages
The Lonmin mining group has announced that it has reached a settlement with its striking workers and that a return to work has been agreed for tomorrow following an all-inclusive negotiation process involving trade unions and delegates of striking employees. It says the agreement was signed in Rustenburg at 22.30 last night.
The agreement includes a signing bonus of R2,000 and an average rise in wages of between 11 and 22% for all employees falling within the Category 3-8 bargaining units , effective from 1 October 2012. This includes the previously agreed 9-10% rises for these employees due to come into effect in October 2012. It also addresses issues of promotion for some categories of workers as well as other allowances.
The Company said in a statement it would  update the market on the wider implications of the agreement, including its financial impact in due course.
“Lonmin wishes to thank all those who have played their part in helping deliver this agreement: all
the unions involved, the delegate of striking employees, the Commission for Conciliation Mediation
and Arbitration, the Government of The Republic of South Africa, and both traditional and religious
leaders. “
Acting Chief Executive Simon Scott said: “These have been difficult and tragic weeks for everyone
involved with the company, the communities living around our operations and the South African
nation as a whole.”
He said last night’s agreement and the subsequent return to work was only one step in a long
and difficult process which lay ahead for everyone who had been affected by the events at
Marikana, “but it is essential in helping secure the futures of our tens of thousands of employees and all those who rely on Lonmin in the region.
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