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Kumba meets workers' reps

Oct 05 2012 16:32

Company Data

KUMBA IRON ORE LIMITED [JSE:KIO]

Last traded 277.00
Change -5.14
% Change -0.02
Cumulative volume 205988
Market cap 89.22bn

Last Updated: 24/10/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Kumba Iron Ore [JSE:KIO] has met with the representatives of striking workers at its Sishen Mine in the Northern Cape, the company said on Friday.

"Representatives of the group met with mine management for the first time late yesterday [Thursday] to deliver their demand for a R15 000 monthly salary... to be paid to all Kumba employees," said spokesperson Gert Schoeman.

He said workers went on strike on Wednesday and were not represented by any union.

"The strike is being dealt with in line with the company’s labour relations procedure, with due consideration to the safety of the majority of those workers who are not taking part in the illegal action and who wish to return to work."

He said Kumba concluded a two-year wage agreement with organised labour two months ago that made provision for a salary increase of between 9% and 12%, which was well above the rate of inflation.

"Permanent staff below management level also benefit from Envision, an employee share scheme, that paid out R2.7bn to 6 209 members at its first maturity date in December 2011."

He said each Envision scheme member who had been employed by the company since its market listing in 2006 received a pre-tax cash pay-out of about R570 000 at the time.

Envision scheme members also received dividends twice a year which amounted to R33 675 (pre-tax) per member in 2012.

Kumba suspended production at Sishen Mine on Thursday due to strikers blocking access to the pit, creating an unsafe environment for mining operations.

He said Kumba had sufficient production from its other mines and stockpiles of finished product to continue supplying its customers for some time, and was in constant contact with its stakeholders to update them on developments.

Sishen Mine employs approximately 12 700 workers.

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kumba iron ore  |  sishen mine  |  mining unrest  |  strike
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