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Sibanye will not bow to Amcu pay demands - CEO

Cape Town - Sibanye Gold [JSE:SGL] is adamant that demands by the Association of Mineworkers and Construction Union (Amcu) for a wage hike will not materialise after the union threatened to bring the mine to a standstill. 

The mine confirmed on Monday that Amcu served the company with notice to strike over wage negotiations.

"In terms of the notice, Amcu members will embark on protected industrial action from afternoon shift, Wednesday, 6 April 2016," it said in a statement.

The decision comes after a court said the union not protest a three-year wage agreement that the National Union of Mineworkers (NUM), Solidarity and the United Association of SA signed with Sibanye.

Sibanye Gold said Amcu's plans to down tools are unfortunate, particularly after the deal reached with the three other representative unions at Sibanye in October 2015.

"In the interest of a harmonious working environment and sustainable operations, a decision was taken to implement the wage increases to all employees, including Amcu members, retrospectively from July 2015," said Sibanye CEO Neal Froneman.

"We wish to advise that the wage increases implemented in 2015 are final and the decision taken by the Amcu leadership will not yield a different outcome," he said.

Froneman assured all stakeholders that Sibanye will ensure that the viability and sustainability of the business is maintained.

"We have developed robust plans to manage the potential impact of strike action at our operations and will implement these plans accordingly," he said.

"We will also be working together with other relevant stakeholders to ensure that the industrial action is conducted peacefully, within the framework of the agreed strike rules and in accordance with the law," added Froneman.

Amcu wants R12 500 a month for its members and is expected to down tools until its demands are met.

“We will put Sibanye Gold to a standstill on Wednesday when we commence with the strike,” Amcu president Joseph Mathunjwa said.

Sibanye’s share price traded up 1.15% at R55.35 from a previous close at R54.72.

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