Northam losses rise as strike continues

[miningmx.com] – NORTHAM Platinum said it had lost R122m in revenue
as a strike at Zondereinde, its only operating mine, extended into its third week
today.

Last week, Northam Platinum was granted an interdict declaring the strike
unprotected while employees were also warned that failure to heed the terms of the
interdict may result in dismissals.

To date, Northam Platinum has lost about 10,600 ounces of 3PGM (Platinum Group
Metals) and gold.

“In an effort to resolve the impasse with striking rock drill operators, management
has continued to engage with representatives of the National Union of Mineworkers
(NUM) at national and regional level,” Northam said in a statement on April 15.

“The parties and the union have agreed on a review of the application of the mine’s
productivity bonus system,” it said.

Miningmx reported earlier that rock drill operators were asking for an extra R1 per
hole blasted which is equal to a 38% increase over the current arrangement.

“We offered an substantial increase and I honestly believe it’s the best we can do,” a
company source told Miningmx on April 5.

Frans Baleni, secretary-general of the National Union of Mineworkers (NUM)
confirmed the dispute: “There is a dispute about either R1 per hole or a bonus linked
to the hole,” he said in response to texted questions on April 5.