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set at R5,500 per employees, repayable over 12 months with a 3 month repayment
holiday;
•
a waiver of the Company’s right to claim for ongoing payments made and costs incurred
during the strike. These include ongoing Company contributions to employee medical
aid cover and pension/provident funds, as well as the provision of accommodation and
food, despite the “no work, no pay” principle applying during the strike;
•
free transport for striking employees to return to work once the strike ends, debt
consolidation and financial counselling; and
•
an ex-gratia payment (non-repayable), which has been offset against ongoing
payments and costs which have accumulated over the course of the strike.
The continued contribution by the company to medical aid, and the risk portion towards the
pension/provident funds is important to ensure that striking employees retain these benefits
beyond the strike, but the cumulative cost of these contributions as well as the other costs
highlighted, becomes significant the longer the strike continues, which results in the ex-gratia
amount proposed initially, declining. Effectively, this means that the R4 500 ex-gratia
payment that was proposed in February, decreased to R2 500 in March and has now
reduced to zero. This aspect was made very clear to the AMCU leadership but despite this,
these proposals were formally rejected by AMCU.
The wage agreement signed with NUM, Solidarity and UASA is final and no further increases
will be considered or given as it undermines other stakeholders and is inconsistent with our
CARES values.
Sibanye-Stillwater Investor relations contact:
James Wellsted
Head of Investor Relations
Email:
ir@sibanyestillwater.com
+27 (0) 83 453 4014
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.
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.