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Anglo Platinum Revise their proposal

On Friday 10 May, Anglo American Platinum announced a revised proposal to create a sustainable, competitive and profitable platinum business.  In January 2013, Anglo American Platinum Limited (“Anglo American Platinum” or “the Company”) announced its proposals to create a sustainable, competitive and profitable platinum business for the long term benefit of all its stakeholders.  Following the announcement of its proposals, Anglo American Platinum and its recognised unions agreed to suspend the section 189 consultations to allow for engagement to take place with the Department of Mineral Resources (DMR) and the unions.  At the request of the DMR, such engagement became a bilateral engagement between Anglo American Platinum and the DMR.  The bilateral engagements with the DMR have now been completed.

Anglo American Platinum has formulated revised proposals which remain focused on improving the profitability and sustainability of its business, while taking cognisance of the local and national socio economic challenges.

Anglo American Platinum expects that the revised proposals have the potential to reduce the number of mining and processing jobs affected to approximately 6 000.  Anglo American Platinum will comply with the Labour Relations Act (LRA) and the MPRDA obligations and these will include full consultation with unions and employee representatives which will commence in due course.  As outlined in its announcement of 15 January 2013, Anglo American Platinum continues to take its social responsibilities seriously, particularly to its employees and surrounding communities and has proposed a comprehensive social plan which will form part of the consultation with employees and their representative structures.

Chris Griffith, CEO of Anglo American Platinum commented: “We have been working diligently to reach the shared objective of creating a competitive platinum business for the benefit of all stakeholders.  These revised proposals reflect our commitment to South Africa and our role in addressing the economic challenges facing the country, while recognising that we need to take actions to return the company to profitability.  We are hopeful that the revised proposals will serve as a basis for meaningful consultation with our employees and their representative structures.  The revised portfolio is one that retains flexibility, reduces complexity and will position us to achieve our goal of creating a sustainable and profitable platinum business”.

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