JOHANNESBURG, South Africa, Sept. 30, 2004 (PRIMEZONE) -- Impala Platinum Holdings Limited (Implats) (Pink Sheets:IMPUY) (Other OTC:IMPAF) (JSE:IMP) (LSE:IPLA) (ADRS:IMPUY) confirms that discussions with the National Union of Mineworkers (NUM) continued on Wednesday, 29 September 2004. Impala will meet again with the NUM tomorrow (Friday, 1 October 2004) to continue discussions.
Implats also confirms that most of the NUM members in the affected bargaining unit have not reported for work today at Impala Platinum's operations. This includes the mining operations and Mineral Processes on the Impala lease area as well as Refineries, and involves a workforce of about 17,000 people. It is estimated that the strike will cost +R28 million per day.
The conditions of a legal strike apply -- notably "No work -- No pay." Shareholders will be kept informed of any new developments.
Background
These negotiations follow the signing last year of a two-year agreement on wages and certain conditions of employment that provided for an increase of 9.5% in year one (i.e., for the period July 2003-June 2004) and an increase of CPIX plus 1.5% in year two, with the condition that should the latter total be less than 7.5%, or more than 9%, either party could re-open the negotiations on wages only.