Barberton Mines Wage Agreement

About this update from Pan African Resources Plc

[{"type":"text","content":"\n \nPan African Resources PLC\n\n (Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)\n\nShare code on AIM: PAF\n\nShare code on JSE: PAN\n\nISIN: GB0004300496\n\n(“Pan African Resources” or the “Company” or the “Group”)\n\nPAN AFRICAN RESOURCES SUCCESSFULLY CONCLUDES BARBERTON MINESWAGE NEGOTIATIONS\n\nPan African Resources is pleased to announce that Barberton Mines Proprietary Limited (“Barberton Mines”) has successfully concluded a one year wage agreement with the National Union of Mineworkers (“NUM”) (“Agreement”), this Agreement follows on from the previous two year wage agreement which concluded on 30 June 2017. The Agreement is in addition to the three year wage agreement(1 July 2015 – 30 June 2018) with the United Association of South Africa (“UASA”). NUM and UASA currently represent the employees of Barberton Mines. In terms of the Agreement, the average wage increase for all Barberton Mines employees will amount to approximately 8% per annum, effective from 1 July 2017.\n\nBarberton Mines experienced a 2.5 day stoppage during the negotiation period. The stoppage is not expected to affect the Group’s production guidance of 190,000oz for the financial year ending 30 June 2018.\n\nFor further information on Pan African Resources, please visit the Company’s website at www.panafricanresources.com\n\n18 October 2017\n\nCorporate Office\n\nThe Firs Office Building1st Floor, Office 101Cnr. Cradock and Biermann AvenuesRosebank, JohannesburgSouth AfricaOffice:   + 27 (0) 11 243 2900Facsimile: + 27 (0) 11 880 1240\n\nRegistered Office\n\nSuite 31Second Floor107 CheapsideLondonEC2V 6DNUnited Kingdom\n\nOffice:   + 44 (0) 20 7796 8644Facsimile: + 44 (0) 20 7796 8645\n\nCobus Loots                                      Deon LouwPan African Resources PLC               Pan African Resources PLCChief Executive Officer                      Financial DirectorOffice: + 27 (0) 11 243 2900               Office: + 27 (0) 11 243 2900\n\nPhil Dexter     &n...

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