JOHANNESBURG, South Africa, Oct. 12, 2004 (PRIMEZONE) -- Impala Platinum Holdings Limited (Implats) (Pink Sheets:IMPUY) (OTC:IMPUY)(JSE:IMP) (LSE:IPLA) (ADRS:IMPUY) confirms that it has reached settlement of 8% across the board in the wage dispute called by the National Union of Mineworkers (NUM) regarding wages at Impala Platinum. The increase will be backdated to 1 July 2004.
As part of the settlement, the NUM has agreed to support initiatives to improve productivity efficiencies through technological advances such as the introduction of drill jigs.
Implats CEO Keith Rumble noted that the company was pleased that common ground could be reached. "We lost nine days of production at the mining operations in Rustenburg, but were able to continue producing at reasonable levels at our precious metals refinery in Springs.
"While we have indicated a cost to the company of R28 million in gross profit per day, this does not take into account the reduced costs during this period, that some production has taken place at the refineries and that lost production may well be made up. More informed estimates will be made available to shareholders in due course."