Solidarity welcomes Anglo Platinum share scheme for employees

The trade union Solidarity today welcomed the announcement by Anglo Platinum that the company is to launch a R3,3 billion share scheme for its 43 000 employees. This Esop (Employee Share Ownership Plan) is the largest of its kind ever undertaken in South Africa. Anglo Platinum will distribute 1,5% of its shareholding among those of its workers who are not at present part of any share option in the company.

Anglo Platinum plans to make the shareholding available to all workers in the company's A, B and C bands. Consultations between the company and recognised trade unions about the implementation of the Esop have been taking place for a considerable time.

"Anglo Platinum is doing the right thing by making a long-term investment in its workers by means of an Esop. Workers will now become shareholders who can share in the company's prosperity. Anglo Platinum, by virtue of its status as the world's largest platinum producer, is a prime employer and its shares are greatly sought after," said Solidarity spokesperson Reint Dykema.

"Consultations between the trade unions and Anglo Platinum have been proceeding smoothly. The scheme, which is being facilitated by Gavin Hartford of the Esop Shop, is expected to be launched by the end of this year or early next year. The plan must next be approved by the regulatory framework. The scheme will be supported with educational, communication and training programmes," according to Dykema.

Reint Dykema

Spokesperson: Solidarity Mining

082-898-0997

Jaco Kleynhans

Spokesperson: Solidarity

083-324-5631

012-644-4361 (office hours)

012-331-8417 (after hours)