Placer Dome's South Deep settles labour dispute

Apr 03, 2001, 01:00 ET from Placer Dome Inc.

    VANCOUVER, April 3 /PRNewswire/ - Placer Dome Inc. is pleased to announce
 that its 50%-owned South Deep joint venture in South Africa has successfully
 settled its three-day-old labour dispute with the National Union of
 Mineworkers (NUM) and employees are returning to work immediately.
     In a joint agreement signed today, the mine and the union have reached a
 schedule for holiday breaks that will preserve the mine's ability to operate
 continuously while accommodating extended leave at Christmas and Easter. In
 exchange for working other holidays throughout the year, employees will be
 able to take a 12-day leave at Christmas and 6 days at Easter. A core of
 employees will take shifts voluntarily during the break periods to ensure
 continuous operations.
     According to Placer Dome President and CEO Jay Taylor: "We are very
 pleased that we were able to come to a speedy resolution to the issues
 outstanding at the mine. Change is always difficult, but it is a testament to
 the strength of our relationships on site that we can resolve the issues that
 inevitably arise when developing a new mine from a 40-year-old operation. The
 joint venture has remained committed to working together with its employees
 and unions to help build South Deep into one of the world's premier gold
 mines, and this is another step forward." Under the agreement, the NUM will
 support the mine in its application to the South African Department of Mines
 for Continuous Operations across the site. The union and the mine have also
 agreed to work jointly to achieve annual production targets.
 
     The South Deep gold mine currently produces approximately 5% of Placer
 Dome's total annual gold production and employs 5,200 people. CAUTIONARY NOTE
 Some of the statements contained in this news release are forward-looking
 statements, such as estimates and statements that describe Placer Dome's
 future plans, objectives or goals, including words to the effect that Placer
 Dome or management expects a stated condition or result to occur. Since
 forward-looking statements address future events and conditions, by their very
 nature they involve inherent risks and uncertainties.  Actual results relating
 to among other things, reserves, resources, results of exploration, capital
 costs and mine production costs could differ materially from those currently
 anticipated in such statements by reason of factors such as the productivity
 of Placer Dome's mining properties, changes in general economic conditions and
 conditions in the financial markets, changes in demand and prices for the
 minerals Placer Dome produces, litigation, legislative, environmental and
 other judicial, regulatory, political and competitive developments in domestic
 and foreign areas in which Placer Dome operates, technological and operational
 difficulties encountered in connection with Placer Dome's mining activities,
 and labour relations matters and costs. "Placer Dome" is used in this news
 release to collectively mean Placer Dome Inc., its subsidiary companies and
 its proportionate share of joint ventures. "Placer Dome Group" or "Group"
 means collectively Placer Dome Inc., its subsidiary companies, its
 proportionate share of joint ventures and also companies for which it equity
 accounts.  "Placer Dome Group's share" or the "Group's share" is defined to
 exclude minority shareholders' interest.  The "Corporation" refers to Placer
 Dome Inc.
 
 

SOURCE Placer Dome Inc.
    VANCOUVER, April 3 /PRNewswire/ - Placer Dome Inc. is pleased to announce
 that its 50%-owned South Deep joint venture in South Africa has successfully
 settled its three-day-old labour dispute with the National Union of
 Mineworkers (NUM) and employees are returning to work immediately.
     In a joint agreement signed today, the mine and the union have reached a
 schedule for holiday breaks that will preserve the mine's ability to operate
 continuously while accommodating extended leave at Christmas and Easter. In
 exchange for working other holidays throughout the year, employees will be
 able to take a 12-day leave at Christmas and 6 days at Easter. A core of
 employees will take shifts voluntarily during the break periods to ensure
 continuous operations.
     According to Placer Dome President and CEO Jay Taylor: "We are very
 pleased that we were able to come to a speedy resolution to the issues
 outstanding at the mine. Change is always difficult, but it is a testament to
 the strength of our relationships on site that we can resolve the issues that
 inevitably arise when developing a new mine from a 40-year-old operation. The
 joint venture has remained committed to working together with its employees
 and unions to help build South Deep into one of the world's premier gold
 mines, and this is another step forward." Under the agreement, the NUM will
 support the mine in its application to the South African Department of Mines
 for Continuous Operations across the site. The union and the mine have also
 agreed to work jointly to achieve annual production targets.
 
     The South Deep gold mine currently produces approximately 5% of Placer
 Dome's total annual gold production and employs 5,200 people. CAUTIONARY NOTE
 Some of the statements contained in this news release are forward-looking
 statements, such as estimates and statements that describe Placer Dome's
 future plans, objectives or goals, including words to the effect that Placer
 Dome or management expects a stated condition or result to occur. Since
 forward-looking statements address future events and conditions, by their very
 nature they involve inherent risks and uncertainties.  Actual results relating
 to among other things, reserves, resources, results of exploration, capital
 costs and mine production costs could differ materially from those currently
 anticipated in such statements by reason of factors such as the productivity
 of Placer Dome's mining properties, changes in general economic conditions and
 conditions in the financial markets, changes in demand and prices for the
 minerals Placer Dome produces, litigation, legislative, environmental and
 other judicial, regulatory, political and competitive developments in domestic
 and foreign areas in which Placer Dome operates, technological and operational
 difficulties encountered in connection with Placer Dome's mining activities,
 and labour relations matters and costs. "Placer Dome" is used in this news
 release to collectively mean Placer Dome Inc., its subsidiary companies and
 its proportionate share of joint ventures. "Placer Dome Group" or "Group"
 means collectively Placer Dome Inc., its subsidiary companies, its
 proportionate share of joint ventures and also companies for which it equity
 accounts.  "Placer Dome Group's share" or the "Group's share" is defined to
 exclude minority shareholders' interest.  The "Corporation" refers to Placer
 Dome Inc.
 
 SOURCE Placer Dome Inc.