Unprotected Industrial Action
Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated primary vanadium producer and energy storage solutions provider, with ownership of high-grade assets in South Africa, ("Bushveld"), reports that an unprotected industrial action at its Vametco operation has temporarily stopped production with effect from the morning of
16 April 2021.
It is understood that the unprotected industrial action is in relation to expectations of payments under the Employee Participation Plan ("EPP") at Vametco, however, the Company is yet to receive a formal notice from organised labour.
The Company recently concluded an EPP with the recognised labour union. The Plan is designed to provide a framework whereby employees, excluding Senior Management, can share in the favourable performance of the Company. This is in addition to production related bonuses employees receive during the ordinary course of the year. The expectations for payments are not in keeping with the EPP recently signed.