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End to illegal strike at Koidu Diamond Mine

End to illegal strike at Koidu Diamond Mine

PRESS RELEASE – Freetown, Sierra Leone, 21 December 2012 – Working with Government and the Mine Workers Union, Koidu Ltd has resolved the illegal strike at the Koidu Diamond Mine in the Kono District of eastern Sierra Leone.

 Demands emerging from the illegal strike focused on the performance bonus scheme introduced by the company in June 2011 to reward the achievement of two key performance targets. The first target was the commissioning of the new 180 tph processing plant and the recovery of 35,000 carats in May 2012. This target was reached and the bonus payment to all employees was effected in June 2012. The second target was the consistent achievement of 40,000 carats per month from June to December 2012, which would trigger a second bonus payment.

Despite the failure in achieving the second target, the company increased the annual year-end salary bonus from 20% to 30%, for this year.  Koidu CEO Jan Joubert said that the compromise would allow the mine community to enjoy this festive season, furthermore, the company will keep in place the incentive regarding the steady-state production of 40,000 carats per month for six consecutive months; this is despite the expiry of the initial deadline date for achieving this incentive.

Joubert, however added that the mine would be working closely with the authorities to bring to justice those criminal elements involved in the illegal strike.

“Not only have they caused damage, but they have eroded the brave and sincere efforts by government, the private sector and the community in Sierra Leone to make this country an attractive investment destination. We are committed to this country and its people, and we will stand with those who wish to make this a better place for our children to live.”

Koidu , Sierra Leone

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