In a strongly-worded statement released on Monday, the union alleges that only staff at Kumba's BEE partner, Eyesizwe, will benefit under a share-incentive scheme.
Kumba spokesperson Trevor Arran told Mining Weekly Online that this statement is erroneous.
The employee share-ownership scheme will be extended to all employees that do not currently benefit from a share scheme.
This, he said, includes employees at Kumba Iron Ore.
Kumba has previously indicated that good progress was being made in finalising the agreements and funding arrangements required to implement the deal. This deal will see it establish the largest black-owned, -controlled and -managed mining firm, to be known as Exxaro, which will have an enterprise value of R16-billion.
In October last year, Kumba, Anglo American and Eyesizwe made a joint announcement saying that coal, mineral sands, zinc and 20% of iron-ore assets would go into Exxaro.
Most of the former Kumba iron-ore assets went into the new Kumba Iron Ore, which would be listed separately and managed under the Anglo American banner.
Exxaro would be controlled by broad-based black economic-empowerment (BEE) groups through a holding company, BEE Holdco.
Women's groups would hold a 17,8% effective and fully-funded interest in BEE Holdco, while Exxaro employees would hold 3% through an employee share-option programme, whose major beneficiaries would be black employees.
Kumba Iron Ore, in the Anglo stable, would have an enterprise value of about R14-billion, and would hold 74% of Kumba Resources' South African iron-ore assets through Sishen Iron Ore Company.
But now Solidarity alleges that Kumba staff are upset that they will not receive any benefits in the form of a workers' trust, or share-ownership plan.
“In terms of merger declarations handed by the parties to the Competition Commission, Eyesizwe's shareholding consists of Eyesizwe Holdings (37,5%), several youth groups (17,5%), the National Movement of Rural Women (10%), Nehawu Trust (20%), the Development Trust (5%) and a workers' trust for Eyesizwe employees (10%),” the union said.
It added that only Eyesizwe employees stand to benefit.
Spokesperson Reint Dykema said: “The submission also does not contain any indication that the local communities in which Kumba operates had been informed of the transaction.
“It is worrying that no social plan has been established. The effect of the unbundling and merger on the labour force has not been communicated at all.”
In the second week of June, the second round of wage negotiations between iron-ore miner Kumba Resources and organised labour ended in a dispute.
At the time, Solidarity warned that this could lead to strike action at the world's fourth-largest iron-ore producer.
The unions, Solidarity, National Union of Mineworkers and the Building, Allied, Mining and Construction Workers Union, demanded wage increases of between 12% and 15%, but Kumba only increased its initial offer of 4% by 1%.
Dykema was quoted as saying that “stormy times” lay ahead for Kumba.
He said workers were angry that Kumba's CEO Dr Con Fauconnier received a 35% increase on his basic salary last year and that his total remuneration package increased by 19,8%.
Solidarity said that Kumba's financial position was sound and based its statement on the fact that the international steel price increased by 17% last year and that it was expected to increase by 19% this year.