JOHANNESBURG (miningweekly.com) - JSE-listed mining group Assore, which has interests in South African iron-ore and manganese mines, unveiled a second R2,1-billion black economic-empowerment (BEE) transaction on Wednesday, which would raise BEE ownership in the company from 15,26% to 26,07%.

The deal, which was facilitated through Assore vendor finance, involved the Bokamoso Trust, whose beneficiaries included the communities in and around Assore's operations.

The transaction followed on from a previous BEE deal concluded on November 10, 2005, when Cyril Ramaphosa's Shanduka Resources and the Bokamoso Trust acquired the 15,02% interest in Assore.

South Africa's minerals legislation and its associated broad-based empowerment charter stipulates that 26% of mining operations be owned by previously disadvantaged individuals by May 2014.

Assore said in a statement that, as a result of the second transaction, economic benefits would flow to Bokamoso Trust from 2010, starting at an initial cash amount of R2-million a year and increasing in line with the growth in Assore's ordinary dividends.

The transaction, which was still subject to the fulfilment of various conditions, would be facilitated through preference share funding, as well as a portion of interest-free funding, without any recourse to third-party finance.

A general meeting of Assore shareholders would be held at 10:00 at Assore House, in Illovo, Johannesburg, on Tuesday January 19, 2010, to approve the deal.