JOHANNESBURG (miningweekly.com) – Iron-ore producer Kumba Iron Ore would, at the end of this month, pay out dividends totalling R95-million to almost 6 600 employees, who would each receive R14 649 before tax, through its Envision broad-based employee share ownership scheme.

This was the fourth dividend payment of the second phase of the scheme, which has seen employees receiving a total dividend payment of R41 508 since March last year.

In addition, each permanent employee below management level who had been with the company since inception, received R576 045 before tax in December 2011, at the conclusion of the first phase.

“Envision is a broad-based success story for our employees, our community and our country. It sits alongside our diverse broad-based empowerment initiatives and sets a benchmark for empowerment goals and ideals in South Africa. We are immensely proud of its continued success,” Kumba CEO Norman Mbazima commented.

Further, employees were receiving financial training and guidance with regard to their participation in Envision, dividends and payouts, with tax education being a focal point of financial training.

Kumba has also focused on the importance of clearing debts and home ownership in an effort to assist staff in making sustainable financial decisions with their capital payouts. Financial training and support was ongoing and would continue for all Envision members in the next phase of the scheme.

Envision formed part of Kumba’s three-part empowerment programme, which focused on transformation in the corporate, employee and community fields.

“Since inception, Kumba has worked to deliver a meaningful contribution to South Africa that goes beyond the mining industry. We have brought and continue to strive for job creation, skills development and a new standard of safety and operational excellence in our work. We also seek to achieve real transformation in our workforce and the communities around our mines. I believe Envision truly embodies this ongoing effort,” Mbazima said.