JOHANNESBURG (miningweekly.com) - JSE-listed copper producer Palabora, part of the Rio Tinto group, on Monday advised shareholders that the company had entered into discussions for a potential broad-based black economic-empowerment (BEE) transaction.
The transaction would involve an internal leveraged structure, pursuant to which the BEE shareholders would acquire an equity interest of not more than 26% in a newly formed, special purpose subsidiary of Palabora.
Under South Africa’s mining law, companies are required to sell a 15% stake to black investors by 2009, and a 26% holding by 2014.
Palabora said that the transaction would not change the existing share capital of its shareholders.
Note: Search is limited to the most recent 250 articles. To access earlier articles, click Advanced Search and set an earlier date range.
To search for a term containing the '&' symbol, click Advanced Search and use the 'search headings' and/or 'in first paragraph' options.