Gold Fields confirms BEE deal investigation
JOHANNESBURG (miningweekly.com) – JSE- and NYSE-listed Gold Fields on Wednesday distanced itself from the views expressed by its former chair Dr Mamphela Ramphele in the media this week, but confirmed that an investigation into its black economic-empowerment (BEE) deals was under way.
Through Gold Fields’ social and ethics committee, an independent investigation was launched in December after media reports emerged criticising and questioning the legitimacy of the transactions.
Law firm Paul, Weiss, Rifkind, Wharton & Garrison was undertaking the investigation and would eventually present recommendations.
The firm would also examine the gold mining company’s relevant internal controls and required improvements.
“Gold Fields' pursuit of this investigation reflects its commitment to strict compliance with the laws to which it is subject and to its Code of Ethics,” the company said in a statement.
However, the company pointed out that comments made by Ramphele, who supported the commissioning of the investigation during her tenure as chair, represented “her own personal views”.
Business Day quoted Ramphele as saying the BEE deal under investigation was "an example of what this government has done to destroy the credibility of mining companies" and that the government had threatened to withhold a mining licence unless Gold Fields appointed the persons on the “preferred list” of BEE shareholders at the time.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















