Ramatlhodi pushes for larger BEE participation in BHP spin-off
Mineral Resource Minister Ngoako Ramatlhodi at the African Downunder Conference, in Perth.
PERTH (miningweekly.com) – The South African government is hoping to negotiate greater black economic-empowerment (BEE) participation in the BHP Billiton spin-off company that will host many South African mining assets.
Mineral Resource Minister Ngoako Ramatlhodi said on Wednesday that the government was hoping for BEE participation of greater than the ascribed 26% in the new entity, which will have a secondary listing on the JSE.
“I would prefer a much bigger stake, because it would make sense to have the majority participation. It would make sense not only for the business, but also for the government and the industry, as well as the indigenous people entrenched in the industry,” the Minister told Mining Weekly Online on the sidelines of Paydirt’s Africa Downunder conference, in Perth, Australia.
Ramatlhodi said that while the South African government had expressed its preference that the spin-out be headquartered in South Africa, rather than Australia, the government was under no impression that the country was being abandoned by BHP.
“I have raised the issue with them, and they have assured me they are not abandoning the country. We are talking to them, and we have no intention of stopping the demerger,” the Minister said.
Last month, BHP announced plans to demerge its aluminium, coal, manganese, nickel and silver assets into an independent metals and mining company. The company’s South African assets, including the Hotazel manganese mine, alumina refineries, and coal assets in South Africa were tipped as part of the spin-off assets.
The newly established company was expected to establish a global shared service center in South Africa that would create 200 new South African jobs.
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