RBM, traditional authorities sign procurement principles agreement for Zulti South
The KwaZulu-Natal provincial government has applauded mining firm Richards Bay Minerals (RBM) and its four traditional host authorities for reaching and signing the procurement principles agreement of the Zulti South mineral sands project.
The agreement comes shortly after the company’s planned investment of R6.5-billion in the Richards Bay project was announced in April.
The agreement brings to an end a protracted impasse between the mining company and the host communities.
KwaZulu-Natal Finance MEC Ravi Pillay, who represented the provincial government at the signing of the agreement, said the government was pleased that all parties had finally been able to find each other.
“We gather today to sign this historic investment of $463-million into RBM because these negotiations have borne fruit,” said Pillay.
He indicated that the government was aware that tense and protracted but honest negotiations had taken place between RBM and the traditional councils of the host communities to finalise the agreement.
“Today’s signing is a breakthrough and a reaffirmation of the values of negotiations and peaceful coexistence between investors and the host communities,” he noted.
The official signing followed the board of Rio Tinto’s approval of the next stage in the development of RBM in South Africa. This involves the construction of the Zulti South project that is meant to sustain current capacity and also extend the life of the RBM mine, Pillay indicated.
Pillay expressed the government’s view that the long-term fundamentals of the market are strong, and that production from Zulti South would fill a widening supply gap and ensure RBM’s position as a leader in the sector, while delivering strong returns to shareholders.
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