Big share scheme for AngloPlat

"This trust represents the biggest ownership transaction in the mining industry to date in terms of both value and number of beneficiaries," Anglo Platinum said in a statement.

Negotiations with labour on the broad-based employee share participation scheme started 18 months ago and would benefit 46 000 employees.

The scheme involved the establishment of an independent trust and 2.5 million shares going into the so-called Kotula Trust.

The trust was made up of 40% free shares and 60% loan shares. The shares were currently worth R3bn.

Employees would get 500 shares for every year they had worked at AngloPlat over a seven-year period. Anyone resigning before the seven years did not qualify for the shares.

The trust would pay dividends to its shareholders starting from November this year, the company said.

Only low-income earners such as miners qualified for the scheme.

The board of trustees comprised trade unions, a company representative and four independent members.

Trade union Solidarity welcomed the scheme, saying it would empower the workers and narrow the gap between the rich and poor.

"An Esop [employee share ownership scheme] is one of the best ways to achieve empowerment and shrink the gap between rich and poor," said spokesperson Reint Dykema.

"This is not only the largest deal of its kind ever in the mining industry, but also the largest worker empowerment scheme ever announced," he said.

Dykema revealed that consultation about scheme took place over a period of 18 months with the NUM, Numsa, The Alliance, TAWUSA, Uasa and Solidarity trade unions.

- Sapa