Publications
Partners
Cape Town - BHP Billiton is both surprised and disappointed by the way that Transnet CEO Brian Molefe chose to portray the miner.
Molefe had said shareholders of the Richards Bay Coal Terminal (RBCT) refuse to share the use of the terminal.
He also said these shareholders prefer to serve "their own interests".
Transnet recently requested Billiton to relinquish a further 1 million tonnes per annum (Mtpa) port capacity at RBCT.
According to Molefe, RBCT shareholders were denying small independent coal exporters access to the terminal by refusing to relinquish a portion of the existing export entitlement at the port in favour of these small coal exporters.
"These unfounded assertions create the impression that BHP Billiton is not committed to the spirit and intent of Black Economic Empowerment (BEE) and that the company has done nothing to demonstrate its support for BEE in South Africa," Billiton said in a statement issued on Friday.
"This is far from the truth. In reality, BHP Billiton has been responsible for numerous empowerment transactions since 2001, which resulted in 8Mtpa of BHP Billiton’s original port capacity of 26Mtpa being transferred to black owned mining companies."
BHP Billiton, in partnership with the DMR and the other RBCT shareholders, also contributed an additional 1Mtpa of its port capacity in 2004 to create Quattro.
This initiative resulted in 4Mpa of port capacity being created for the benefit of small BEE junior miners.
In addition, BHP Billiton sold a further 1Mtpa to Exxaro, the BEE miner created through an empowerment transaction which Anglo American and BHP Billiton spearheaded more than 10 years ago.
"In all, over the past 12 years, BHP Billiton has been responsible for a total of 10Mtpa of BEE port capacity at RBCT, which is more than any other single RBCT shareholder," said Billiton.
"In 2005, BHP Billiton also elected not to take up its rightful share of the Phase V expansion at RBCT (a further 15Mtpa expansion of the port) in lieu of BEE miners taking up the additional capacity."
BHP Billiton said it believes that its history in relation to the above clearly demonstrates its commitment to transformation of the mining industry in South Africa.
"Today BHP Billiton is only a 21% shareholder at RBCT compared to almost 40% ten years ago," said Billiton.
"Transnet’s recent request to relinquish a further 1Mtpa port capacity at RBCT comes at a time that BHP Billiton is short of port capacity and it is unable to even develop some of its own remaining prospecting rights due to the unavailability of sufficient port capacity."
Billiton said the reality is that TFR’s rail capacity does not even match the current port capacity of 91Mtpa, which means that none of the existing RBCT shareholders (including numerous BEE shareholders) have access to their own, nameplate capacity at the port.
- Fin24
Molefe had said shareholders of the Richards Bay Coal Terminal (RBCT) refuse to share the use of the terminal.
He also said these shareholders prefer to serve "their own interests".
Transnet recently requested Billiton to relinquish a further 1 million tonnes per annum (Mtpa) port capacity at RBCT.
According to Molefe, RBCT shareholders were denying small independent coal exporters access to the terminal by refusing to relinquish a portion of the existing export entitlement at the port in favour of these small coal exporters.
"These unfounded assertions create the impression that BHP Billiton is not committed to the spirit and intent of Black Economic Empowerment (BEE) and that the company has done nothing to demonstrate its support for BEE in South Africa," Billiton said in a statement issued on Friday.
"This is far from the truth. In reality, BHP Billiton has been responsible for numerous empowerment transactions since 2001, which resulted in 8Mtpa of BHP Billiton’s original port capacity of 26Mtpa being transferred to black owned mining companies."
BHP Billiton, in partnership with the DMR and the other RBCT shareholders, also contributed an additional 1Mtpa of its port capacity in 2004 to create Quattro.
This initiative resulted in 4Mpa of port capacity being created for the benefit of small BEE junior miners.
In addition, BHP Billiton sold a further 1Mtpa to Exxaro, the BEE miner created through an empowerment transaction which Anglo American and BHP Billiton spearheaded more than 10 years ago.
"In all, over the past 12 years, BHP Billiton has been responsible for a total of 10Mtpa of BEE port capacity at RBCT, which is more than any other single RBCT shareholder," said Billiton.
"In 2005, BHP Billiton also elected not to take up its rightful share of the Phase V expansion at RBCT (a further 15Mtpa expansion of the port) in lieu of BEE miners taking up the additional capacity."
BHP Billiton said it believes that its history in relation to the above clearly demonstrates its commitment to transformation of the mining industry in South Africa.
"Today BHP Billiton is only a 21% shareholder at RBCT compared to almost 40% ten years ago," said Billiton.
"Transnet’s recent request to relinquish a further 1Mtpa port capacity at RBCT comes at a time that BHP Billiton is short of port capacity and it is unable to even develop some of its own remaining prospecting rights due to the unavailability of sufficient port capacity."
Billiton said the reality is that TFR’s rail capacity does not even match the current port capacity of 91Mtpa, which means that none of the existing RBCT shareholders (including numerous BEE shareholders) have access to their own, nameplate capacity at the port.
- Fin24
