• Restoring sanity to SA

    We should be driven by the thought that SA belongs to all who live in it, says Solly Moeng.

  • Clamouring for action

    2017 will see battles between politicians as well as those tired of politicking, says Daniel Silke.

  • Realistic dreaming

    Preparation and sound advice will turn entrepreneurial dreams into reality, says Ian Mann.

All data is delayed
Loading...
See More

BHP coal arm, Nhleko in BEE deal

Dec 13 2011 14:16
Reuters

Company Data

BHP BILLITON PLC [JSE:BIL]

Last traded 227
Change 1
% Change 0
Cumulative volume 645567
Market cap 0

Last Updated: 07-12-2016 at 11:58. Prices are delayed by 15 minutes. Source: McGregor BFA

Johannesburg - The South African coal unit of  BHP Billiton [JSE:BIL] said on Tuesday it would sell an 8% stake to a black-owned consortium led by Pembani Group, to help meet its required black ownership target.

BHP Billiton Energy Coal South Africa also said it had approved a scheme that would give participating employees a 2% stake, further increasing its black shareholders.

The black ownership target under the country’s mining charter is 26% black ownership by 2014.

“Through its previous direct sales of assets and the new empowerment transactions announced today, BECSA is now in a position of more than meeting the transformation requirements,” the company said.

The value of the deals announced on Tuesday was not disclosed.

South Africa’s second-largest exporter of thermal coal said it has also agreed to sell additional resources to Kuyasa Mining to extend the life of that company’s Delmas colliery.

Kuyasa was created more than 10 years ago, when the BHP unit sold its Delmas mine in its first empowerment deal.

Pembani Group, chaired by Phuthuma Nhleko, the former CEO of MTN Group, is an investment company with interests in mining and petroleum.
bhp billiton  |  mining industry  |  bee

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about: SMALL BUSINESS

From fossils to finance – that’s been the career trajectory of Dr Merrill van der Walt, a palaeontologist until recently. She is now a statistician with a difference.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

SA's avoidance of junk status by rating agencies: Moody's and Fitch

Previous results · Suggest a vote

Loading...