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Johannesburg - Miner Kumba Iron Ore [JSE:KIO] plans to pay about R500 000 to each of more than 6 000 workers who bought shares in the company as part of the employee share option scheme, Business Report newspaper said on Monday.
The option scheme would be one of the most generous among the many deals South African mining companies are striking in a bid to increase worker and in particular black ownership.
The government's mining charter calls for 26% of the sector to be black-owned by 2014.
The first phase of the scheme, which was set up in 2006 and accounts for 3% of Kumba's shares, matures on November 17, the company said last week.
Kumba, a unit of global miner Anglo American, said last week in a statement to the stock exchange that an anticipated pre-tax monetary benefit of R2.5bn, which was based on its shares price of R468.35 on September 20, will accrue to participants of the scheme.
The newspaper quoted Kumba spokesperson Gert Schoeman as saying that the scheme had 6 140 members, most of whom had been with Kumba for the full five years.
Schoeman said the cash value for employees who had worked for five years would be about R500 000 each, according to the paper.
When contacted for comment Schoeman referred Reuters to the company secretary, who could not be immediately reached.
The option scheme would be one of the most generous among the many deals South African mining companies are striking in a bid to increase worker and in particular black ownership.
The government's mining charter calls for 26% of the sector to be black-owned by 2014.
The first phase of the scheme, which was set up in 2006 and accounts for 3% of Kumba's shares, matures on November 17, the company said last week.
Kumba, a unit of global miner Anglo American, said last week in a statement to the stock exchange that an anticipated pre-tax monetary benefit of R2.5bn, which was based on its shares price of R468.35 on September 20, will accrue to participants of the scheme.
The newspaper quoted Kumba spokesperson Gert Schoeman as saying that the scheme had 6 140 members, most of whom had been with Kumba for the full five years.
Schoeman said the cash value for employees who had worked for five years would be about R500 000 each, according to the paper.
When contacted for comment Schoeman referred Reuters to the company secretary, who could not be immediately reached.
