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November 26, 2010
New BBBEE structure to be implemented at copper producer
Rio Tinto subsidiary and copper producer Palabora Mining Company (PMC) has received approval from its major shareholder, Rio Tinto, as well as minority shareholders, to implement its new broad-based black economic-empowerment (BBBEE) structure, reports PMC company secretary Keith Mathole.
The process of the new BBBEE transaction began in 2008 and, following the board of directors and parent company approvals, it was submitted to the Depart- ment of Mineral Resources (DMR) along with the application for the conversion of the mining rights in April 2009. Once the structure has been approved by the DMR, PMC will begin implementing it.
Posted by StaffWriter at November 26, 2010 11:48 AM