Iron-ore miner Sishen Iron Ore Company's (SIOC's) community development trust project is nearing the redemption of all its preference shares held by mining company Kumba Iron Ore (KIO), the conclusion of which will free up millions more each year to fund several new community development projects in and around SIOC's mining operations, KIO reports.
Since KIO's listing in 2006 as a 3% shareholder in SIOC to benefit from the Sishen mine's development and commercialisation, the company has shown commitment to broad-based black economic empowerment (BBBEE) and wider health and educational transformation schemes.