Palabora Mining deal signed

May 12, 2009

PALABORA Mining Co Ltd has completed a broad-based black economic empowerment deal, which involves selling 26percent of its operations to a broad-based group led by George Negota, former chairman of the Palabora Mining Co board, employees and neighbouring communities.

In a newly formed special-purpose subsidiary of Palabora mining company, a community trust will be held for the benefit of the Makhushane, Selwane, Maseke, Mashishimale, and Majeje communities, which will acquire 10 percent of the equity.

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