Palabora sells 26% to BEE group

May 12, 2009

[miningmx.com] -- South Africa's largest copper miner Palabora Mining Company said on Monday it is to sell 26% of its operations to a broad-based BEE group comprising of employees, the community and key individuals. A significant feature of the transaction is its focus on community development.

On 30 April, the group, which is partly owned by Rio Tinto Group signed and submitted a Transaction Framework Agreement (TFA) bearing the signatures of its Broad-Based Black Economic Empowerment (BBBEE) partners to the Department of Minerals and Energy (DME) in Polokwane.

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