Richards Bay seals R4.5bn BEE deal

December 17, 2008

RIO Tinto and BHP Billiton have finalised their long-awaited R4.5-billion empowerment deal -- the largest BEE transaction in KwaZulu-Natal.

The deal will see local communities taking up shareholding in a new empowerment company, Richards Bay Minerals (RBM), and earning R3-million a year in dividends and corporate social investment spend.

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