Xstrata seals BEE deal with Bakwena

January 9, 2007

GLOBAL coal and base metals group Xstrata had completed the empowerment of its South African operations with an agreement to sell a 26% stake in its Rhovan vanadium operation, near Brits in North West, to the Bakwena ba Mogopa traditional community for R575m, it said yesterday....

South African mining businesses are required to introduce 26% black equity ownership by 2014 to comply with the provisions of the Minerals and Petroleum Resources Development Act and secure licences to operate. Xstrata spokesman Songezo Zibi said Rhovan was expected to receive its mining licence soon.

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