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LONDON (Alliance News) - Ironveld PLC Tuesday said it has completed the necessary shareholder documents for the Broad-Based Black Economic Empowerment participation in its iron, vanadium and titanium project in the Bushveld Complex in Limpopo province, South Africa.
The Broad-Based Black Economic Empowerment Act was introduced in South Africa in 2003 and aims to advance and enhance economic participation of black people in the economy.
The Broad-Based Black Economic Empowerment companies involved in the project are represented by four global trusts which hold shares in the empowerment companies on behalf of local communities, tribal authorities and future workers. The empowerment companies have a 26% shareholding in the operating companies that make up Ironveld group, the company said.
Ironveld is currently assisting the Broad-Based Black Economic Empowerment companies with their applications for funding to allow them to meet their share of the capital requirements of Ironveld, it said in a statement.
"This is a further important step for Ironveld as we move closer to developing our project and we are pleased that the necessary shareholder agreements have been signed and that the trust documents are with the Master of Court for registration. We look forward to working with our BBBEE shareholders in the development of both the mining and smelting operations as we move towards delivering the project," said Chief Executive Peter Cox.
Ironveld shares were down 3.1% to 5.81 pence per share Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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