Wednesday, September 05, 2007

Flying in the Face of Both Left and Right

While the rest of us were looking up Brittany's skirt South Africa has been busy with some projects that it might not hurt us to look at for ideas concerning our own mining industries, maybe the way we do business in general.

Platinum firm's black rights deal

South African mining group Anglo Platinum is to sell mines to two black-led firms in a deal worth about 35 billion rand ($4.85bn; £2.4bn).

The move will see the two companies - Anooraq Resources and Mvela Resources - controlling two of Angloplat's biggest platinum mines in the country.

It is also planning to distribute 1.5% of shares to its mostly black workers.

Anooraq, which will buy a 51% stake in Lebowa Platinum and 1% of the Ga-Phasha Project, was the first black economic empowerment company with a primary listing outside South Africa.

It is almost 65% owned and controlled by a firm that is in turn owned by 15 BEE groups, including women's investment concerns.

Information about BEE (Black Economic Empowerment)

Detailed statement from Anooraq (worth a read)

Employee and community ownership, who would have thought.

For a country renowned for our business acumen and innovation we're remarkably non-innovative and this above all else will cost us dearly in the new economic landscape.


TomCat said...

That's unamerican!! That's against the golden rule. How much gold have you got, if you want to rule? ;-)

Not Your Mama said...

Good. Now deport me ;).

TomCat said...

To Iraq? ;-)

Not Your Mama said...

I was thinking more like Canada or NZ actually. Norway is also fine. I might be able to make my way doing redneck amurrican stand-up there.

TomCat said...

You can do GOPer immitations? Careful, Mama! Friends have lost IQ points trying that! ;-)