Steve Phiri
Photo by: Duane Daws
JOHANNESBURG (miningweekly.com) – The board of the black-owned and black-controlled platinum company Royal Bafokeng Platinum (RBPlat) on Tuesday approved the distribution of shares worth more than R47-million to the group’s senior management.
A total of 833 085 ordinary shares were awarded at R56.70 a share as part of bonus and forfeitable share plans.
RBPlat CEO Steve Phiri received R6.2-million in shares, CFO Martin Prinsloo R3.6-million, major subsidiary directors Neil Carr R3.5-million and Vicky Tlhabanelo R2.4-million, and company secretary Lester Jooste R730 863.
Jooste told Creamer Media’s Mining Weekly Online that more than 200 other senior management members benefited from the distribution and that mineworkers were part of a separate employee share ownership plan.
The midtier JSE-listed platinum group metals (PGMs) company operates the Bafokeng Rasimone Platinum Mine and is building the Styldrift I project, both in the North West province.
The company mines PGMs in the Merensky and upper group two reefs on the Boschkoppie Styldrift and Frischgewaagd farms in the Rustenburg area, which have been identified as hosting among the last undeveloped Merensky reef on the western limb of the Bushveld Complex.
The company’s assets are among the only significant shallow high-grade Merensky resources still available for mining.
RBPlat last week reported milled tonnes for the three months to March 31, rose 6% to 540 000 t, but with built-up head-grade down 10% to 3.87 g/t.