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Lonmin denies media claims of rebuff by Marikana community over equity

Lonmin denies media claims of rebuff by Marikana community over equity

Photo by reuters

28th February 2014

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – Lonmin has refuted claims made in a Business Day Live (BDLive) article on Friday that the Bapo ba Mogale community, located near Marikana, in the North West, had rejected an equity deal proposed by the platinum producer.

“No decision has yet been made by Lonmin or the Bapo ba Mogale community regarding this transaction. Negotiations are ongoing and we are hopeful that the community will indeed take up this opportunity,” the miner said in a statement.

BDLive reported that the transaction was expected to form part of the third phase of Lonmin’s empowerment deal, bringing its black ownership up to 26% by this year, in line with the new-order mining rights regime.

According to Lonmin, the company’s proposed equity swap transaction was “an opportunity” for the Bapo ba Mogale community to participate in Lonmin achieving this 26% black economic-empowerment equity threshold by the end of the year.

“Lonmin is exploring various options to achieve this target and we are considering each proposal on its merits and will, as previously announced, work to implement a proposal that is fair and equitable to all shareholders but which allows us to meet our targets,” the miner noted.

Edited by Tracy Klückow
Creamer Media Contributing Editor

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