Financial services provider BlackPride Empowered Mining has embarked on a new strategy to empower women to meaningfully participate in the mining sector.
“The idea behind the strategy is to take 10 000 women that are deeply rooted in community activities and give them the opportunity to invest in their future and a future within the mining industry,” says BlackPride Empowered Mining CEO Dr Veni Andrew.
The company, a subsidiary of BlackPride Acquisitions, is to allocate a 30% share of the company free to the chosen 10 000 women, with no financial obligations from them.
In addition to the share allocation, “we would like 500 women selected to increase their professional capacity, by participating in postgraduate studies”
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This benefit was introduced to the Women’s Development Project by BlackPrides’ collaboration with Women in Oil and Energy South Africa (Woesa). A strategic partnership with the allocation of shares is currently being finalised between BlackPride and Woesa, which will integrate over 1 000 existing players in the industry from its existing membership. BlackPride will also leverage off Woesa’s influence in the minerals and energy space.
“BlackPride is on a strategic acquisition drive for mineral reserves in South Africa and on the continent, and intends to raise equity of R1-billion for the implementation of its short-term and long-term goals,” says Andrew.
The company is looking at South African Code for Reporting of Mineral Resources and Mineral Reserves- (SAMREC-) or Joint Ore Reserves Committee-compliant projects and the main aim is to involve women in these projects and for women-owned companies to be hands-on in the mining value chain.
BlackPride aims to work closely with women involved in diamond cutting and polishing, and the company hopes that the 10 000 women that will be selected can learn from knowledgeable women in the industry, affirms Blackpride operations director Brenda Chetty.
“In the diamond industry, 90% of the people employed in cutting and polishing factories are women who are not recognised for the work they do. With this programme, we are hoping to introduce the 10 000 women to various industries such as this one. A transfer of skills and knowledge will take place as the women will be learning from one another about different facets of the industry,” says Chetty.
However, the 10 000 shareholders should be women who are currently pioneering social development and are community drivers. These philanthropists rarely consider themselves or their families and are often heavily invested in the community, with minimal or no benefits. This distribution of shares aims to bring light to their families and their current financial position. These community ambassadors must adhere to the communication registration prescribed by BlackPride’s free share allocation policy for reporting progress to be seamless.