Mintails SA has entered into an equity participation agreement with our Black Economic Empowerment partners, Kutana Investments, Bukhosi Ndimande, Matla Kopanong Trust and Kairos Foundation. In terms of the Heads of Agreement, concluded on 15 March 2013, the empowered partners will form an empowered company, NewCo (Pty) Ltd, which will hold 26% of the issued share capital of Mintails SA.
Kutana Investments is a Pan-African company focused on delivering significant shareholder value whilst contributing to the transformation of the economy and society at large. The company is 90% owned by black professional business women. The board and management team comprises of seasoned corporate professionals who have been at the helm of major corporates in various sectors of the South African economy and across South Africa. Kutana was founded in 2009 by Thoko Mokgosi-Mwantembe, Jackie Huntley and Janine De Bruyn. As a black owned and managed Investment Company, Kutana is fully committed to compliance with the codes of Good Practice and relevant sectoral characters for the sectors it invests in. Kutana is also committed to working holistically with investee companies in all aspects of the BEE scorecard. In its transactions the company co-invests on a deal-by-deal basis with relevant broad-based entities.
Bukhosi Ndimande is an entrepreneur and businessman operating and managing a range of business enterprises in South Africa and Southern Africa. Mr Ndimande is the founder and owner of Phumula Consulting, a mining consultancy providing specialised advice in mine sealing and dewatering. He is also an owner and MD in Phephisa Mining (Pty) Ltd, a company providing underground contract mining, drilling, blasting and related services to the mining industry. Mr Ndimande has held key roles in the Chamber of Mines where he facilitated tri-partite dialogue between Labour, the Government and Industry.
MATLA KOPANONG TRUST
The Matla Kopanong Trust will be an employee trust for the benefit of the employees of the company. The minimum requirement would be an 80% participation of all employees in the group.
The Kairos Foundation will be for the benefit of the local communities in the vicinity of the company’s mining operations and will be operated as a community trust delivering projects for the benefit of the community.