[miningmx.com] – A DECISION had not been reached between Lonmin and the Rustenburg community, Bapo ba Mogale on a proposed empowerment deal, said the platinum producer in a statement today.
This followed an earlier report that said the Bapo ba Mogale had rejected a proposal from Lonmin in which it was suggested the community swap its royalty deal for equity in the company equal to about 2.6% worth R600m.
“No decision has yet been made by Lonmin nor the Bapo ba Mogale community regarding this transaction,” the company said. “Negotiations are ongoing and we are hopeful that the community will indeed take up this opportunity,” it said.
“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 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 terms of the mining charter, said BDLive.
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