Performance
Feature
RBM meets charter five years early
Richards Bay Minerals has met the ownership requirements of South Africa's Mining Industry Charter five years ahead of the required empowerment date in 2014.
The charter implements social and economic reforms for broad based black economic empowerment that includes transferring equity ownership to historically disadvantaged South Africans.
In December, RBM signed an agreement with an approved consortium by which 24 per cent of RBM will be transferred to a group comprising local communities and investors, with a further two per cent to be transferred to a trust for the benefit of RBM employees.
In September 2008, the equity of the joint venture was valued by Rand Merchant Bank at around R19 billion (about US$1.9 billion). Rio Tinto's interest in RBM was therefore valued at approximately R9bn (about US$900 million).
Rio Tinto and BHP Billiton, which owns the other 50 per cent, will facilitate the funding of the equity acquisitions by the incoming consortium of shareholders. Part of this facilitation will mean the host communities and employees benefit trust will not need to raise funds for their stake in RBM.
Cameron McRae, managing director of RBM, said: "We are pleased to be able to fully empower RBM five years earlier than the legislation requires. RBM will continue to support the community development programmes running in the host communities. RBM has been a key generator of employment in Kwa-Zulu Natal and will continue to be so over coming decades."
RBM will now apply to have its mining rights converted to "new order" rights with the Department of Minerals and Energy.
Hail Creek hailed as mine of the year
Rio Tinto Coal Australia's Hail Creek won the Australian Coal Mine of the Year award at the 2008 Mining Prospect Awards in Sydney. The award highlights best practice and innovation in the coal mining industry.
"Our mine was recognised for achievements in safety innovation, record production rates, community engagement and employee programmes," said Andrew Woodley, general manager. He said Hail Creek had a number of achievements during the year that supported winning the big prize over a strong field of nominees.
These were the industry award for safety innovation, the state road safety award, record production rates in 2008 despite severe weather and flooding, the highest percentage of women in the mining operations of any coal mine in Queensland, low employee turnover rates, strong investments in the local community, regional trainee and apprenticeship programmes, Traditional Owner cultural heritage work, and receiving the Corporate Citizens' Award from Nebo Shire in recognition of community partnerships.