Broad based black economic empowerment (BBBEE) is a policy of the South African government aimed at addressing past economic imbalances, stimulating further growth and creating employment. This policy is applied to the mining industry through the Minerals and Petroleum Resources Development Act (MPRDA) and the Mining Charter.
The Mining Charter requires the holder of new order mining rights to achieve historically disadvantaged South African (HDSA) equity ownership of 15% by 2009 and 26% by 2014. HDSA participation extends beyond ownership levels to employment equity, management and procurement spending.
BBBEE is measured using across seven categories, namely:
- equity ownership
- employment equity
- skills development
- preferential procurement
- enterprise development
- socio-economic development
Petra’s intention is to adopt a proactive strategy to foster and encourage BBBEE and transformation at ownership and management level, through skills development training, employment equity, procurement and rural development. The South African operations are fully BBBEE compliant from an equity ownership perspective and our various partners are detailed below.
|Empowerment partners||Ownership %|
|Cullinan: Thembinkosi Mining Investments (Pty) Ltd
|Cullinan: Petra Diamonds Employee Share Trust
|Finsch: Senakha Diamonds Investments (Pty) Ltd
|Finsch: Petra Diamonds Employee Share Trust
|Helam: Sedibeng Mining (Pty) Ltd
|Koffiefontein: Re Teng Diamonds (Pty) Ltd
|Kimberley Underground: Sedibeng Mining (Pty) Ltd
|Sedibeng: Sedibeng Mining (Pty) Ltd
|Star: Sedibeng Mining (Pty) Ltd