BEE
DiamondCorp is fully committed to the empowerment objectives of the Mineral and Petroleum Resources Development Act (MPRDA) and the fulfillment of the accompanying Mining Charter.
The Mining Charter requires that companies:
- Achieve 15% ownership by Historically Disadvantaged South Africans (HDSAs) in terms of equity or attributable units of production by 2009; and
- Achieve 26% HDSA participation by 2014
As the Lace Diamond Mine is the operating subsidiary of DiamondCorp in South Africa, the company's BEE ownership structure has been put in place at that level.
DiamondCorp entered into an arrangement with Shanduka Resources and Sphere Holdings, both leading BEE entities, that those companies would each acquire a 13% interest in Lace. This brings the Lace BEE ownership by HDSA companies to 26%, meeting the Charter’s long-term equity requirements.
Shanduka Resources
Shanduka resources is a subsidiary of the Shanduka Group, a black owned and managed investment company established in November 2000, with interests in resources, energy, financial services, property, technology and communication. Shanduka is chaired by former trade union leader and former ANC secretary general Cyril Ramaphosa, and has Standard Bank and Investec as minority shareholders.
www.shanduka.co.za
Sphere Holdings
Sphere Holdings is a black owned and managed investment company. Formed in October 2003 by an experienced group of investment banking and private equity professionals. Sphere Holdings focuses on investment in companies in the financial services sector (where it has made strategic investments in private equity; banking; and long and short term insurance companies) and the industrial services sector where it is in the process of building a portfolio of investments in business that supply essential goods and services to energy, resource, transport and petrochemical sectors. Sphere Holdings also holds a portfolio of investments in mining, including manganese, as well as a 10 per cent interest in Rosy Blue South Africa, the South African division of the Rosy Blue Group, one of the world’s largest diamond cutting, polishing and retailing groups. Nedbank, Sanlam and Rand Merchant Bank are minority shareholders in Sphere Holdings.
www.sphereholdings.co.za
