The Empowerment Charter, is referred to in the Mineral Petroleum Development Act and provides the guidelines by which companies report on for prospecting and mining rights.
Among other requirements, the charter set a goal of 15% ownership by Historically Disadvantaged South Africans (HDSA) in mining ventures within five years and 26% ownership within ten years (Black Economic Empowerment, BEE equity ownership). HDSA Companies are those companies that are owned or controlled by historically disadvantaged South Africans.
The Charter also addresses issues of employment equity, community involvement, human resource development, housing and living conditions and beneficiation.
The charter recognizes the history of South Africa and the redress of historical social inequities. Special steps clearly had to be taken to expand opportunities for historically disadvantaged persons.
PTM has taken the approach to view the mandatory BEE rules as an integral part of our business plan. We see great opportunity to make use of our experience in community involvement to maximize the value of the Western Bushveld Joint Venture for all stakeholders.