“Engagement between Exxaro and Mainstreet 333 consortium (MS333) is still ongoing and significant progress has been made to reach agreement on the replacement BEE transaction terms,” the company said in a statement.
Detailed transaction agreements were expected to be agreed on in due course, Exxaro said.
Exxaro, which was established in 2006, to become one of the largest black-owned mining companies, first announced the unwinding of the scheme last year.
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The unwinding was expected to result in a new BEE company taking 30 percent of the firm.
Currently, MS333 owns 50.19 percent in Exxaro and has been the company’s empowerment partner since its establishment.