Picture: Mike Hutchings/Reuters
Johannesburg – Exxaro, South Africa’s diversified mining company, said on Wednesday that talks to unwind its black economic empowerment structure were ongoing.

“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.

BUSINESS REPORT