031110 A new study has found that SA coal reserves have been significantly downsized since 2003.photo by Simphiwe Mbokazi 453
031110 A new study has found that SA coal reserves have been significantly downsized since 2003.photo by Simphiwe Mbokazi 453

Ingwenya’ s BEE ownership increased to 45%

Time of article published Sep 26, 2012

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Ingwenya Mineral Processing‚ a junior coal processing company‚ has concluded an agreement with Anglo American Khula Mining Fund (AAKMF) in relation to a proposed broad-based black economic empowerment (BEE) transaction.

The agreement is subject to certain conditions and the conclusion of all legal agreements.

In terms of the proposed transaction‚ Mpho Mothoa‚ a founding shareholder‚ will be appointed as the new Managing Director of the company. The transaction will also see Mothoa increase his shareholding to 45%.

Neville Matodes‚ one of the founding shareholders of the company and previous MD‚ will continue to play an active role in the company as Technical Director as well as serving on the board.

Anglo American Khula Mining Fund is a joint initiative between Anglo American and Khula Enterprise Finance Limited‚ a government entity that promotes small and medium mining-related investments. AAKMF will hold a 10% stake in the company Vunani Corporate Finance helped to facilitate and advise Mothoa on the transaction. - I-Net Bridge

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