Johannesburg - Lonmin said on Thursday it had brought black ownership in the company to 26 percent following a series of black economic empowerment (BEE) transactions.
“This is a milestone that has been a long time in the making and the celebration today effectively heralds the start of a new partnership between Lonmin and its host communities,” the platinum miner's chief executive Ben Magara said in a statement.
The transactions made up the last remaining eight percent of Lonmin's BEE scheme.
The transactions were the creation of the Bapo Community Trust, which would hold 0.9 percent equity stake in Lonplats, the company which houses Western Platinum Limited and Eastern Platinum Limited.
A second transaction was the establishment of an employee share ownership scheme called Siyakhula. This profit-sharing scheme would enable eligible employees to benefit directly from profits generated by Lonmin's two operating subsidiaries.