FLSmidth is building on its 100 years of successful business in the African region with the announcement of a new equity structure. The structure will result in a broad based black economic empowerment (BBBEE) ownership status for its South African operations, in accordance with the requirements for multinational suppliers to the mining industry, as stipulated in the South African Mining Charter. A Mining Review Africa exclusive.
The new structure positions the company as procurement partner of choice for the mining industry, with the capability to offer total solutions, including maintenance and operational requirements. Going forward, Phetogo Bontle Community Equity will hold 25.1% shares in FLSmidth South Africa, and the broad based “Phetogo Trust” will have a 100% stake in Phetogo Bontle Community Equity. The trust will fund various corporate social investment initiatives and support the integration of minority groups into the economy.
“FLSmidth as a Danish company remains committed to social development wherever it operates. The new structure reflects that FLSmidth is also a responsible corporate citizen in South Africa, and we trust that this will further improve our relationship with all of our customers and suppliers,” says Peter Lohrmann, MD of FLSmidth South Africa.
The company took the first step towards empowerment status back in 2010, when establishing....