HomeDiamonds & GemstonesVenetia mine opens multi-million rand empowerment deal to community

Venetia mine opens multi-million rand empowerment deal to community

In a one of its kind high impact local procurement and empowerment initiative Venetia mine, in partnership with VM Diamond Transport, is seeking local HDSA-owned businesses to become 40% shareholders in the soon to be established bussing companies in Musina and Blouberg.

The proposed business model will see these entities purchase shares and participate in the operation of an eight year bussing contract for Venetia mine.

In support of the De Beers socio-economic development strategy, these companies will participate in a two year business development programme sponsored by De Beers with technical training provided by VM Diamond Transport.

The aim is for these empowerment partners to obtain a majority share of the business within five years.

“We believe that empowerment deals such as this one have the power to transform the socio-economic landscape of our mining communities. By focusing on women, youth and disabled owned entities we hope to see an impact where it is needed the most,” says Venetia mine general manager, Benford Mokoatle.

This empowerment deal is one of fifty expressions of interest that De Beers has set aside for local SME’s operating in their labour sending areas.

Similar opportunities include a partnership with Bridestone, Global Wheel and Willards to establish a locally owned distribution centre for tyres, rims and batteries that will service Venetia mine and the wider community.

Feature image credit: Wikimedia