Richards Bay Minerals (RBM) and its shareholders Rio Tinto and BHP Billiton are pleased to announce the completion of the Broad Based Black Economic Empowerment (BBBEE) transaction (the transaction) at RBM.

The transaction represents the largest BBBEE transaction in
KwaZulu-Natal to date through the sale of a 24 per cent equity interest
in RBM to Blue Horison Investments 41 (Pty) Ltd (Blue Horison). In
addition, RBM employees will hold 2 per cent of the equity in RBM
through an Employee Share Participation Scheme (ESPS).

Blue Horison is made up of a group of seven separate business consortia
which will be joined by the four communities that surround RBM’s
activities. The seven business consortia together hold 55% of the
equity in Blue Horison. The Sokhulu, Dube, Mbonambi and Mkhwanazi
communities which have a combined population in excess of 140 000
people, will hold the remaining 45% of the equity in Blue Horison. All
of RBM’s approximately 1,750 permanent employees (the majority of who
are Historically Disadvantaged South Africans) will participate in the
equity through the ESPS.

J B Magwaza, Chairman of Blue Horison and one of the new BBBEE partners
who will have a seat on the RBM Board said, “We are all delighted that
this transaction is finally completed. The inclusion of the host
communities and the employees of RBM makes this deal great in its
empowerment of the historically disadvantaged people of KZN. We look
forward to making a positive contribution in the business of RBM”.

RBM has committed to paying each of the host communities a once-off
endowment of R17.5 million. These amounts will be paid into each of
communities’ Public Benefit Trusts which have been specifically
established for this transaction.

RBM has submitted its mining conversion application to the Department
of Mineral Resources and it is in the process of being assessed by the
department.

Source: BHP Billiton

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