The dilution of community shares in Bakubung Platinum Mine from 33% to 4,5 % has eroded maximum benefits that the Bakubung Ba- Ratheo community in Ledig near Sun City was to derive from mineral resources that are to be mined from their area, North West Premier Thandi Modise learnt in a meeting held by the provincial government with Wesizwe Platinum in Mahikeng on Tuesday.
The North West Provincial government has committed to follow-up on the findings of the Financial Service Board which investigated the monetization of about R800 millions through Musa Capital, a financial advisory company appointed by the then Bakubung Ba-Ratheo Traditional council in 2007.
“Though the provincial government appreciates that WeSizwe Platinum spent over R25 million on Ledig based community development projects from 2008 to date to uplift the Bakubung Ba Ratheo community, we are concerned that the community seems to have lost its share investment but we will do everything in our power to ensure that the monies are accounted for,” said Premier Modise.
The shares were held through a section 21 entity, the Bakubung Community Development Corporation.
Divisions within the royal family have delayed the establishment of a traditional council to oversee the affairs of the community and its interests.
Protracted court ligitations supported by Wesizwe to determine the whereabouts of the community shares had cost the company over R10 million.
We Sizwe Platinum delegation led by Chairperson of Management Board, Dawn Mokhobo and Chief Executive Officer, Jianke Gao welcomed assurance from Premier Modise that the provincial government will intervene to address the mine’s water needs as well as support its housing development projects.
On her part the Premier expressed appreciation that Wesizwe’s Social Labour Plans guarantee a 20% local employment within a 50 kilometer radius of its operations and that 36% of the 447 workforce employed by the company are women.
The provincial government delegation included the MEC for Economic Development, Environment, Conservation and Tourism, Tebogo Modise, Provincial Planning Commissioner Darkey Afrika and the Acting Director General Abe Tlaletsi.
Enquiries:
Lesiba Moses Kgwele
Tel: 018 388 3705
Cell: 083 629 1987
Fax: 086 620 4802
E-mail: LKgwele@nwpg.gov.za
Dilution of community shares concerns NWest Premier Thandi Modise
Province
