Impala Platinum, the second-largest platinum producer in the world, has announced an employee ownership plan (esop) worth R1 billion.

Up to 28,000 employees are set to benefit from the scheme, as the company moves towards the updating its old order mining rights to new order rights, which necessitates a concomitant empowerment programme.

Under the terms of the deal, Implats will assist the workers to acquire three per cent of the company's share capital, which includes Marula Platinum, the firm's head office premises as well as Implats itself.

Meanwhile, the workers are imbued with the right to sell up to 40 per cent of the shares, with net proceeds going to them.

Mike Teke, Impala's Human Resources Chief, told Fin24: "This programme forms part of Implats' empowerment and transformation initiative and ensures that all South African employees now have a direct interest in the equity of Implats.

"The ownership agreement (esop) provides a long term investment opportunity for employees and enables them to share in the future growth of Implats.

"Not only does it promote broad-based share ownership of the company but it encourages long term financial planning on the part of our employees."

Wage negotiations between the firm and representatives of the National Union of Mineworkers and the United Associations of South Africa are set to commence on Wednesday.

Source:
Implats unveils scheme to sell 3% of shares to workers
11/06/07
http://www.miningweekly.co.za/article.php?a_id=110760

Implats unveils R1bn share plan
11/06/07
http://www.fin24.co.za/articles/companies/display_article.aspx?Nav=ns&lvl2=comp&ArticleID=1518-24_2128008


© Adfero Ltd