Anglo Platinum has launched a new employee share ownership participation (Esop) scheme, it has been announced.

The Kotula trust is set to benefit around 46,000 Anglo Platinum employees, and will be made up of 40 per cent free shares and 60 per cent loan shares.

With every worker set to become shareholder, the trust has been described by Anglo Platinum as the biggest ownership transaction to have taken place in the mining industry thus far given the number of beneficiaries and the value of the deal.

These sentiments were echoed by Reint Dykema, a spokesperson for trade union Solidarity.

"This is not only the largest deal of its kind ever in the mining industry, but also the largest worker empowerment scheme ever announced," he commented.

"An Esop is one of the best ways to achieve empowerment and shrink the gap between rich and poor."

Loan shares in the trust will be paid for by apportioning 50 per cent of dividends accrued on Esop shares for the purpose.

Dividend payments will be distributed every year over a period of seven years, Mining Weekly reports, with capital payments made at the end of the fifth, sixth and seventh years.

The formation of the trust is equivalent to Anglo Platinum issuing around 1.5 per cent of its market capitalisation to its workers.



Sources:

Angloplat launches Esop scheme, 46 000 employees to benefit (11/06/08)
http://www.miningweekly.com/article.php?a_id=135462

Anglo Plats launches employee scheme (11/06/08)
http://www.busrep.co.za/index.php?fSectionId=566&fArticleId=4450135