New black economic empowerment vehicle Incwala has been attacked by the National Union of Mineworkers (NUM) as a debt-laden enterprise.

The firm - which was only launched on Monday amid great fanfare - has been dismissed by the NUM on the grounds that its stake in Lonplats is a hindrance rather than a boon.

NUM's general secretary, Gwede Mantashe told Business Report that the Incwala deal offered "nothing but a debt".

"This is a fake empowerment because the so-called stake is a debt that will be only liquidated in seven years. Our members are expected to work now and liquidate the debt for the benefit of future generations," she claimed.

"There is nothing that should make us excited about this. Instead we should be insulted."

The union called on the firm to liquidate the debt and to establish "a proper employee share ownership scheme".

However, Brian Gilbertson, the non-executive chairman of Incwala said that the response missed the point, "With a bit of luck it will be the biggest company in South Africa."