Mantashe hands over 50% Exxaro shareholding to former employees

SABC News  Gwede Mantashe 1 - Mantashe hands over 50% Exxaro shareholding to former employees

Mineral Resources Minister Gwede Mantashe believes the success of a business transaction between former mineworkers and new investors Wescoal, will pave the way for more similar initiatives.

Mantashe was speaking in an event where he handed over 50% shareholding held by mining company Exxaro in Arnot coal mine to former  employees.

 

The workers were retrenched by the mine in 2016 after the company closed operations.

The workers are now running the mine with Wescoal, which is also providing mining expertise.

Mantashe has hailed the partnership as a great milestone in the mining sector.

“We are hoping this experiment will be a success so that that it could be replicated. When the workers own a mine, it’s likely to succeed,” adds Mantashe.

 

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