Bushveld Minerals Limited (LON:BMN) said it had agreed to help change the ownership of a Black Economic Empowerment (BEE) partner as part of its planned acquisition of Vametco.
Bushveld Minerals has agreed to support Jaxson 640’s acquisition of a 21.2% controlling interest in the BEE stake in Vametco from from a consortium led by Avacap. This will take place alongside Bushveld Vametco’s proposed acquisition of a 78.8% stake in Strategic Minerals from the Evraz Group, which is currently underway.
The South African government launched the BEE programme to address the inequalities of apartheid by aiding certain previously disadvantaged communities in an effort to bring them into the mainstream economy.