In an unprecedented move, Exxaro ceded mining rights to one of its mines in Mpumalanga to former employees and the surrounding community.
For the first time in the history of South Africa, former mine employees have become owners of a mine they used to work at.
The company acquired Arnot from Eyesizwe Coal following its creation in 2006. Arnot had a 40-year coal-supply agreement with Eskom for the nearby Arnot Power Station. The agreement lapsed on December 31 2015, leading to the closure of the mine and retrenchment of employees. Exxaro spokesperson Tsabeng Nthite said the mine had been transferred to Arnot OpCo, an entity owned by the former employees, communities and Wescoal Holdings.“The transaction embodies the spirit of empowerment and demonstrates Exxaro’s commitment to responsible corporate citizenship.”
Mineral Resources and Energy Minister Gwede Mantashe granted the cession of the mining rights of Arnot to Arnot OpCo about eight months ago.
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