Black Empowerment
Cape Resources Plc operates under the Mineral and Petroleum Development Resources Act 2002 and the Mining Charter of the RSA. The Company works with Wheatfields Investments No.233 (Pty) Ltd a subsidiary of Community Investment Holdings (Pty) Ltd, its BEE partner. As such, it has committed to:
- ownership partnership in existing or future mining, prospecting and exploration operation
- participation in/or control of management of such operations; development of management, scientific engineering or other skills
- involvement of/or participation in the procurement chains of supplies and materials.
In addition, Cape Resources has obtained approval by the Department of Minerals and Energy of the RSA (“DME”) of its:
- social plan
- environmental plan
- mining rights application document.
The Board has also agreed plans for the promotion of black employees into management positions, investment into skills training and the procurement, where possible, of supplies and materials required for Golden Falls’ business from companies which have committed themselves to the principles of black empowerment.
Cape Resources BEE Partner
The Board appointed Wheatfields as its BEE partner following a lengthy exercise to find a BEE partner who would be able to make a significant contribution to its development and success.
The Board believes that Wheatfields, as a BEE company, will assist in the development of the Group’s business because of its management and entrepreneurial skills, knowledge and contacts in the mining industry, its principals and their ability to help the Company source suppliers and materials from companies which themselves have concluded black economic empowerment arrangements.