Broad-based empowerment parties led by Dema G Capital, Thelo Group and Vantage Capital control Incwala with a combined 52,8% interest.

The Lonplats Employee Masakhane Trust (“LEM”) holds a 25% equity interest in each of the Dema, Thelo and Vantage consortia. LEM, together with a 1,1% direct equity interest, equates to a beneficial interest in Incwala of 13,3%.

The sole beneficiary of LEM is the Masakhane Provident Fund, the ultimate beneficiaries of which are Lonplats employees. Masakhane’s membership is approaching 20 000, consisting exclusively of Lonplats employees, almost all of whom are black.

Lonmin and the Industrial Development Corporation each have a 23,6% holding. Included in these empowerment parties are 30 000 members of the Bapo Ba Mogale community as well as South African Women in Mining, a women’s empowerment group.