Why is Incwala regarded as one of the largest HDSA owned and controlled mining companies in South Africa?
Incwala has a fi rm value of [US$650 million] or some R2 billion based on the underlying value of the Lonplats asset alone and is owned and controlled by broad-based HDSA parties.

Why would you say the HDSA parties that control Incwala are broad-based?
The empowerment parties led by Thelo Group, Dema Group and Vantage Capital operate in a partnership of equals and are not aligned to any individual. Included are women’s empowerment group South African Women in Mining (SAWIMA), 20 000 Lonplats employees and the 30 000 members of the Bapo Ba Mogale community.

What is Incwala’s commitment to black economic empowerment?
Incwala intends to develop into a diversifi ed fl agship for black economic empowerment in the South African mining sector, enabling widespread participation by HDSA’s in the country’s mineral wealth. The company is committed to achieve the objectives of the South African government’s Mining Charter. Incwala has the capacity to deliver signifi cant equity transfer, mutually benefi cial skills transfer, fundamental employment equity and meaningful corporate social investment. Incwala has two board positions on the Lonplats’ Eastern Platinum and Western Platinum boards and will be actively involved in designing and implementing the transformation process. Mutually benefi cial skills transfer will be facilitated between Incwala and Lonplats.

What is Incwala’s growth strategy?
The initial stake in Lonplats provides a strong foundation stone for growth and secures a stable position from the outset. Incwala is well positioned to participate in the consolidation of fragmented mining empowerment interests in South Africa, with the Mining Charter serving as catalyst. The company aims to be the empowerment vehicle of choice for companies in the sector as it diversifi es its asset base.

When do you expect to list Incwala?
The timing of a listing will depend on our ability to grow by acquisition. Listing is not an objective in itself, but a tool to