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The Company operates in South Africa and in order to ensure compliance with South African legislation, the Group is structured so that relevant ownership interests in Tharisa Minerals are held by its HDSA partners, Thari Resources and the Tharisa Community Trust (HDSA being defined as any South African person who was disadvantaged by unfair discrimination before the Constitution of the Republic of South Africa, 1993 came into operation). Tharisa Minerals is, and will continue to be Fully HDSA equity compliant.

The South African Mining Charter, a broad-based socio-economic empowerment Charter for the South African mining industry, requires at least a 26% equity ownership must be held by HDSAs. Tharisa Minerals does meet this ownership requirement, with 20% of Tharisa Minerals being owned by Thari Resources, an HDSA company focusing on the South African minerals and energy sector, and with The Tharisa Community Trust holding the remaining 6%. Tharisa Minerals, Thari Resources and the Tharisa Community Trust have also entered into a shareholder’s agreement relating to Tharisa Minerals. This agreement contains certain binding provisions that ensure that Thari Resources and the Tharisa Community Trust continue to be fully HDSA equity compliant, and restrict their ability to sell or transfer their shares in Tharisa Minerals.

In addition, Tharisa Minerals, through its Social and Labour Plan contributes toward the upliftment of the workforce as well as the community residing in the vicinity of the Tharisa Mine, through the initiation of projects within the community, encouraging the development of black empowerment business entities, providing opportunities for these businesses to provide goods and services and by recruiting, training and developing HDSAs within its businesses.

  Group structure South Africa