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Exxaro Resources Limited

Publié le 14 décembre 2011

Mpower beneficiaries to reap rewards

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Good morning,

 

Please see news statement for your use below.

 

Kind regards,

 

HILTON ATKINSON

Manager, Corporate Communication

Corporate Affairs & Strategy

Tel:         + 27 12 307-4843

Fax:         + 27 12 307-4760

Mobile:   + 27 083 609 1452

Email     hilton.atkinson@exxaro.com

                www.exxaro.com

 

 

14 December 2011

 

NEWS RELEASE

 

EXXARO?S MPOWER BENEFICIARIES TO REAP REWARDS

 

Diversified resources group Exxaro Resources Limited (Exxaro) today announced that beneficiaries of the Exxaro Employee Empowerment Participation Scheme (Mpower) are set to benefit significantly from payouts as the scheme has reached maturity at the end of its five-year capital appreciation period.

 

When Exxaro was formed in November 2006 following the unbundling of Kumba Resources, Mpower was created as part of the group?s commitment to BEE ownership of the group. Mpower held approximately 3% of Exxaro?s shares with each of the 9 694 beneficiaries assigned units notionally linked to the shares held by the scheme.

 

Shares held by Mpower were sold on 8 December 2011, generating approximately R1 billion for distribution among the beneficiaries later this month. The amount that each beneficiary will receive will vary depending on the number of units assigned based on the length of Mpower membership. For example, a beneficiary with five years? membership will receive approximately R135 000 (before tax and realisation costs).

 

Mpower beneficiaries have already benefited from the robust growth in the Exxaro share price which has trebled since November 2006. In addition to the pay-outs to be made this month, Mpower has paid a total of R81,5 million, representing some R9 210 per beneficiary, in dividends. Beneficiaries comprise a range of Exxaro employees up to lower management level.

 

?When we developed the empowerment transaction that unbundled Kumba Resources, we made sure that employees who previously did not take part in share schemes would have an opportunity to do so.

 

?We formed Mpower to empower previously disadvantaged employees by sharing the group?s profits with them, and the scheme has proven to have been an excellent vehicle to do just that,? said Sipho Nkosi, Exxaro?s chief executive officer.

"Mpower is a platform that has increased broad-based participation in the equity of the company by historically disadvantaged individuals.  The placement of a 3% interest of the company under the control of participating Mpower beneficiaries represents a meaningful transfer of value to our employees and we believe that this is in the spirit of true empowerment.

?We expect beneficiaries to use their Mpower payouts in a responsible and constructive manner, ultimately to improve their current and future financial security. Exxaro ran a financial education programme for beneficiaries and we trust that the knowledge gained will be applied.

 

?Beneficiaries have also been encouraged to seek personalised financial planning in addition to the group-sponsored programme,? said Nkosi.

 

Exxaro intends to launch a new share scheme to replace Mpower in 2012. The scheme is subject to stakeholder approvals and, if approved, implementation will follow thereafter.

?Exxaro is a people-orientated organisation - our employees are at the heart of our company and it is important that they have a meaningful economic stake in Exxaro as they will ensure the future success of the company," said Nkosi.

Ends

 

Editor?s note:

Exxaro is a diversified South African-based mining group, with interests in coal, mineral sands and iron ore, and operations spanning South Africa, Namibia, Australia and China.

Exxaro was formed on 27 November 2006 when Kumba Resources Limited (Kumba) re-listed on the JSE Limited as Exxaro Resources Limited, a result of the landmark empowerment transaction involving Kumba, Anglo American plc, the Industrial Development Corporation and Eyesizwe Mining (Proprietary) Limited.

Exxaro remains one of South Africa's leading empowerment mining groups, and is one of South Africa's largest black-controlled, diversified resources companies.

The Kumba empowerment transaction also involved the unbundling of Kumba's iron ore assets to form Kumba Iron Ore, a separate, iron ore focused company which successfully listed on the JSE Limited in November 2006.

www.exxaro.com

 

Enquiries:

Retha Piater

Executive General Manager, Human Resources

Tel: +27 12 307 4013

Email: retha.piater@exxaro.com

 

 


--------------------------------------------------------------------------------------------------------
This e-mail is confidential and is for the addressee only.
Please refer to http://www.exxaro.com/content/main/disclaimer.asp for important disclaimers.

Exxaro Resources Limited

CODE : LCQ.F
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Exxaro est une société de production minière et de fer basée en Afrique Du Sud.

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