Petrochemicals giant Sasol has claimed that the Black Economic Empowerment (BEE) ownership of its mining division, Sasol Mining, adds up to 40%.
Releasing its financial results for the year ended June this week, Sasol said “Taking into account the Sasol Inzalo Employee Share Option Programme (ESOP), the Department of Mineral Resources confirmed that this transaction contributes 26% to the BEE ownership of Sasol Mining, and combined with Sasol Minings Ixia Coal transaction increases Sasol Minings BEE ownership to over 40%”.
This means that Sasol Mining has exceeded by far the 10 year target (26%) set in the Mining Charter. Sasol Mining produced turnover of about R10.6bn in the year ended June. Group revenue shot up significantly from R142.4bn in 2011 to R169bn.
Sasol has been extremely busy sorting out its BEE image over the past few years. The group has in previous years suffered severe attacks from different quarters for an apparent resistant attitude to transformation. It has since roped in a number of black executives including, pas Black Management Forum president Nolitha Fakude, who have helped the group improve its BEE credentials.
Sasol CEO David Constable said “Today, Sasol is a more focused and delivery orientated company. We have a clear strategy in place to drive towards our common objectives. As a group of companies, we are aligned and united. We understand that in working together with our business, government and social partners, we are better able to deliver extraordinary results, not only to allow us to meet the objectives we have set ourselves, but, more importantly, to exceed our shareholders expectations. We maintain that in building stronger partnerships, and enhancing synergies through operations, capital and business excellence, we will continue to take significant strides forward.
He said examples of broader contributions and deliverables in 2012 include:
– Sasol remains one of the largest corporate taxpayers in South Africa, contributing significantly to the South African economy. During the year, we paid R28,2 billion in direct and indirect taxes to the South African government.
– Sasol Minings R14 billion mine replacement programme will result in over 4 000 jobs being sustained and a further 5 000 construction jobs being created.
– During 2012, Sasol committed R320,7 million to socio-economic development initiatives globally, with R309,4 million aimed at projects in South Africa.
– The safety incident recordable case rate (RCR) for employees and service providers, including injuries and illnesses, of 0,39 at 30 June 2012 is significantly improved compared with the RCR rate of 0,42 at 30 June 2011.