Lihle Z Mtshali
A new coal mining company that got its name from an indigenous plant and was formed from a R1,9billion black economic empowerment (BEE) deal was announced by Sasol Mining yesterday.
The transaction sees Ixia Coal, a venture between Women Investment Portfolio Holdings Limited (Wiphold) and Mining Women Investments, acquiring 20percent of Sasol Mining's shares through the issue of new shares.
Mining Women Investments is a newly established company made up of rural and peri-urban black women who have not previously participated in BEE transactions.
The women are drawn from the Free State, Mpumalanga and Limpopo where Sasol Mining has operations and coal reserves.
Sasol executive director responsible for the South African energy businesses, Dr Benny Mokaba said: "We partnered with Wiphold because of the role that we can play together in developing a new women's mining group."
Wiphold chief executive officer Louisa Mojela said: "It has always been part of our strategy to be in mining and today sees the fulfilment of that objective."