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ROYAL BAFOKENG PLATINUM LIMITED - RBPlat employee home ownership project

Release Date: 02/06/2014 16:00
Code(s): RBP     PDF:  
Wrap Text
RBPlat employee home ownership project

ROYAL BAFOKENG PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2008/015696/06)
JSE share code: RBP ISIN: ZAE000149936
(“RBPlat” or the “company”)


RBPLAT EMPLOYEE HOME OWNERSHIP PROJECT

RBPlat’s board of directors (“Board”) is pleased to advise that, at a meeting of the Board
held on 29 May 2014, an in principle approval was granted for the investment towards a
further R2.8 billion housing development project for the Bafokeng Rasimone Platinum
Mine Joint Venture (“BRPM JV”).

The project will involve the construction of approximately 3,100 houses and relevant social
amenities for eligible enrolled employees over a five year period. The company is
committed to the success of this initiative, which at this point is at its initial stages where a
number of aspects of the project are still being evaluated and finalised.

This in principle approval is subject to the conclusion of appropriate ring-fenced
developmental funding of at least R2.2 billion which will be without recourse to operational
cash flows and assets. To enable this project, RBPlat will be required to invest in
aggregate an additional R100 million over the next five years.

The company during 2013 embarked on an initial pilot housing project of 400 houses and
during May 2014, a collective agreement was concluded with the company’s recognised
union representatives, which sets out the basis for all future employee housing
arrangements as contemplated in the 2011 wage agreement.

The housing strategy is underpinned by the company’s aspiration to engage in “More than
Mining” and is driven by the objective to provide our employees with safe, affordable,
appropriate and decent housing at reasonably priced funding and thereby improving their
standard of living. This will also provide our enrolled employees with the opportunity to
own an asset that is expected to appreciate over time.


Johannesburg
2 June 2014


JSE Sponsor
Macquarie First South Capital (Pty) Limited

For further enquiries, please contact:

Lindiwe Montshiwagae
Investor Relations Manager
Tel: +27 (0)10 590 4517
Email: lindiwe@bafokengplatinum.co.za

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