Protest march by some members of the Bakubung BA-Ratheo community to the offices of Wesizwe Platinum Limited
19 April 2010
Some members of the Bakubung Ba-Ratheo Community marched on Wesizwe Platinum’s offices in Melrose Arch, Johannesburg, at 15:00 today to present a Memorandum to Company management.
The march was organised to raise matters that have been in contention for some time now with respect to the relationship between the Company and the Community.
The historical context of this relationship is kernel to today’s event. Wesizwe was established in 2003 and in December 2004 negotiated and signed a participation agreement whereby the Community contributed certain mineral rights to Wesizwe’s portfolio in return for a shareholding in the company. In addition to this shareholding, it was agreed that the Community would be entitled to appoint two directors to the Wesizwe Board. Wesizwe pioneered the concept of the Community being represented at Board level rather than being a passive partner at project level. This was premised by the principle of providing the Community with a liquid balance sheet, underpinned by listed Wesizwe stock, against which they could leverage some short-term value given the lengthy period of gestation for a project the size of Wesizwe’s Frisch-Ledig Core Project.