The na­tion and its devel­op­ment TRUST

CityPress - - Business -

R10.6bn

Amount the Royal Bafo­keng have re­ceived in roy­al­ties in the past 10 years

R5.6bn

Amount the Bafo­keng have ploughed back into com­mu­nity projects in the past 10 years

The Bafo­keng are a Setswana-speak­ing na­tion that own land in the rich plat­inum belt in North West.

The plat­inum mines have been pay­ing the na­tion roy­al­ties for min­ing on its land and this money has been used for so­cioe­co­nomic devel­op­ment.

In 1998, the na­tion ran out of money.

Af­ter be­ing bailed out by FNB, it took the de­ci­sion in 2003 to form a trust called the Royal Bafo­keng Na­tion Devel­op­ment Trust that would look af­ter the com­mer­cial in­ter­ests of the na­tion.

The trust’s CEO, Obak­eng Phetwe, says: “In the last 10 years, the na­tion has re­ceived R10.6 bil­lion in div­i­dends and R5.6 bil­lion has been put back into the com­mu­nity.

“Of that, about R2.43 bil­lion has been spent on in­fra­struc­ture projects and about R500 mil­lion went to bur­saries and other non-in­fras­truc­tural ser­vices.”

In 2007, the Bafo­keng de­cided to swap their roy­al­ties for an eq­uity stake in Im­pala Plat­inum, in­creas­ing their share­hold­ing from 1.5% to 13%.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.