The nation and its development TRUST
Amount the Royal Bafokeng have received in royalties in the past 10 years
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%.