PROTEST MARCH BY SOME MEMBERS OF THE
BAKUBUNG BA-RATHEO COMMUNITY TO THE OFFICES
OF WESIZWE PLATINUM LIMITED
19 April 2010
Johannesburg, 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.
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