Aggeneys, 2 May 2018: One year after the launch of the Voorspoed Employee Share Ownership Plan (ESOP), all qualifying employees at Vedanta Zinc International’s Black Mountain Mining (BMM) each received a cash payment of R3,500 per person (after tax) on 26 April 2018. The total value of the payment made to 783 employees (before tax) is R3.5 million. These employees (who include all current and future permanent foremen, supervisors, artisans and operators - both South African citizens and non-South African citizens) will receive a guaranteed cash payment of R3,500 (after tax) every year for the next five years.
In addition, they will benefit from the value of the shares held by Voorspoed in 2022 and 2024, when these shares will vest to employees. In total, 6% of Black Mountain shares have been placed in the Voorspoed Trust.
Voorspoed was launched after extensive consultation between the National Union of Mineworkers (NUM) and BMM, and the union and management jointly administer the Voorspoed Trust (trustees comprise management, union and independent representatives). Voorspoed, which means prosperity in Afrikaans, enables employees to share in the growth and future prosperity of the company and accumulate capital for their future financial security.
“Voorspoed is an exciting initiative for Black Mountain, empowering our employees to play an integral role in our future growth and success,” said Andre Trytsman, General Manager of BMM.
“On behalf of the National Union of Mine Workers, we are proud and delighted to be part of this fantastic achievement - now as shareholders of the company the members are looking forward to benefit from the ‘fruits of their labour,” said NUM’s Terence Julie.
CEO Deshnee Naidoo commented: “Our employees are an integral part of Black Mountain’s success. Voorspoed not only rewards employees for their input, it gives them a greater sense of pride, responsibility and accountability towards the performance of the business.”
To commemorate the first anniversary of the formation of the Trust, and the distribution of the dividend payment, all Voorspoed members took part in a financial planning programme to help them make the right financial decisions for themselves and their families.
Charmane Russell/Marika Muller
R&A Strategic Communications
Telephone: +27 (0)11 880 3924
Vedanta Zinc International (VZI) – headquartered in Johannesburg, South Africa – is a grouping of zinc assets located in South Africa, Namibia and Ireland, owned by India-based Vedanta Limited, a listed subsidiary of Vedanta Resources plc.
Mining and milling at the Lisheen Mine in Ireland was concluded in December 2015 after 17 years of operation and the mine is currently in an active closure mode.
VZI’s vision is to create an integrated world-class regional zinc complex comprising the BMM (including Gamsberg) and the Skorpion Zinc mining and refining operations.
To date, Vedanta Resources plc has invested over $4 billion in Africa, over $1.7 billion in Southern Africa, and contributed over R100 million in CSR projects in South Africa and Namibia over the last 5 years.