South Africa's tribal-owned miner has stock debut
A South African platinum miner owned by a tribal community listed on the Johannesburg Stock Exchange (JSE) on Monday, aiming to increase output to a million ounces in 15 years, officials said.
Royal Bafokeng Platinum started trade on the JSE after raising 2.98 billion rand (440 million dollars, 313 million euros) in an initial public offering for its entire issued share capital.
"In the next seven years we will produce 615,000 ounces of platinum group metals. After that we will gradually grow to one million ounces. We have 73 million ounces of resources so it is not impossible," said chief executive Steve Phiri in a statement.
The Royal Bafokeng mines are located outside the northwest town of Rustenburg, some 150 kilometres (90 miles) from Johannesburg, in a tribal land owned by the Bafokeng people.
Thriving wealth created by mining the precious metal has earned the tribe of approximately 300,000 people the title of "Africa's richest tribe".
The Bafokeng land was taken over by white colonisers in the 1800s. The tribe had to buy it back with the help of white missionaries, as black people were not allowed by law to own land.