RBPlat employee home ownership project
The project will involve the construction of approximately 3,100 houses and relevant social amenities for eligible enrolled employees over a five year period. The company is committed to the success of this initiative, which at this point is at its initial stages where a number of aspects of the project are still being evaluated and finalised.
This in principle approval is subject to the conclusion of appropriate ring-fenced developmental funding of at least R2.2 billion which will be without recourse to operational cash flows and assets. To enable this project, RBPlat will be required to invest in aggregate an additional R100 million over the next five years.
The company during 2013 embarked on an initial pilot housing project of 400 houses and during May 2014, a collective agreement was concluded with the company’s recognised union representatives, which sets out the basis for all future employee housing arrangements as contemplated in the 2011 wage agreement.
The housing strategy is underpinned by the company’s aspiration to engage in “More than Mining” and is driven by the objective to provide our employees with safe, affordable, appropriate and decent housing at reasonably priced funding and thereby improving their standard of living. This will also provide our enrolled employees with the opportunity to own an asset that is expected to appreciate over time.
2 June 2014
Macquarie First South Capital (Pty) Limited
For further enquiries, please contact:
Investor Relations Manager
Tel: +27 (0)10 590 4517