Named Ixia Coal, the new company will acquire 20% of Sasol's mining shareholding in a transaction worth 1.9 billion rand and has launched the second phase of Sasol's black economic empowerment strategy in a bid to achieve compliance with the ownership requirements of South Africa's Mining Charter.

 

The landmark company is a joint venture between Sasol Limited's wholly owned subsidiary Sasol Mining, Women Investment Portfolio Holdings and Mining Women Investments.

 

Initially Ixia Coal will become an investor in Sasol Mining. Over the longer term Ixia Coal, with the assistance of Sasol Mining, will also develop operational capacity enabling the company to operate its own coal mines.

 

"This transaction not only achieves compliance with the Mining Charter, but also promotes women in mining," said Sasol executive director responsible for the South African energy businesses Dr Benny Mokaba.

 

"We want to create lasting empowerment by providing opportunities for our country's women to enter and benefit from the traditionally male-dominated mining industry.

 

"Our focus will be on developing relevant skills and building capacity among historically disadvantaged women."

 

Sasol Mining managing director Hermann Wenhold said Sasol partnered with WIPHOLD "because of the role that we together can play in developing a new women's mining group".

 

"With sound business acumen and a strong empowerment track record, WIPHOLD will help us build Ixia Coal into a new, sustainable women's empowerment company that over time will become involved in operating coal mines," Wenhold said.

 

"This will include transferring skills to the new company."

 

Sasol Mining Holdings will have a 49% interest in Ixia Coal. The remaining 51% will be owned by WIPCoal Investments. WIPHOLD will be the majority shareholder in WIPCoal Investments, with a 60% shareholding.

 

The remaining 40% shareholding will be owned by Mining Women Investments. Ixia Coal will be independently controlled and separate from Sasol Mining.