Media releases

24 March 2010

• Richards Bay Coal Terminal (RBCT) is 21.76% black-owned and on track for 32% ownership when Phase V is commissioned with a capacity of 91 million tons

• RBCT spent R354 million – approximately, 60% of its operational budget – on black-owned enterprises in 2009

RBCT walks the talk on broad-based economic empowerment

Richards Bay Coal Terminal (RBCT) today announced it has achieved level 3 for its broad-based black economic empowerment policies.

RBCT is South Africa’s third largest foreign exchange earner and one of the largest coal-exporting terminals in the world. RBCT has a capacity of 76 million tons, soon to become 91 million tons, even though only 61.14 million tons were exported last year, to European, Indian and Asian markets.

Emex Trust, an independent verification agency, scored RBCT particularly well in the ownership, management and control, skills development, preferential procurement, enterprise development and socio-economic development categories.

The verification process complies with the Broad-Based Black Economic Empowerment Act 53 of 2003, Codes of Good Practice and Department of Trade and Industry (DTI) methodology.

During the past three years RBCT has been transformed from being a level five Broad Based Black Economic Empowerment (BBBEE) company to becoming one of the first 21.76% black owned company in South Africa given its size and location. In 2004, RBCT was only 0.5% BEE-owned.

Raymond Chirwa, Chief Executive, RBCT, said: “In 2009 alone we spent about R354 million, which is just above 60% of our operational budget on black owned enterprises. This places RBCT as one of the most truly transformed businesses in line with South Africa's transformational agenda.

“BBBEE is not just a tick-box exercise for RBCT but a business imperative which is strategically driven and supported by a team of dedicated individuals, who ensure that the culture of transformation is inculcated throughout the organisation.”

Ends

Issued by : FD Media & Investor Relations

Ravin Maharaj
+27 11 214 2400
+27 (0) 83 447 5158

Senzi Dlamini
+27 11 224 2400
+27 (0)73 494 0030

On behalf of:

Raymond Chirwa
Richards Bay Coal Terminal (RBCT)
27 (35) 904 4911

Further enquiries:

Zama Luthuli
Corporate Affairs Manager
+27 (0) 35 904 4045