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Weir Minerals Africa announces revolutionary BEE deal

MINING REVIEW / 26 JUNE 2020 - 18.01 / STAFF REPORTER

In an important empowerment transaction for minerals solution provider Weir Minerals Africa, the company’s South African operation, Weir Minerals South Africa, is now 25.1% owned by black empowerment partner Medu Capital.

According to Weir Minerals Africa Regional MD Gavin Dyer the deal is another step in an ongoing transformation journey. The transaction was finalised in Johannesburg in May 2020.

“We have, over the years, made significant progress in terms of our employment equity, skills development, preferential procurement and socio-economic development,” says Dyer.

“We are therefore very pleased to conclude this transaction, which creates an organisational ownership structure that is more representative of the demographics of South Africa.”

The deal has been facilitated by the creation of Weir Minerals South Africa, whose assets include sales branches across the country, an assembly facility in Alrode, Gauteng, and a distributor network.

“This initiative also further enhances our value proposition to customers in the mining industry as they work to support the imperatives of Mining Charter 3,” he says.

Part of the global Weir Group, Weir Minerals Africa serves primarily the mining sector around Africa and the Middle East. It also manufactures world-class mineral processing equipment for export to international group destinations.

Listed on the London Stock Exchange, Weir’s engineering heritage dates back over 140 years.

“With its extensive local investment in skills, service capability and manufacturing capacity in South Africa, the Weir Group has always been supportive of our empowerment drive,” Dyer says.

“This strengthens our position as a local technology leader serving global markets.”

Formed in 2003, Medu Capital is a 100% black-owned investment management company with a focus on private equity.

Dyer highlights that Weir Minerals South Africa looks forward to Medu Capital becoming an active partner in guiding and fostering its future success.

Explaining the rationale behind Medu Capital taking up the shareholding in Weir Minerals South Africa, co-founder and director Ernest January says Weir Minerals has an outstanding reputation for high quality products.

“The company’s design, engineering and technical capabilities, combined with its high-quality standards and global reach, have led to impressive long-term customer relationships and a strong track record,” January says.

“We are proud to be associated with the Weir brand and support the company’s aim to achieve and maintain a competitive B-BBEE rating.

“We look forward to working with the management team to complement its value proposition to customers and are excited to participate in the company’s growth story.”

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LINK : https://www.miningreview.com/coal/empowerment-deal-sees-medu-capital-own-25-1-of-weir-minerals-africa/

Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER

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