The group procurement management committee monitors the procurement process on an ongoing basis to ensure that the BBBEE spending targets are met.

Total spend on BBBEE enterprises for the reporting period was R173 million (2009: R258 million), being 49% (2009: 51,5%) of the total procurement spend.

OWNERSHIP AND JOINT VENTURES

The group is committed to achieving 26% ownership by HDSAs within 10 years. Mvelaphanda Resources Limited (Mvela), an HDSA-controlled company, currently controls approximately 20,31% of the group, with other HDSA-controlled companies currently holding at least 5,7%. The group is listed on the JSE Limited and the Namibian Stock Exchange and many of its institutional and nominee account shareholders are HDSAs.

BENEFICIATION

Sale of rough diamonds
The group makes its total South African production available to the local industry. By utilising a tender sales system, we ensure that one of the largest diamond production, by value, in South Africa is available to all potential purchasers rather than being sold to a select number of clients.

Polishing factory
The small-scale black economically empowered polishing operation established in 2008 as part of the group’s beneficiation strategy has proved successful and is being further developed in terms of supply levels and new premises.

BBBEE PROCUREMENT EXPENDITURE