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(Rapaport...November 7, 2005) It is anticipated that De Beers Consolidated Mines (DBCM) will announce its much awaited black economic empowerment (BEE)proposal on November 8, from its South Africa headquarters, according to sources.
South Africa's minister of minerals and energy, Lindiwe Henricks will be present at the announcement which, according to De Beers, represents "the most significant change of ownership of the company since its formation in 1888." Following the announcement, De Beers will answer questions by analysts and media.
On July 25, during De Beers' financial results conference call, managing director, Gary Ralfe said that the company would establish black economic empowerment (BEE) directives by year end 2005. Ralfe told reporters that De Beers was confident it could iron out an agreement with South Africa on the Diamonds Amendment Bill and pointed out that De Beers is unique in its ability to contribute to South Africa both in terms of job creation and black empowerment.
"De Beers is totally committed to this deal and that we will have completed the deal by the end of 2005 or be well on our way by then," De Beers said in a statement to Rapaport News on July 26.
In June, South Africa's deputy minerals and energy minister, Lulu Xingwana, made world headlines when she told Parliament that De Beers' board was "lily-white and male-dominated." But later, at a mining industry dinner on June 28, Xingwana said, "We are friends again" after meeting with De Beers in a private session.
De Beers' public affairs spokesman, Raisaka Masebelanga, met with Xingwana and told Business Day that there were points of disagreement during negotiations, but that the meeting overall had been positive.
Masebelanga also shared Xingwana's drive to promote more women in the mining industry -- a passion shared by De Beers' managing shareholders and the Oppenheimer family.
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