Sibanye-Stillwater, led by South African magnate Neal Froneman, has declared an R84 million ($4.6 million) investment through its Sibanye Rustenburg Mine Community Development Trust (SRMCDT). The investment is earmarked for comprehensive programs designed to empower communities adjacent to the Rustenburg operation in the North West province.
Established in 2019, the SRMCDT represents the Rustenburg operation’s commitment to substantial socio-economic development in the Rustenburg local municipality. The initiative aims to create a sustainable future for communities beyond the mining operations’ lifecycle.
Sibanye CEO Neal Froneman, holding a minority 0.3-percent stake in the precious metal mining group, equivalent to 8,382,849 ordinary shares, has been instrumental in the recent growth of the organization.
Froneman expressed that the $4.6-million investment will be strategically directed to address the distinctive needs and challenges faced by communities surrounding the Rustenburg operation, with the overarching goal of fostering lasting positive change.
SRMCDT and Government collaborate on a $16.48-million investment for lasting social change
The SRMCDT, an integral part of the broad-based Black economic empowerment consortium owning 26 percent of the Rustenburg operation, has already received R301.8 million ($16.48 million) in dividends. These funds have been crucial in supporting community upliftment initiatives, focusing on education, training, sustainable health and social development, environmental rehabilitation, and programs targeting vulnerable groups.
In collaboration with the government, the SRMCDT is channeling the $4.6-million investment into various sustainable programs. Notably, R4.3 million ($0.23 million) will be allocated to two social programs addressing the aftermath of criminal activities, with a specific focus on the physical, emotional, and psychological well-being of affected individuals, especially the youth.
Over $3 million dedicated to community growth through education and infrastructure projects
Moreover, R24.7 million ($1.35 million) will be directed towards six projects, including a science, technology, engineering, and mathematics (STEM)-focused program for individuals with mobility and other disabilities.
An additional R55.6 million ($3.03 million) has been set aside for seven collaborative projects, including the construction of the Tirelong Secondary School, provision of equipment for Tsholofelo Technical College, construction of a community swimming pool, and installation of high mast lights.