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News Releases 2007
Agreement Signed with South African MVELAPHANDA Holdings for a Comprehensive Strategic Partnership Concerning Research and Development of Metal, Coal, and Energy Resources
November 16, 2007
On November 16th 2007 ITOCHU Corporation and South African MVELAPHANDA Holdings (Pty) Ltd entered into an agreement for a comprehensive strategic partnership concerning research and development of metal, coal, and energy resources. A project will be jointly undertaken to research and develop metal, coal, and energy.
MVELAPHANDA Holdings is a Black Economic Empowerment (BEE) conglomerate in South Africa that operates businesses including mining, financial services, and general industry. The company plans to develop new businesses related to natural resources in addition to its existing businesses and had been seeking a long-term strategic partner to develop new pursuits.
In addition, ITOCHU had been looking to increase investments in Africa related to metal, coal, and energy. With this partnership, both companies confirmed their intent to undertake a joint project to research and develop metal, coal, and energy resources through exchange of information and ideas.
The signed agreement seals a comprehensive strategic partnership between the companies for development of metal, coal, and energy resources and significantly, includes rare metals such as platinum group metals. ITOCHU plans to disclose technical project data concerning metal resources to Japan Oil, Gas and Metals National Corporation (JOGMEC) and request assessment.
MVELAPHANDA Holdings (Pty) Ltd. Outline
MVELAPHANDA Holdings is a South African BEE conglomerate established in 1998 that focuses on developing businesses primarily in African countries that are related to natural resources. Mr. Mosima Gabriel Sexwale (known by the name Tokyo Sexwale) is chairman and was previously chairman of the leading platinum company, Northam Platinum (until April 2007).
Black Economic Empowerment (BEE) Outline
BEE is a government initiative to improve the economic standing of South Africans who historically have suffered disadvantages although they make up the majority of the population. The Mining Charter wasestablished in 2004 and requirements, such as turning over 26% of mining assets to black people by the year 2014 (the target for 2009 is 15%) and increasing black managementstaff to 40%, have been stipulated.
