The National Union of Mineworkers (NUM) on Tuesday dismissed platinum producer Lonmin’s recent black economic empowerment deal as “fake”.
“The deal is flawed as the stake offered is nothing else but a debt,” NUM said.
“This is a fake empowerment because the so-called stake is a debt that will be only liquidated in seven years. Our members are expected to work now and liquidate the debt for the benefit of future generations. There is nothing that should make us excited about this, instead we should be insulted,” said NUM Secretary General Gwede Mantashe in a statement.
It is understood that of the 18% offered to Incwala in Lonplats, 13% will go into an employee trust, which will ultimately find its way into the workers’ Masakhane provident fund, NUM said.
The NUM says it has already indicated to the company that it rejects this deal because it is not real empowerment for workers. – I-Net Bridge