Rio Tinto and BHP Billiton’s South African joint venture, Richards Bay Minerals (RBM), has announced that agreements with a Broad-Based Black Economic Empowerment (BBBEE) Consortium have been signed, in which 24% of RBM will be transferred to a group comprising local communities and investors with a further 2% to be transferred to a trust for the benefit of RBM employees. This means that RBM will be fully empowered in accordance with the South African Mining Industry Charter five years ahead of the required empowerment date in 2014. The business of RBM involves the mining and processing of titanium-bearing ores to produce titanium dioxide.
