Northam is a fully empowered PGM producer. Historically disadvantaged South African (HDSA) ownership levels in the company are pegged at 31.4% following the conclusion of a R6.6 billion black economic empowerment (BEE) transaction, which included the successful raising of R4.6 billion. The transaction was concluded in October 2014 and approved by shareholders in March 2015. In terms of the deal, Northam issued 112 195 122 new shares (equivalent to 22% of Northam’s issued share capital) to a special purpose BEE vehicle known as Zambezi Platinum (RF) Limited (Zambezi or Zambezi Platinum). These shares were supplemented by 47 710 331 shares (equivalent to 9.4% of Northam’s issued share capital), sold to Zambezi Platinum by the Public Investment Corporation SOC Limited (PIC), a long-standing Northam shareholder.

Zambezi Platinum comprises a range of HDSA stakeholders including an employee trust, two community trusts, a women’s group and a core of strategic partners. Together they hold a 31.4% stake in Northam, in excess of the Mining Charter requirements, and with a 10-year lock-in period for the participants from May 2015.

Zambezi Platinum is financing the acquisition of shares in Northam through a preference share arrangement. Zambezi Platinum’s preference shares were listed on the JSE on 11 May 2015. Northam’s issued share capital at 30 June 2016 remained unchanged at 509 781 212 shares (FY2015: 509 781 212 shares) and the company’s market capitalisation was R21.9 billion.

Northam has a geographically diverse shareholder base, which at 30 June 2015 comprised predominantly institutional investors in South Africa (86.10%), North America (8.42%), Europe and the United Kingdom (3.21%), the Far East (0.01%), Australasia (0.02%) and the rest of Africa (0.04%).


For further information, please see the Zambezi Platinum website.

Northam HDSA structure

Directors of Zambezi Platinum

PL Zim

BCom Hons; MCom
Non-executive chairman

Joined the board in May 2015

Mr Zim is the non-executive chairman of Northam. A director of Atisa Platinum (RF) Proprietary Limited, Sanlam Limited and Sanlam Life Insurance Limited. He is also a past President of the Chamber of Mines of South Africa. Previously chairman of Telkom SA SOC Limited, he has also held senior executive positions at Anglo American South Africa Limited, M-Net Supersport and MTN Group Limited.

PA Dunne (British)

BSc (Hons); MBA
Non-executive director

Joined the board in October 2014

Mr Dunne is the chief executive officer of Northam. Prior to joining Northam he was employed by Impala Platinum Holdings Limited (Implats) as an executive director responsible for all mining, concentrating and smelting operations at Implats’ Rustenburg and Marula mines.

AZ Khumalo

BCompt (Hons); CA (SA)
Non-executive director

Joined the board in March 2015

Mr Khumalo is the chief financial officer of Northam. He has extensive mining and corporate finance experience. From September 2008 he was the group finance executive of Coal of Africa Limited. Prior to that, from 2004 to 2008, he was director of finance of Aquarius Platinum South Africa Proprietary Limited.

KB Mosehla

BCompt; CA (SA)
Non-executive director

Joined the board in May 2015
Chairman of the audit committee

Mr Mosehla is a non-executive director of Northam and is the chief executive officer of Mosomo Investment Holdings Proprietary Limited. He is also a director of Malundi Resources (RF) Proprietary Limited and Coal of Africa Limited.

LC van Schalkwyk

Chartered management accountant (FCMA)
Non-executive director

Joined the board in October 2014
Member of the social and ethics committee

Mr van Schalkwyk is Northam’s chief commercial officer and an independent non-executive director of Trans Hex Group Limited. He previously held the position of group executive strategic finance, having risen through the ranks at Implats.

GS Mseleku

BA (Hons) LLB, LLM (Tax Law); H Dip Co Law; Attorney of the High Court of SA
Non-executive director

Joined the board in May 2015
Member of the audit committee and chairman of the social and ethics committee

Mr Mseleku is the executive chairman of Sakumnotho Group Holdings, and of the Oakhurst Insurance Company. He serves on the board of Sulzer Pumps SA, and on a number of other companies. He is founder and immediate past President of the Pan African Chamber of Commerce and Industry.

N Mazwai

BA (Hons) Journalism
Non-executive director

Joined the board in May 2015
Member of the audit committee

Ms Mazwai is the founder and Festival Director of the BuyelEkhaya Pan African Cultural Festival. She has 20 years’ experience in senior management, consultancy and programme management roles.

CA Smith

BSocSc (Hons)

Member of the social and ethics committee

Mr Smith is not a director of the company but a member of the social and ethics committee and is the executive officer HR for Northam. He has extensive experience in the mining sector and has held senior human resources positions at AngloGold Ashanti, Richards Bay Coal Terminal and Impala Platinum.