Black economic empowerment

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 announced 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, 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 2017 remained unchanged at 509 781 212 shares (FY2016: 509 781 212 shares) and the company’s market capitalisation was R20.6 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.

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Northam HDSA structure


Directors of Zambezi Platinum

KB Mosehla [photo]

KB Mosehla (47)

Non-executive chairman

CA (SA)

Joined the board in May 2015

Mr Mosehla is the non-executive chairman 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, MC Mining Limited and Tembisa Provincial Tertiary Hospital. Mr Mosehla has a 10% indirect interest in SMS Mining Holdings Proprietary Limited (SMS), a contractor to Northam.

PA Dunne [photo]

PA Dunne (56) (British)

Non-executive director

BSc (Hons); MBA

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.

AH Coetzee [photo]

AH Coetzee (39)

Non-executive director

CA (SA)

Joined the board in November 2018

Ms Coetzee is the chief financial officer of Northam. She has more than 10 years’ experience of and exposure to the mining and manufacturing industries which includes the auditing of large listed and multi-national companies for EY, where she was an associate director.

ME Motseki-Zim [photo]

ME Motseki-Zim (56)

Non-executive director

B Proc; LLB; diplomas in general nursing and midwifery

Joined the board in November 2017

Advocate Motseki-Zim is a director of Atisa Group Proprietary Limited, Zim Holdings Proprietary Limited and chairperson of Women Be Adorned, a women’s development non-profit organisation. She also has a 10% indirect interest in SMS, a contractor to Northam.

LC van Schalkwyk [photo]

LC van Schalkwyk (54)

Non-executive director

Chartered management accountant (FCMA)

Joined the board in October 2014

Mr van Schalkwyk is Northam’s executive: commercial. He previously held the position of company executive: strategic finance at Impala Platinum Holdings Limited, having risen through the ranks at Impala Platinum Holdings Limited.

Member of the social and ethics committee.

GS Mseleku [photo]

GS Mseleku (53)

Non-executive director

BA (Hons); LLB; LLM (Tax Law); H Dip Co Law; Attorney of the High Court of South Africa

Joined the board in May 2015

Mr Mseleku is the executive chairman of Sakhumnotho Group Holdings, and of the Oakhurst Insurance Company. He serves on the board of Sulzer Pumps SA Proprietary Limited, among other companies. He was the founder and immediate former president of the Pan African Chamber of Commerce and Industry. Mr Mseleku is a director of SMS and also has a 10% indirect interest in the company.

Chairman of the audit committee and the social and ethics committee.

N Mazwai [photo]

N Mazwai (60)

Non-executive director

BA (Hons) Journalism

Joined the board in May 2015

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

Member of the audit committee.

CA Smith [photo]

CA Smith (44)

BSocSc (Hons)

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

Member of the social and ethics committee.

BB Nene [photo]

BB Nene (46)

Non-executive director

CA (SA)

Joined the board in May 2018

Mr Nene has extensive experience in investment banking, advising on a number of significant merger and acquisition activities in the mining industry. After a tenure at BoE Merchant Bank, he moved to Shanduka Resources Proprietary Limited where he was part of the mining and marketing team.

He was instrumental in turning around and growing Shanduka’s coal mining investments and was actively involved in the management of the underlying investments.

Member of the audit committee.