URU subsidiary issues equity to employees in efforts to secure mining right
Critical metals developer URU Metals’ subsidiary Lesego Platinum Uitloop (LPU) has started a share issuance process to comply with South Africa’s Mining Charter empowerment regulations.
The share issuance will help fulfil requirements for LPU and URU to be granted a mining right for the Zebediela nickel project area, in South Africa’s Limpopo province.
LPU has committed to allocate 10% of its equity to an employee share ownership scheme (5%) and a newly formed nonprofit company, Uitloop Communities (5%).
This will ensure that the employees of LPU directly benefit from the company’s growth and success, while the nonprofit organisation will focus on community development and socioeconomic upliftment.
The share issuance marks a key regulatory milestone and significantly advances the process for URU to secure its mining right. Once granted, the mining right will enable the company to proceed with a next phase of exploration at Zebediela.
URU plans to undertake an infill drilling programme to upgrade the existing resource classification at the project and declare a maiden resource of nickel and platinum group metal mineralisation.
“The issuance of shares by LPU not only demonstrates our commitment to supporting the principles of Mining Charter III but also solidifies our path toward securing the mining right.
“This milestone positions us to unlock the immense potential of our project while delivering value to all stakeholders, including our employees and local communities,” says URU CEO John Zorbas.
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