Miranda is fully committed to the transformation process and the primary thrust of its strategy is to achieve broad-based black economic empowerment (BBBEE) at project level, thereby creating an enabling environment as envisaged by the Mining Charter and the MPRDA. Since listing the group has consistently been working towards actively engaging the local communities in the areas where the group operates.

These activities have included establishing joint venture partnerships, assisting community members to acquire technical skills and facilitating the establishment of social development initiatives.

Miranda’s Sesikhona Kliprand coal project in KwaZulu-Natal is an example of how positive steps taken to empower the local community have produced results. The group has established the Sesikhona Community Trust in which representatives from the community and the company have been appointed trustees to oversee the interests of the community in the project. The trust holds a 12% stake in the Sesikhona project and are actively involved in the management of the project. The community have nominated a representative who has been appointed to the board of Sesikhona Kliprand Colliery (Pty) Ltd.

The Company is committed to being a responsible corporate citizen, and believes that the extractive industries have a particular responsibility to ensure that value creation, for all stakeholders, takes place in a socially and environmentally responsible manner.

Our approach is not to view each project in an isolated fashion but rather to adopt a holistic, integrated and sustainable approach in ensuring that the interests of the Company are balanced against the social interests. Whilst the Company has a great responsibility in terms of how it will employ its financial resources in the implementation of each project, it has a matching responsibility in ensuring that sustainable practices are implemented around the environment, labour practices, downstream economic development and other social responsibilities. Sustainable socio-economic practices are consistent with creating shareholder value in the long-term.

Strategic investment in Miranda by Yakani 
In November 2008, the board secured a strategic investment in Miranda by black-owned Yakani Resources (Pty) Ltd (“Yakani”). Yakani is a wholly-owned subsidiary of the Yakani Group (Pty) Ltd, and is a young and dynamic empowerment group of companies operating in Southern Africa. Headed by Messrs Gilbert Phalafala and Siswe Tati, the Yakani Group provides both financial and intellectual capital to investments meeting its criteria and strategic vision. 

The initial investment took the form of a general issue of shares for cash in the amount of R17.2 million. Yakani has since increased its stake in Miranda to 34.9% by buying shares in the open market.  

For Miranda shareholders, the exciting strategic and potential operational reasons for the transaction include: 

Yakani will deepen and extend the BEE status of Miranda at its holding company level. This will greatly complement Miranda’s own BEE initiatives, which have focused on implementing broad-based structures at operational subsidiary level.