Our views

Objectives To hold strategic mineral resources To have a strategic passive equity holding in operating business entities drive transformation be an investor provide strategic direction to the company and mining industry influence decision making for the broader benefit of South Africa Be not viewed as a BEE partner but as an institutional investor still promotes the requirement of a 26% minimum BEE shareholder will enhance transformation in the sector

Objectives Be well resourced in terms of human and financial capital to execute on its mandate Disinvestment in an investment to be done in accordance with guidelines Promote black and women participation in mining Promote black employee wealth creation Public and announced opportunities to ensure broad based participation Operate both within and outside SA the Chinese model Secure resources for SA externally

Objectives Promote value enhancing activities within the mining sector Innovation Research and development Beneficiation Improvement of infrastructure Invest across the broad spectrum of mining activity Assist BEE companies to be involved in earlier mining stages, through the provision of funding muscle and opportunity Ensure the development of South Africa’s resources Invest in exploration activities

Key issues

Key considerations Line of executive authority DMR DPE Other Level of disclosure and accountability Ability and parameters within which to source funding for investment purposes Applicable legislation PFMA, MPRDA or other Listed or unlisted entity Dominance, favoritism and poor performance

International cases

International precedence India 100% government ownership of Coal India Ltd. the world’s largest coal company 10% of disinvestment to the public; of which 5% will be sold to employee of the company and retail investors 99.59% ownership in Hindustan Copper 10% disinvestment in the horizon China Listed and unlisted government companies Focus on oil and minerals Internal and external investment focus

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