As part of our ambitious transformation programme, Palabora contributes meaningfully and sustainably through Enterprise Development (ED), Supplier Development (SD) and Socio-Economic Development (SED) to help develop the community of Ba-Phalaborwa. The business has taken a firm position on the adoption of the provision of the Broad Based Black Economic Empowerment (B-BBEE) codes of good practice on ED and SD programmes. Our vision with this initiative is to ensure that we create value and wealth for the emerging local township and villages based businesses to create job opportunities.
In the spirit of the B-BBEE Act, we funded the 30TEN+5 ED programme that was aimed at assisting 45 local entrepreneurs with training and operational and/or financial support to build their existing enterprises. All 45 beneficiaries of the programme were carefully selected by Palabora through a series of interventions with the local communities, and they represented businesses that were already in existence across different sectors of the local township and rural economy.
Amongst the beneficiaries were 30 micro enterprises from the Makhushane, Mashishimale, Selwane, Maseke, Lulekani, Phalaborwa, Namakgale and Majeje communities; 10 enterprises identified through the Palabora Foundation and 5 independent funding requests forming part of Palabora's discretionary fund.
Beneficiaries received development assistance in the form of entrepreneurial training, funding support, administrative support or the promotion of joint ventures and partnerships which will result in substantive skills transfer.
The advent of the newly revised B-BBEE Act has seen the review of the Enterprise Development brought two concepts being the Enterprise Development and Supplier Development which is now classified as a priority element.