Bauba Platinum Ltd listed on the Johannesburg Stock Exchange (JSE) in September 2010. The Group is fully compliant with the equity requirements of the Mining Charter, with a 40% direct participation by the Bapedi Nation in the Bauba Platinum Project and Bauba Chrome-Ore Operation.
Bauba's primary business focus areas are:1) The exploration, evaluation and development of the Bauba Platinum Project
The Bauba Platinum Project, a high-quality platinum group metals (PGM) prospecting project, is situated within a prime segment of the Eastern Limb of the Bushveld Igneous Complex. The Project lies in the heart of the world’s best-known platinum region, where a number of neighbouring companies are prospecting and mining platinum group elements (PGEs) successfully from the Merensky and UG2 reefs.
Bauba holds PGM prospecting rights over eight properties that extend across approximately 14 390 ha. All the Bauba properties lie within the Leolo mountain range in the Limpopo province, some 40 km northwest of the town of Steelpoort and 245 km northeast of Johannesburg. The properties are grouped into the Northern and Southern Clusters.2) The development of the Bauba Chrome-Ore Operation
Bauba acquired the beneficial rights to the farms Moeijelyk 412KS and Waterkop 113KT. Significant income from the chromium resource on the farm Moeijelyk supports the development of the Bauba Platinum Project and further development of the Bauba Chrome-Ore Operation.
The Bauba Chrome-Ore Operation is an early, cash-positive generative project with the exploitation of the near-surface chrome resource delivering run-of-mine chrome ore to ASA. The Bauba Chrome-Ore Operation was cash positive from the first full month of production, which took place within two months from the start of the mining operations.
The cash generated from this project is used to progress the Bauba Platinum Project. This makes Bauba one of the few junior exploration companies to self-fund its short-to-medium-term exploration projects and potentially declare dividends to its shareholders.
The involvement of the Bapedi Nation as a major stakeholder and direct beneficiary of anticipated dividends further enhances Bauba’s active involvement in the local community to stimulate the economic development of the Bapedi people.
Bauba fully embraces the spirit and transformation intent of the Minerals and Petroleum Resources Development Act (MPRDA), No 28 of 2002 and its associated Broad-Based Black Economic Empowerment (BBBEE) Charter. The Bapedi Nation is a 40% assets shareholder, which ensures that Bauba meets the BBBEE requirements of the MPRDA. Much has been done in the past year to build the business skills of the Bapedi Nation representatives, at different levels within the organisation, to enable them to take an active role in the business, as their involvement is a key focus of ours.
Bauba remains fully committed to fair and equitable employment practices. All existing and potential employees are provided with equal opportunities in terms of recruitment, promotion, transfer, employee benefits and conditions of service, as well as training and skills development.
Contractors are required to adhere strictly to health, safety and environmental regulations. Our core value of ensuring a safe and healthy working environment is guided by a safety and health policy, aligned with occupational health and mining legislation requirements, and drives our goal of zero harm to employees, contractors and communities close to the prospecting and mining areas.
Although contractors execute most of the exploration and mining activities on the Bauba Platinum Project and Bauba Chrome-Ore Operation, we encourage the use of local employees in non-specialised positions. Employees also participate in a development programme to equip them to perform their duties adequately and progress their careers within the company.
All our exploration and mining sites are rehabilitated strictly in accordance with all relevant legislation. The drilling and mining contractors are responsible for rehabilitating the sites and mines to standards agreed upon with Bauba.
Management constantly inspect both drill sites and mines to ensure compliance with these standards.
The Bauba Board is responsible for effective corporate governance as directed by the King Report on Corporate Governance for South Africa 2009 (King III) as the framework for ensuring ethical business practices and transparent stakeholder engagement. King III facilitates the move towards integrated reporting and places far greater importance on leadership, sustainability and corporate citizenship.
The Bauba Board has a unitary structure with a formal framework for delegation of authority to ensure a proper balance of power and authority among its directors. Our Board Charter holds the Board accountable for ensuring financial and legislative compliance.
The Board is required to decide on matters of a material nature, including the company's financial and operating results, major acquisitions and disposals and large capital expenditure, as well as ensuring that sustainable development is integral part to the business strategy. The Board ensures that the company operates as a responsible and ethical corporate citizen.
Certain functions of the Board have been delegated to various committees which operate according to Board-approved charters. The committees do not diminish the accountability of the Board and their effectiveness remains a Board responsibility.
Shareholders elect members to the audit and risk committee annually at the annual general meeting, while the Board elects members to the remuneration and nomination committee, social and ethics committee and technical committee.
The Bauba Board adopted a Code of Ethics based on the fundamental principles of integrity, transparency and accountability. The Code guides the behaviour of all of our representatives when engaging with stakeholders.
Directors, executive management and all employees are required to sign the Code of Ethics and the Board accepts full responsibility for ensuring, as far as reasonably possible, that the Code is enforced.
Basic human rights, as enshrined in the country's Constitution and Bill of Rights, informs Bauba business conduct and stakeholder engagement.
Policies and procedures ensure that employees and stakeholders are treated with dignity and respect, irrespective of gender, background or race, and equality and fair treatment is a core value ingrained in all of our processes and operations.
Bauba's is primarily responsible to its investors and for enhancing shareholder value over time. This is only possible, however, with fair and reasonable regard for other stakeholders who have an interest in or are affected by our activities.
Open and equitable stakeholder and community engagement is a key aspect of our operations. Processes are in place to engage meaningfully with community representatives and members.
As a reflection of our commitment to the highest standards of ethical behaviour, we provide employees, suppliers, business partners and other stakeholders with access to a confidential and secure mechanism to raise concerns about any potentially unsafe, unethical or unlawful conduct related to the company. The whistleblowing facility is managed by an independent third party and provides a safe and confidential channel to report such conduct, either by calling the Risk Manager on 011 329-6000 or emailing firstname.lastname@example.org.