Johannesburg Stock Exchange (JSE)-listed platinum producer, Lonmin, on Wednesday said it had completed three transactions which when combined make up the remaining 8 percent of its Black Economic Empowerment (BEE).

These deals include the completion of the royalty-for-equity swap transaction with the Bapo Ba Mogale Traditional Community, which has already been approved by shareholders in general meeting.

Another deal involves the establishment of the Lonplats Employees Share Ownership Trust (EST), which will acquire 3.8 percent of the ordinary share capital in Lonplats.

The third deal involves the establishment of the Lonplats Marikana Community Development Trust (CDT), which will acquire 0.9 percent of the ordinary shares in Lonplats for the benefit of specific communities residing in the western portion of Lonmin’s Marikana operations.

Ben Magara, the CEO of Lonmin, described these deals as an important milestone. “Our employees and host communities now have equity shareholding and a shared vested interest to see Lonmin succeed for their own benefit and that of our shareholders,” Magara said.

The miner, which is also listed on the London Stock Exchange (LSE), is one of the world’s largest primary producers of precious group metals. These metals are essential for many industrial applications, especially catalytic converters for internal combustion engine emissions, as well as their widespread use in jewellery.

Lonmin’s producing assets are situated in the Bushveld Complex in South Africa, where nearly 80 percent of known global PGM resources are found.