Critical metals developer URU Metals’ subsidiary, Lesego Platinum Uitloop (LPU), has commenced a share issuance process to comply with South Africa’s Mining Charter empowerment regulations.
This issuance is part of efforts to meet the necessary requirements for LPU and URU to secure a mining right for the Zebediela nickel project located in South Africa’s Limpopo province.
As part of this initiative, LPU has committed to allocating 10% of its equity: 5% will be directed to an employee share ownership scheme, and the remaining 5% will be allocated to a newly established nonprofit organization, Uitloop Communities.
The scheme ensures that LPU’s employees directly benefit from the company’s growth and success, while the nonprofit will focus on community development and socioeconomic upliftment.
This share issuance represents a critical regulatory milestone and significantly progresses URU’s efforts to obtain its mining right.
Once granted, the mining right will enable the company to proceed with the next phase of exploration at the Zebediela project.
URU plans to implement an infill drilling program to upgrade the existing resource classification at the project and establish a maiden resource for nickel and platinum group metals.
“By issuing shares, LPU is not only reaffirming our commitment to the principles of Mining Charter III but also reinforcing our path toward securing the mining right,” said URU CEO John Zorbas.
“This milestone positions us to unlock the tremendous potential of our project while delivering value to all stakeholders, including our employees and the local communities.”
