Remarks by Sandile Zungu, delivered at the Frank Dialogue on the future of Broad-Based Black Economic Empowerment on Tuesday, 7 October 2025, at NH Johannesburg Sandton.
It is an honour to address you at this Frank Dialogue on the future of Broad-Based Black Economic Empowerment. I welcome this conversation because it is both timely and necessary. For more than two decades, B-BBEE has stood as one of the most significant policy instruments designed to address the economic injustices that have scarred our nation for centuries.
And yet, as we gather here in Sandton—the beating heart of South Africa’s economy—we must confront an uncomfortable truth: progress has been uneven. Ownership has increased, but not enough. Skills have been developed, but not deeply enough. Procurement has opened doors, but too many remain locked for the majority of our people. Transformation has been spoken about with passion, yet too often it has been implemented with hesitation.
In the early years of our democracy, there was a sense of hope—an energy that carried us through the dawn of freedom. The spirit of Nelson Mandela inspired us to believe that South Africa could be a country that was not only politically liberated but also economically inclusive. But somewhere along the way, that spirit evaporated like the morning dew as the sun rose above the Drakensberg mountain range (intaba zokhahlamba).
Empowerment deals became more about compliance than conscience, more about ownership certificates than ownership in the truest sense. We began to treat transformation as a regulation to satisfy, not a moral duty to fulfil. And in that, we risked losing the essence of what B-BBEE was meant to achieve: a fair, inclusive, and prosperous South Africa for all.
But today, I will not dwell on what has gone wrong. I want to speak about what can go right. I want to share with you a living example—a demonstration of what is possible when empowerment is pursued with purpose and integrity. I want to tell you about Seriti Resources—a company that stands as proof that Black Economic Empowerment, when done right, is not just transformative for individuals, but for industries and communities alike.
The birth of Seriti Resources: From uncertainty to opportunity
Seriti Resources was born out of a moment of uncertainty. When Anglo American, one of the giants of South African mining, decided to exit its Eskom-tied coal operations, many feared the worst. Communities in Mpumalanga and the Free State—whose livelihoods depended on these mines—faced an uncertain future. Jobs were at risk, local economies were on edge, and an entire sector was bracing for contraction.
Then came Seriti, not merely to buy assets, but to preserve livelihoods, to stabilise communities, and to reimagine what a black-owned mining company could achieve.
From day one, Seriti’s mission was clear: to create value not only for shareholders but for society at large. Today, Seriti is one of South Africa’s leading coal producers, supplying over 24 million tonnes of coal annually to Eskom. It contributes billions in taxes and royalties to the national fiscus, sustains thousands of jobs, and drives local procurement in the towns where it operates.
But perhaps Seriti’s most important contribution lies not in its tonnes of coal or its turnover figures—it lies in its philosophy: that transformation must go beyond ownership.
Building equity into the business
Seriti’s ownership structure represents one of the most progressive models in the mining industry. More than 91% of the company is Black-owned, and importantly, a significant share is held by employee and community trusts.
This is empowerment with a human face. It means that mineworkers and surrounding communities are not just employees or beneficiaries—they are shareholders in the business. They have a stake in its success and a voice in its governance.This is not about ticking BEE boxes. It is about ensuring that the people who contribute to the success of the company also benefit from it.
The dividends earned by these trusts have gone into education, infrastructure, and enterprise development projects across mining towns like Standerton, Bethal, Kriel, eMalahleni and Vereeniging. This is empowerment in motion—where prosperity circulates within communities, rather than being extracted from them.
Education: The cornerstone of empowerment
True empowerment begins with education. No transformation can last if it does not build the capabilities of the next generation.
In the schools around its operations, Seriti has invested millions to upgrade infrastructure, improve digital access, and support teachers in STEM subjects. Its bursary programme identifies talented learners from mining communities and sponsors their tertiary education in fields critical to South Africa’s future—I am talking about engineering, geology, environmental science, and accounting.
Many of these young people return to Seriti as interns and full-time employees, closing the loop from community to career. It is such a virtuous cycle—education that feeds empowerment, and empowerment that sustains education.
Health, dignity, and community well-being
Beyond education, Seriti has invested heavily in community health.Mining regions often suffer from under-resourced clinics and hospitals, and Seriti’s response has been both compassionate and practical. Through mobile health clinics and partnerships with NGOs, the company provides essential services—immunisations, chronic medication, maternal care, and HIV/AIDS support—to some of the most remote areas.
These clinics are not just healthcare interventions; they are symbols of dignity, inclusion, and respect.
New Vaal mine: Setting global mining best practice standards
The New Vaal Mine stands today as a global benchmark for operational excellence, safety, and sustainable mining. Recognised internationally as a model of best practice, it demonstrates what is possible when technology, efficiency, and social responsibility converge. Under Seriti Resources’ stewardship, New Vaal has maintained world-class production standards while upholding an unwavering commitment to environmental rehabilitation, worker welfare, and community upliftment.
Experts from across the globe visit the mine to study its integrated management systems—where innovation meets accountability and profitability aligns with purpose. What sets New Vaal apart is not only its consistent performance, but its human-centred approach: empowering local employees, investing in skills, and ensuring that the benefits of mining extend well beyond the pit. It is proof that South African mining, when led with integrity and foresight, can compete with and even exceed the world’s best.
Beyond mining: Building sustainable economies
Mining, by its very nature, is finite. But communities must endure beyond the life of the mine. That is why Seriti is investing in economic diversification—helping to build industries that will thrive long after the last ton of coal is extracted.
Through agricultural cooperatives, skills training centres, and small business support, Seriti is creating alternative livelihoods in the Highveld and Free State regions. These initiatives empower women and youth, turning subsistence efforts into sustainable enterprises.
In parallel, Seriti Green, the renewable energy arm of the company, is spearheading a transition to cleaner, sustainable power—contributing to Eskom’s grid while training a new generation of South Africans in green technologies.
A greener future with Seriti Green
One of the most inspiring chapters in this transformation journey is the rise of Seriti Green, a renewable energy company that embodies Seriti Resources’ vision for a sustainable and inclusive future. With over 6 000 megawatts of large-scale renewable projects at various stages of development, Seriti Green is redefining South Africa’s energy landscape.
Its flagship initiative, Ummbila Emoyeni, a 900-megawatt wind project in Mpumalanga, represents a R15 billion investment and will create more than 15 000 jobs during construction and operation. This project is not only an economic catalyst but a statement of intent—that green energy can power both growth and opportunity. Supported by strategic partners such as VennEnergy, RMB and Standard Bank, Seriti Green’s projects are built on rigorous governance, safety, and community inclusion. It is a powerful demonstration that renewable energy can deliver profitability, progress, and purpose—all at once. This is the kind of transition that does not leave the people behind.
Environmental responsibility with a social purpose
Even in environmental rehabilitation, Seriti leads with purpose. Rather than fencing off decommissioned sites, Seriti transforms them into productive spaces—community parks, grazing fields, and tree nurseries that employ and empower local people.
This approach speaks to a deeper understanding: that the environment is not an afterthought, but a shared inheritance to be protected and renewed.
Lessons for the future of B-BBEE
Seriti’s story is not perfect—no transformation story ever is. But it represents what B-BBEE can achieve when it is driven by vision rather than compliance, by conscience rather than convenience. There are other examples; the Exxaros of this world come to mind.
The lesson is simple: empowerment cannot be legislated into the heart of a business. It must be lived, practised, and proven daily. It must begin with leadership that understands that profit and purpose are not opposing forces—they are twin engines of sustainable growth.
As we look to the future of Broad-Based Black Economic Empowerment, we must ask ourselves: what kind of economy are we building? Is it one that simply redistributes shares, or one that rebuilds lives? Is it one where black excellence is tolerated, or one where it is celebrated as a national asset?
If we are to achieve the South Africa envisioned in our Constitution, then B-BBEE must evolve beyond numbers and into narratives—stories of real people whose lives have changed because opportunity met purpose. Seriti’s story tells us that it can be done. Transformation is not a dream deferred—it is a reality in progress.
A businessperson without a conscience will only invest for returns. We create wealth to create opportunities for others.
Thank you.
Sandile Zungu is the Founder and Chairman on Zungu Investments