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Aug 13, 2007:
Cabinet on Wednesday approved the settlement reached with the Richtersveld community regarding the claim against both Alexkor and the state for land in Alexander Bay.
The settlement brings to an end a protracted court case in which billions of rands were claimed from the state. The deed was signed in April this year.
The settlement provides for restitution through the transfer of land and assets to the community and the compensation of Alexkor by the state.
Themba Maseko, the cabinet spokesman, said afterwards that the compensation will amount to 200 million rand.
Mineral rights will be restored to the community and there will be a pooling sharing joint venture between Alexkor and the community. The initial R200m will help Alexkor capitalise the joint venture.
Agricultural and maricultural assets will also be transferred to provide the community with a basis for future development and wealth creation.
"The ground breaking agreement demonstrates the possibility for broadbased and sustainable empowerment that exists in the process of land restitution and community empowerment. – I-Net Bridge
