U
NITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Report on Form 6-K for 11 October 2007
Commission File Number 1-31615
Sasol Limited
1 Sturdee Avenue
Rosebank 2196
South Africa
(Name and address of registrant’s principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or
Form 40-F.
Form 20-F __X__ Form 40-F _____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-
T Rule 101(b)(1): ____
T Rule 101(b)(1): ____
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted
solely to provide an attached annual report to security holders.
solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-
T Rule 101(b)(7): ____
T Rule 101(b)(7): ____
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to
furnish a report or other document that the registrant foreign private issuer must furnish and make public
under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized
(the registrant’s “home country”), or under the rules of the home country exchange on which the
registrant’s securities are traded, as long as the report or other document is not a press release, is not
required to be and has not been distributed to the registrant’s security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
furnish a report or other document that the registrant foreign private issuer must furnish and make public
under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized
(the registrant’s “home country”), or under the rules of the home country exchange on which the
registrant’s securities are traded, as long as the report or other document is not a press release, is not
required to be and has not been distributed to the registrant’s security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also
thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes _____ No __X__
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b):
82-_______________.
12g3-2(b):
82-_______________.
Enclosures: Sasol`s sale of 20% in mining subsidiary to black women
Sasol Limited
(Incorporated in South Africa)
(Registration number: 1979/003231/06)
JSE Code: SOL ISIN Code: ZAE000006896
NYSE Code: SSL ISIN Code: US8038663006
NYSE Code: SSL ISIN Code: US8038663006
("Sasol" or “the Company”)
Sasol’s sale of 20% in mining subsidiary to black women for R1,9
billion will meet Mining Charter’s ownership requirements and will
develop women in mining
develop women in mining
Details of transaction
Sasol Mining, the wholly-owned subsidiary of Sasol Limited, today
announced the formation of a black-women controlled coal mining
company called Ixia Coal (Pty) Limited. In a transaction valued at
almost R1,9 billion, Ixia Coal will acquire 20% of Sasol Mining’s
almost R1,9 billion, Ixia Coal will acquire 20% of Sasol Mining’s
shares through the issue of new shares. Ixia Coal is a venture with
Women Investment Portfolio Holdings Limited (WIPHOLD) and Mining
Women Investment Portfolio Holdings Limited (WIPHOLD) and Mining
Women Investments (Pty) Limited (Mining Women Investments), a newly
established company comprising women drawn from the areas where
established company comprising women drawn from the areas where
Sasol Mining has operations and coal reserves.
Heralding the second phase of Sasol Mining’s broad-based black
economic empowerment (BEE) strategy, this transaction enables Sasol
Mining to achieve compliance with the Mining Charter’s ownership
Mining to achieve compliance with the Mining Charter’s ownership
requirements.
The first phase of Sasol Mining’s BEE strategy was the creation of
Igoda Coal (Pty) Limited, a coal export venture with Eyesizwe Coal
announced in March 2006. Now, with the formation of Ixia Coal, Sasol
Igoda Coal (Pty) Limited, a coal export venture with Eyesizwe Coal
announced in March 2006. Now, with the formation of Ixia Coal, Sasol
Mining’s BEE ownership component will increase to an estimated 26%
(calculated on attributable units of production) well before the
2014 deadline.
Sasol executive director responsible for the South African energy
businesses, Dr Benny Mokaba says: “This transaction not only
achieves compliance with the Mining Charter, but also promotes women
in mining. We want to create lasting empowerment by providing
opportunities for our country’s women to enter and benefit from the
in mining. We want to create lasting empowerment by providing
opportunities for our country’s women to enter and benefit from the
traditionally male-dominated mining industry. Our focus will be on
developing relevant skills and building capacity among historically
disadvantaged women.”
Mokaba adds: “Our intention is to create a lasting legacy through
skills development and capacity building in support of government’s
socio-economic objectives. This announcement is another step in our
socio-economic objectives. This announcement is another step in our
over-arching ambition to empower a broad-base of historically
disadvantaged South Africans by advancing initiatives that are
disadvantaged South Africans by advancing initiatives that are
sustainable, credible and of benefit to both stakeholders and our
country.”
Controlled by black women, Ixia Coal will become an investor in
Sasol Mining. Over the longer term Ixia Coal, with the assistance of
Sasol Mining, will also develop operational capacity enabling the
Sasol Mining, will also develop operational capacity enabling the
company to operate its own coal mines.
“We partnered with WIPHOLD because of the role that we together
can play in developing a new women’s mining group. With sound
can play in developing a new women’s mining group. With sound
business acumen and a strong empowerment track record, WIPHOLD
will help us build Ixia Coal into a new, sustainable women’s
empowerment company that over time will become involved in
empowerment company that over time will become involved in
operating coal mines. This will include transferring skills to
the new company,” says Sasol Mining MD Hermann Wenhold.
the new company,” says Sasol Mining MD Hermann Wenhold.
Mining Women Investments, the new entrant, is comprised of thousands
of rural black women, who have not previously been empowered. The
group has been constituted by WIPHOLD, following a series of
workshops held with women in the Free State, Mpumalanga and Limpopo
provinces, where Sasol Mining has operations and coal reserves.
WIPHOLD is an investment and operating company owned and managed by
black women, with interests in a range of industries. Founded in
black women, with interests in a range of industries. Founded in
1994, it is dedicated to the empowerment of women. Represented
countrywide, it has 1 200 direct female beneficiaries and, through
non-governmental organisation shareholders, an estimated 200 000
countrywide, it has 1 200 direct female beneficiaries and, through
non-governmental organisation shareholders, an estimated 200 000
women as indirect beneficiaries.
Sasol Mining will also benefit from the proposed 10% BEE transaction
at Sasol Limited level, which if approved by shareholders will be
at Sasol Limited level, which if approved by shareholders will be
implemented in 2008 and will take Sasol Mining beyond compliance
with the Mining Charter’s ownership requirements.
“The transaction has been concluded at fair value. The facilitation
cost to Sasol is anticipated to be commensurate with other BEE deals
cost to Sasol is anticipated to be commensurate with other BEE deals
in the mining sector in South Africa and will only be finalised once
third party funding arrangements are in place,” says Sasol chief
financial officer Christine Ramon.
Sasol Mining is in the process of converting its mining rights as
required by South African minerals legislation. The transaction
agreements were signed on 4 October 2007 and are expected to be
agreements were signed on 4 October 2007 and are expected to be
completed in 2008 subject to fulfilment of the following conditions:
- conversion of Sasol Mining’s mining rights and obtaining the
requisite regulatory approvals; and
- conclusion of the financing agreements with third party
lenders.
To enable the transaction, Sasol will establish a new wholly-owned
subsidiary, Sasol Mining Holdings (Pty) Limited (Sasol Mining
subsidiary, Sasol Mining Holdings (Pty) Limited (Sasol Mining
Holdings), which will hold 80% of Sasol Mining.
Sasol Mining Holdings will have a 49% ownership in Ixia Coal. The
other 51% will be owned by WIPCoal Investments. WIPHOLD will be
the majority shareholder in WIPCoal Investments, with 60%
the majority shareholder in WIPCoal Investments, with 60%
shareholding. The other 40% shares will be owned by Mining Women
Investments. Ixia Coal will be independently controlled and
Investments. Ixia Coal will be independently controlled and
separate from Sasol Mining.
Ixia Coal, through an investment company called BEE Holdco (Pty)
Limited (BEE Holdco), will hold 20% in the issued share capital of
Sasol Mining. BEE Holdco will raise the required funding for the
Sasol Mining. BEE Holdco will raise the required funding for the
transaction. WIPHOLD and Mining Women Investments, through their
investment in Ixia Coal, will from inception have full voting and
investment in Ixia Coal, will from inception have full voting and
economic rights associated with BEE Holdco’s interest in the issued
share capital of Sasol Mining.
share capital of Sasol Mining.
Ixia Coal’s 20% shareholding in Sasol Mining is valued at R1 855
million, taking into account Sasol Mining’s future expected cash
flows, capital investment requirements and an appropriate level of
debt. The transaction will be financed through equity (R59 million)
debt. The transaction will be financed through equity (R59 million)
and a combination of third party funding and appropriate Sasol
facilitation. It is currently envisaged that approximately 40% of
facilitation. It is currently envisaged that approximately 40% of
the transaction will be funded through third party debt; however
this is dependent on market conditions prevailing at the time.
this is dependent on market conditions prevailing at the time.
11 October 2007
Johannesburg
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited
Sasol Disclaimer – Forward-looking statements
We may in this document make statements that are not historical
facts and relate to analyses and other information based on
facts and relate to analyses and other information based on
forecasts of future results and estimates of amounts not yet
determinable. There are forward-looking statements as defined in
determinable. There are forward-looking statements as defined in
the U.S. Private Securities Litigation Reform Act of 1995. Words
such as "believe", "anticipate", "expect", "intend", "seek",
such as "believe", "anticipate", "expect", "intend", "seek",
"will", "plan", "could", "may", "endeavour" and "project" and
similar expressions are intended to identify such forward-looking
statements, but are not exclusive means of identifying such
statements. By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
statements. By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and there are risks that predictions, forecasts,
projections and other forward-looking statements will not be
projections and other forward-looking statements will not be
achieved. If one or more of these risks materialize, or should
underlying assumptions prove incorrect, actual results may be
underlying assumptions prove incorrect, actual results may be
very different from those anticipated. The factors that could
cause our actual results to differ materially from the plans,
objectives, expectations, estimates and intentions expressed in
cause our actual results to differ materially from the plans,
objectives, expectations, estimates and intentions expressed in
such forward-looking statements are discussed more fully in our
annual report under the Securities Exchange Act of 1934 on Form
annual report under the Securities Exchange Act of 1934 on Form
20-F filed on November 2, 2006 and in other filings with the
United States Securities and Exchange Commission.
United States Securities and Exchange Commission.
Forward-looking statements apply only as of the date on which
they are made and Sasol does not undertake any obligation to
update or revise any of them, whether as a result of new
update or revise any of them, whether as a result of new
information, future events or otherwise.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant, Sasol Limited, has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: 11 October 2007
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: 11 October 2007
By:
/s/ N L Joubert
Name:
Nereus
Louis
Joubert
Title:
Company
Secretary