The Shareholder - AMYAC
The Antakirinja Matu-Yankunytjatjara Aboriginal Corporation (AMYAC) was formed under the Corporations (Aboriginal and Torres Strait Islander Act 2006 (CATSI Act) on 10 May 2009. The formation of the Corporation is in preparation of the determination of Native Title in favour of the member of the Corporations in respect to the Native Title Application SAD6007/98. uThe AMYAC Traditional Owners’ Native Title area encompasses significant mineral deposits which are subject to current mining operations and future potential mining activities. The Native Title area also includes the township of Coober Pedy, the major service centre for this part of regional South Australia. The Traditional Owners are currently party to substantial mining agreements with operators in the region including:
- OZ Minerals – Prominent Hill Mine
- CU River – Cairn Hill Mine
- SIMEC (formally Arrium Mining) – Peculiar Knob Mine
- Challenger Mine & Tarcoola
- Western Plains Group
All agreements include preferential contracting clauses and employment opportunities in addition to Native Title compensation payments. Ongoing mining activity also provides future potential opportunities to engage with the mining sector.
In order to develop an independent commercial enterprise base for AMYAC members and to maximise the opportunities presented by mining and petroleum activities on AM-Y’s Native Title land for training, employment and business development, a number of companies have been formed, namely A.M.Y. Nominees Pty Ltd, AMY Environmental Services Pty Ltd, Anangu Mining Pty Ltd and Stony Desert Mining Services Pty Ltd, a joint venture company with Anangu Mining holding 51% and Exact Contracting Services holding a 49% share.
The structure is designed to protect AMYAC and the AMYAC Indigenous Community Trust from being wound up should any of the enterprises embarked upon fail or become non-compliant at law. It is also designed to spread the workload. The RNTBC functions, governance issues, the Advisory Council role to the AMYAC Indigenous Community Trust and commercial enterprise activities and decision making in relation to all of these matters are too much for any one Board to deal with alone. Therefore AMYAC has subsidiary companies and Boards set up to share the load. Monthly reports from the Business Development Manager however keep the AMYAC board abreast of the activities of its subsidiaries so it does not lose touch with what is happening on behalf of its members.
It is strategically important that AMYAC therefore primarily carries out the functions of the Registered Native Title Body Corporate for the AM-Y Native Title Determination Area and deals with the social and cultural needs of AMYAC members through the AMYAC Indigenous Community Trust, and that its subsidiaries undertake employment, training and business development activities on behalf of AMYAC members.