Share

Chamber of Mines sees end to black ownership row

Johannesburg - The Chamber of Mines is optimistic that it will resolve a dispute with the government about the requirements for black shareholding in mining companies this year.

The chamber, which represents the largest producers in the country, including Anglo American [JSE:AGL] and Glencore [JSE:GLN], will on Tuesday argue in the High Court that the Mining Charter stipulates that companies should be credited with disposing a minimum of 26% of their assets to black investors even if those stakes were later resold. The Department of Mineral Resources says that companies should maintain black shareholding above the threshold at all times.

The chamber remains open to finding a mediated settlement with the government, Roger Baxter, the chief executive officer of the Johannesburg-based lobby group, told reporters in Johannesburg on Monday.

Once the parties receive feedback from the judge presiding over the case, they may continue talks “on the idea of third- party mediation,” Baxter said. “It is very feasible to see some outcomes this year. It is important to get some outcomes this year.”

South Africa’s push for increased black ownership of the mining industry, which accounts for almost half of the country’s exports, is part of an effort to address the legacy of apartheid that locked the black majority out of key industries. The Mining Charter also sets targets for companies to boost the numbers of black people in management and improve training and benefits for communities near mines.

The chamber’s members concluded deals worth R205bn since 2000 to expand black ownership, Baxter said. “We don’t think the industry has had a fair hearing on the progress that we have made,” he said.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.88
+0.3%
Rand - Pound
23.86
+0.2%
Rand - Euro
20.38
+0.3%
Rand - Aus dollar
12.32
+0.1%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders