AngloGold to comply with mining rights directive | Fin24
 
  • Cadre Cover

    The ANC is planning to launch a funeral policy scheme for members and supporters.

  • VBS Collapse

    Ramaphosa has acknowledged South Africans' impatience to see justice done.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

AngloGold to comply with mining rights directive

Apr 01 2019 05:01
Felix Njini, Bloomberg

AngloGold Ashanti [JSE:ANG] is complying with an order from the Department of Mineral Resources to amend its mining rights to reflect black economic empowerment, the company’s spokesman Chris Nthite said.

The world’s No. 3. gold producer may have contravened black economic empowerment rules tied to its mining rights when it awarded a 4.5% stake to employees instead of 6%, City Press reported Sunday. The other 1.5% was sold to a firm belonging to company chairperson Sipho Pityana. AngloGold denied there was anything wrong with the two transactions, the paper said.

The department directed the company to amend clauses on two of its mining rights to accurately record the two local ownership deals, Nthite said.

“We have submitted an application for consent to amend those clauses accordingly,” the spokesperson said. “We were also requested to provide certain information and we have provided the requested information. We have fully complied with the directive.”

Failure to comply with the directive could have placed AngloGold’s mining licences in the country at risk of cancellation, City Press said.

anglogold  |  sa economy  |  gold  |  gold mining
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What's your view on deep sea mining?

Previous results · Suggest a vote

Loading...