Thursday, April 29, 2010

26% Black Ownership of Mines By 2014 Is A "Base"

Sandile Nogxina, left, director general of the Department of Mineral Resources, says the requirement that South African mines be at least 26 percent black-owned by 2014 is a "base" and the proportion will need to be higher to "deracialize" the industry. Nogxina wants the South African mining industry ito be totally reflective of the South African demographics.

South Africa's government is pressuring companies to increase black participation in the economy to help make up for apartheid when the country's black majority was largely prevented from owning assets in Africa's largest economy. By law mining companies operating in the country should have sold 15 percent of their assets to black investors by 2009 and must be at a minimum of 26 percent by 2014.

South Africa is the world's biggest producer of platinum, ferrochrome, manganese and vanadium and is the largest producer of gold in Africa. Mining companies including London-based Anglo American Plc, BHP Billiton Ltd., Xstrata Plc, Anglo Platinum Ltd. and Impala Platinum Holdings Ltd. have assets in the country. (, 4/2/2010)

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