South Africa’s latest mining overhaul could be mired in a long legal battle after The Chamber of Mines, which represents South Africa’s biggest producers, vowed to stop the changes. The government wants companies to ensure that South African assets are 30 percent black-owned within 12 months, up from a previous level of 26 percent. That means several of the country’s biggest mining companies would have to sell new stakes, raising the risk of dilution for existing investors. The new rules, don’t give credit for deals already concluded and from which black shareholders have since divested.
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Categorised in: Africa