South Africa has raised the minimum threshold for blackownership of miningcompanies to 30 percent from 26 percent. Miningcompanies in the world’s top platinum producer have however complained about a lack of consultation over the revisions. Some say onerous rules would hurt investment. The rand fell 2 percent after the minister of Minerals Joseph Zwane unveiled details of the revisions while the Johannesburg bourse’s Mining Index extended its decline to more than 3 percent. Zwane said companies had 12 months to meet the new 30 percent target. The government has said companies must keep to blackownership targets even if black shareholders sell their stakes.
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Categorised in: Africa