JOHANNESBURG: South Africa’s Chamber of Mines said on Friday that 38 percent of its members had met the government’s requirement that 26 percent of their shareholding be held by black owners, meant to address the inequalities of the apartheid system.
Mines Minister Ngoako Ramatlhodi said on Thursday that just over 20 percent of mining companies had met the black economic empowerment criteria.
“We have met and exceeded the target of the charter,” said Roger Baxter, the chief executive at the Chamber of Mines, which represents most of South Africa’s mining houses. The chamber and the government have agreed to ask the courts to determine the issue of ownership.
The industry argues that once a company has sold a 26 percent stake to black owners, it should be seen to have complied even if some of the black shareholders sell their stakes with third parties. The government says companies must retain the 26 percent ratio as an absolute minimum.
