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South Africa won’t appeal court ruling on black mining ownership

Posted by ipso facto @ 11:01 on November 24, 2021  

South Africa ruled out challenging a High Court ruling that struck down some key changes to mining rules that govern Black ownership targets, in a move that may potentially revive investor interest in the industry.

In September, the High Court struck down some key provisions introduced to the mining charter in 2018 by Mines Minister Gwede Mantashe. It included a rule stipulating that an ownership target of 26% for Black investors in South African mining companies would remain in perpetuity. That meant miners that had previously met the threshold would need to find new Black shareholders if the original ones exited their holdings.

The court also ruled that some of the other changes made to the charter were unconstitutional as the minister doesn’t have the power to make law. The court backed a challenge by an industry lobby group representing the biggest producers in South Africa.

South Africa won’t appeal court ruling on black mining ownership

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.