SA mining industry HDSA ownership well above Charter targets in 2016
MINING REVIEW.COM / 13 NOVEMBER 2017 - 16.00 / STAFF REPORTER
Ownership of the South Africa mining industry by HDSAs stood at 39% in 2016 which is significantly above the Charter target of 26%.
This is according to a survey conducted by the Chamber of Mines.
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In total, 28 mining companies covering all sectors and representing an estimated 70% of the industry and 67% of employment, participated in the survey.
The results of the survey are based on the principle of recognition of continuing consequences of previous transactions. Furthermore, in 2016 alone, some R2.2 billion flowed to HDSAs in dividends from the surveyed companies.
This announcement follows a two day court process where the Chamber of Mines advised that its application for a declaratory order on the principles applicable to the assessment of the ownership element of the Mining Charter, particularly in respect of the continuing consequences of previous Black Economic Empowerment (BEE) deals.
The application was heard by a full bench of in the High Court of South Africa (Gauteng Division) on 9 and 10 November 2017.
The bench comprised Judges Peter Mabuza and Tina Siwendu and Acting Judge Frans Barrie. All parties, including two amici curae, presented their respective arguments over the two day period. Judgment has been reserved.
The Chamber remains fully committed to the meaningful transformation of the South African industry and believes that the continuous assessment of the progress made in this regard is vital.
For this reason the Chamber carried out the survey of its members to assess the progress the industry has made in terms of the 2010 Mining Charter’s transformation pillars during 2016.
LINK - https://www.miningreview.com/news/sa-mining-industry-hdsa-ownership-well-charter-targets-2016/
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER