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Government policy focus on black ownership had to move to sustainable wealth-creation rather than rigid policy formulas that lock black shareholders into heavily encumbered structures, Exxaro Resources CEO Mxolisi Mgojo said on Tuesday. Mgojo, who was delivering a speech at the four-day Investing in African Mining Indaba, was speaking after sharp criticism was levelled at Exxaro by Eskom, its largest coal customer, for allowing black empowerment shareholding to fall to 30% from more than 50%. Eskom requires its suppliers to be 50% plus one share black-owned. Acting Eskom CEO Matshela Koko said in January Exxaro had "shown Eskom the finger" and had "no decency to even engage on the matter". Mgojo said it was time to evaluate what had worked and what had failed in black empowerment over the past 22 years so that more sustainable black wealth and ownership could be created. The first wave of empowerment that occurred in the 1990s created what appeared to be impressive, black-owned cong...

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