Anglo and Sibanye plunge as resources firms ordered to lift black ownership
Miners Glencore, Impala Platinum, South32 and Kumba Iron Ore will need to sell the biggest stakes if the new charter fails to give credit for previous deals
The share price of companies including Anglo American and Sibanye Gold dropped after SA increased the minimum black ownership requirement for local mines, and set a 12-month deadline for compliance with the new rules. The Department of Mineral Resources will raise the requirement from the current 26% to ensure more proceeds from the country’s natural resources flow to the black majority, Mining Minister Mosebenzi Zwane said on Thursday in Pretoria. The new minimum applies regardless of whether they have previously sold shares or assets to black investors that later divested. Sibanye had dropped 7.4% by 12.58pm on the JSE, while Kumba was 6.2% lower. Anglo American declined 6% in London. A holder that claims an historical transaction that achieved 26% prior to the new Mining Charter, which Zwane presented on Thursday, "must top up to 30%", regardless of whether the earlier black shareholders still held their position, according to a statement handed to reporters. Most mining companie...
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