Anglo CEO says more than 45% of SA’s mining assets are owned by black people
The form of empowerment where black shareholders had a minority shareholding could no longer be called empowerment, Trade and Industry Minister Rob Davies said this week.
Black firms needed to become real players in the South African economy, Davies said during an event at the Mining Indaba.
“Regarding the new codes of good conduct ... there will be priority around ownership, supplier development and skills development,” Davies said.
In the new codes of good empowerment practice, Davies said that if a company didn’t score adequately on those three factors, that company’s black economic empowerment (BEE) score would drop.
“We are going to be a lot more rigorous about this,” he said.
Davies said that there was a need to revitalise research and development and the production of mining equipment.
“The long-term goal is to ensure that the next generation of mining equipment and systems are manufactured entirely within our country.”
There were plans afoot to grow the number of small black-owned companies that supply the mining sector, he said. In the platinum group metals sector, government was looking to develop the fuel cells industry.
CONFIDENT Mosebenzi Zwane believes the mining industry is poised to soar