HERE’S A SUMMARY OF SOME OF THE COMPANIES MOST EXPOSED BY THE NEW DRAFT MINING CHARTER WERE IT TO BE PROMULGATED BY PARLIAMENT:
If the once-empowered, always-empowered principle does not apply, as per the potential declaratory order by the High Court, Sibanye will not be able to claim BEE deals conducted by Gold Fields, which owned its mines prior to the 2012 demerger that resulted in Sibanye. A similar principle applies to Aquarius Platinum, which Sibanye took over last month in a R4bn transaction. Sibanye said it is seeking new empowerment partners for Rustenburg Platinum Mines.
has to sit either with employees or in a formal employee share ownership programme (Esop). Impala Platinum (Implats) has only 4% in an Esop through the Royal Bafokeng Holdings (RBH), but there are other problems. RBH recently sold down its holding in Implats to 6.3% from 13.2%.
Anglo American Platinum
questions about the number of empowerment credits it can claim. Furthermore, Amplats intends to sell Bokoni Mines, although the DMR may look favourably on the deal if it’s to another black-owned company.
Its coal assets in SA could potentially fall foul of the draft mining charter because, as with Amplats, it is claiming empowerment points from before the mining charter was created in 2004. Its assets are 8% owned by Pembani Group, and 2% owned by employees, which falls below the 5% Esop stipulated by the new draft mining charter.