HERE’S A SUM­MARY OF SOME OF THE COM­PA­NIES MOST EX­POSED BY THE NEW DRAFT MIN­ING CHAR­TER WERE IT TO BE PRO­MUL­GATED BY PAR­LIA­MENT:

Finweek English Edition - - THE WEEK -

Sibanye Gold

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.

Im­pala Plat­inum

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.

South32

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.

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