A char­ter for chaos

The Africa Report - - BUSINESS -

And the re­lease of South Africa’s new min­ing char­ter has not got the min­ers clap­ping in the aisles. More than R50bn was wiped off the val­u­a­tions of min­ing stocks on the Johannesburg Stock Ex­change when min­eral re­sources min­is­ter Mosebenzi Zwane an­nounced a new code that de­mands com­pa­nies in­crease their Black Eco­nomic Em­pow­er­ment (BEE) lev­els from 24% to 30% within 12 months. It also says that any new prospect­ing needs to have black own­er­ship at 50% plus one share. For­eign in­vestors are now warn­ing of an ex­o­dus from South Africa.

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