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Mineral Resources to appeal ruling on black ownership threshold

The High Court in Pretoria ruled in favour of a Chamber of Mines' challenge to a government regulation which specified that a black ownership target of 26% must be maintained.

Mineral Resources Minister Gwede Mantashe. Picture: @GCISMedia/Twitter

JOHANNESBURG - Mineral Resources Minister Gwede Mantashe is set to appeal a High Court ruling on the black ownership threshold for mining companies.

Earlier this month, the High Court in Pretoria ruled in favour of a Chamber of Mines' challenge to a government regulation which specified that a black ownership target of 26% must be maintained throughout the life of the mine.

It means mining companies in South Africa need only to make the 26% threshold once and do not need to top up again if black shareholders decide to sell their stake.

The department says the judgment has the potential to extend regulatory and policy uncertainty.

Spokesperson Nathi Shabangu said: “The decision was therefore taken to appeal this matter to ensure that we transform the industry and while doing so there is competitiveness and growth of the mining sector.”

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