The Chamber of Mines has welcomed the declaratory order issued by the High Court of South Africa, which states that BEE ownership transactions do not need to be topped up once a company reaches 26% black ownership level.
This follows the court hearing that was heard on 9 and 10 November 2017.
The Chamber argued that black economic empowerment (BEE) ownership transactions should be recognised for regulatory certainty purposes even where the BEE partner has sold or transferred part or all of its equity.
Chamber of Mines President, Mxolisi Mgojo said, “The Chamber notes and accepts the High Court Judgment. The Chamber is engaged in meaningful processes with other stakeholders, including the Department of Mineral Resources, to shape and develop a new Mining Charter that all stakeholders can support and defend.
“This new Charter needs to help the mining sector to achieve stability, competitiveness, transformation and growth, and to ultimately enable the sector to realise its true economic and transformational potential.”