South Africa’s Minister of Mineral Resources Mosebenzi Zwane has suspended the implementation of a controversial mining ownership law pending a judgement in an urgent interdict application by the industry, the Chamber of Mines industry body said on Friday.
The Chamber applied for an urgent high court injunction in June to prevent the implementation of the law, which increases the minimum threshold for black ownership of mining companies.
The Chamber’s President Mxolisi Mgojo told CNBC Africa last month that it had decided to apply for an interdict to “protect the mining industry”.
The charter raises the minimum threshold for black ownership of mining companies to 30 per cent from 26 per cent. It also requires mining companies to pay 1 per cent of turnover to their black empowerment partners, see below.
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent. Sign up here.