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South African Mining-Rule Amendment Is ‘Imminent’
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Carli Lourens and Mike Cohen, Bloomberg, February 5, 2008
South Africa, the world’s biggest producer of precious metals, said a change is “imminent” in mining laws aimed at redistributing assets to black people.
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The minister said last year South Africa will change a 2004 law, making it clearer and smoothing its implementation. Under the legislation, mining companies must reapply by 2009 for the right to exploit resources and prospects. The law increases scrutiny of applications to try to ensure wealth is being spread to the black majority to help make up for discrimination during apartheid.
South African is also drafting a law aimed at encouraging the processing of gold, platinum, diamonds and other commodities domestically.
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(Posted on February 6, 2008)