BEE | Tharisa

The South African Mining Charter requires that, by 30 April 2014, at least 26% of the ownership interest in mining companies operating in South Africa must be held by HDSA's. Tharisa Minerals does meet this ownership requirement, with 20% of Tharisa Minerals being owned by Thari Resources, an HDSA company...

BEE & Mining Legislation - Vantage Goldfields

Lomshiyo is a South African incorporated company whose shareholders are comprised of HDSAs, including a number of Vantage mine workers. The purchase of Lomshiyo's shares in EGL was at market value and funded by way of a loan from EGSA, which is a common method of enabling HDSA's to acquire interests in...

Mining companies on the warpath over BEE | City Press

May 17, 2015 ... Dewald van Rensburg looks at government's change of heart on black ownership of mines. Johannesburg - South Africa's major mining companies are on the warpath after the department of mineral resources unexpectedly pilloried them for failing to achieve the black ownership targets of the revised...

B-BBEE Ownership for Mining Companies | Transcend Capital

We design and implement multi-faceted BEE ownership transactions that meet the requirements of the Mining Charter and are optimised across other important aspects – from legal and risk to tax, accounting, and valuation. Through our long-term relationships with South Africa's largest mining companies, we are able to...

BEE Procurement - Palabora Mining Company Ltd

The South African Government introduced a requirement for mining companies to apply for the conversion of their existing mining rights to new order mining rights subject to these companies meeting certain requirements in compliance with the Mining Charter and the Mining Sector Scorecard developed and gazetted by the...

Working the mining minefield: BEE policy in the SA Mining Charter

Nov 21, 2017 ... Once there is more clarity on the status of the Mining Charter's black ownership requirements, mining companies will still need to navigate the South African ownership "minefield" with caution, to ensure the best outcome for their stakeholders (including their community and their employees) from a DMR,...

Black Economic Empowerment | Diamcor Mining Inc.

In October 2002, with the support of all mining houses and labor unions concerned, the Broad-Based Socio-Economic Empowerment ("BEE") Charter was introduced by South African Cabinet. On March 5, 2008, the Company announced a formal joint venture partnership with well-established South African BEE group...

Black economic empowerment in the South African mining industry ...

(Department of Trade and Industry, 2004). BEE transaction of Kumba Resources and the forming of Exxaro Limited. The formation of Exxaro Limited is an example of a. BBBEE transaction of a mining industry which became one of the largest black-owned, black-controlled and black- managed companies in South Africa,...

Mining and Minerals Alert - 21 June 2017 - Cliffe Dekker Hofmeyr

Jun 21, 2017 ... The Reviewed Broad-Based Black Economic Empowerment Charter for the South African Mining and Minerals Industry (“Mining ... “BEE Entrepreneur” means a Black Owned Company (defined below) or a Black ... “BEE Compliant Manufacturing Company” in relation to the procurement element of. Mining...

Miners brace for unveiling of strict new charter in South Africa

May 28, 2017 ... A shake-up to the mining code in South Africa could have a far-reaching impact on miners listed in the UK, amid fears the government there will try to impose onerous new requirements around company ownership. A new version of the mining charter is expected to propose raising the mandatory black...

Mining Charter calls for 30% black ownership - BusinessLIVE

Jun 15, 2017 ... Companies can offset a maximum 11% of their BEE requirements by being involved in beneficiation if the involvement started before 2004. A legal challenge is likely ... “This is certainly heading to court as well as freezing any further investment in the South African mining industry. What an own goal by the...

For South Africa's mining suppliers, HDSA ownership is critical

Aug 25, 2014 ... The Mining Charter requires that mining companies have 26% ownership by historically disadvantaged South Africans (HDSAs) by the end of 2014. It also requires that a substantial proportion of procurement by mining companies is from black economic-empowerment (BEE) entities – mining suppliers that...

South Africa miners face ANC fight over black ownership plans

Feb 25, 2017 ... The ANC introduced black economic empowerment (BEE) to address the apartheid-led exclusion of blacks from South Africa's economy and it encompassed far more than just mining. Companies had to bring black ownership up to a stipulated level. But its implementation has been widely criticised for...

Dentons - South African Mining Charter 2017

Jun 29, 2017 ... 30% Black ownership for mining rights (up to 11% offset for local beneficiation). Procurement and Enterprise Development, Capital goods, 40% from BEE entities, 70% from South African Manufactured Goods. at least 21% from Black Owned Companies; at least 5% from Black Owned Companies that are...

Exxaro | Powering Possibility

Exxaro is one of the largest and foremost black-empowered, South African-based diversified resources companies, with current business interests in South Africa, Europe and United States of America. Although just 10 years old, Exxaro's pedigree and skills were built over decades as a company rooted in South Africa and...

Incorporating BEE into the new mineral law framework for the South ...

English settlers arrived at the Cape in 1820,. Incorporating BEE into the new mineral law framework for the South African mining industry by S.V. Rungan*, F.T. .... The issue of BEE. Companies and the Constitution. Most mining ventures in SA are owned by companies, entities that have their own rights and obligations...

BEE: Mining firms on edge | Fin24

Nov 8, 2017 ... Mining companies and investors are eagerly awaiting this month's High Court decision on the 'once empowered, always empowered' principle regarding ... in Glencore's coal operations in South Africa and a 26% attributable interest in the Goedgevonden mine held in ARM's Participating Coal Business.

South African Mining Development Association

NB - The above figures of the direct and indirect mining contribution to the South African Economy are artificial and misleading because the genuine figures have been eroded through transfer pricing. The whole .... International Companies owns the South African Subsidiary and the Marketing / Trading Company (NO BEE).

Italian firms sue S.Africa over black mining law - Reuters

Mar 9, 2007 ... The action marks the first legal action alleging that South Africa's mining charter, which seeks to boost involvement of blacks in a sector that excluded them during apartheid, amounts to expropriation. “We are saying that these Italian investors are unfairly discriminated against in relation to BEE (black...

New BEE rules a blow for miners - HeraldLIVE

Jun 16, 2017 ... SOUTH Africa has raised the minimum threshold for black ownership of mining companies to 30% from 26%, the government said yesterday , though an industry body said it would try to block the change in court. Mining firms in the world's top platinum producer have complained about a lack of consultation...

South Africa's 10 Most Empowered Companies | Special Reports ...

Mar 15, 2013 ... South Africa's 10 Most Empowered Companies. ... ​Total BEE score 94.87. 2 Oceana Fishing group Oceana ... The company has to ensure it complies to secure its mining rights, and also depends on large infrastructure spending, which means it needs to comply with procurement objectives. Its Ntsika fund...

Italian firms sue S.Africa over black mining law - Reuters

Mar 9, 2007 ... The Italian owners of two granite firms are suing South Africa for 266 million euros ($350.4 million), arguing that laws which force firms to sell stakes to ... Major South African mining companies support the empowerment program although some have complained about delays in approving new licenses or...

Black Economic Empowerment - Wikipedia

Black Economic Empowerment (BEE) is a racially selective programme launched by the South African government to redress the inequalities of Apartheid by giving certain previously disadvantaged groups of South African citizens economic privileges previously not available to them under White rule. It is a form of...

What you need to know about the 2017 Mining Charter - ENSafrica

Jun 16, 2017 ... A minimum of 44% of total mining goods procurement spend must be set aside for sourcing "South African Manufactured Goods from BEE Compliant Manufacturing Companies" (which are defined as companies that manufacture goods, that have a minimum B-BBEE level 4 on the Department of Trade and...

Media-reported corporate governance transgressions in broad ...

ABSTRACT. The study explored the nature of publically identified corporate governance transgressions relating to deals designed to promote black economic empowerment (BEE) at 22 South. African mining companies. A review of South. African English language newspaper articles was undertaken for the period 1...

As South Africa loses its mining lustre, these countries are waiting to ...

Feb 17, 2015 ... Pretoria recently added new codes of good practice to the BEE, which target employment equity and management. This legislation assumes a 26% ownership by local black economic partners and 40% Africans at the management level. It is not easy for some mining companies to comply. The redrafted bill...

Reconfiguring South Africa's BEE Models in Mining: Linking profits ...

Jul 12, 2016 ... The mineral resources minister recently gazetted an amended Mining Charter, which generated a good deal of controversy. Although the revised charter retains the principal target of achieving 26% ownership of mining companies by historically disadvantaged South Africans, it adds the requirement of...

Banks 'nervous' over BEE mining deals | African news network 7

Jun 27, 2017 ... “The charter will affect on our ability to finance the mining industry,” said Ursula Nobrega at Investec, one of South Africa's big five banks. ... With mining companies using diminishing cash flows to finance empowerment deals, “there could be fewer bankable transactions”, Sandile Mbulawa, head of resource...

SA to align BEE mining laws with DTI codes - Miningmx

May 7, 2015 ... [miningmx.com] – MINING companies may have to brace themselves for more stringent black economic empowerment requirements than the ownership targets set out in the Mining Charter. The Department of Trade and Industry (DTI) dropped a bombshell this week when it said in a notice that broad-based...

Black Economic Empowerment | South African law | Britannica.com

In Patrice Tlhopane Motsepe …to benefit from the country's Black Economic Empowerment (BEE) laws, which required companies to have a minimum 26 percent black ownership before a mining license would be granted. In 1994 Motsepe founded a mine services company, Future Mining, and applied all of his life...

Zwane's radical Mining Charter in the firing line | Daily Maverick

Jun 16, 2017 ... By value, the Chamber represents 90% of South Africa's mining companies. Mgojo said there were “brightly flashing red lights” in the charter. He noted the ownership regulations and the 2% of turnover that will be levied to establish the Mining Transformation Development Agency. The Chamber questioned...

Views - How the Mining Charter May Affect Your Portfolio - Sharenet

Apr 26, 2017 ... Despite having a diversified economy, South Africa is still very dependent on the mining and resource industry. ... Charter, let's have a closer look at the draft Charter and the likely changes, as well as the current BEE credentials of mining companies and which are likely to be impacted by different scenarios.

The implications of the new look South African Mining Charter ...

Oct 18, 2016 ... SA Minister of Mineral Resources is pushing to finalise revisions to the country's Mining Charter; focussing on restructuring Broad Based Black Economic ... the company must replace that shareholder with other black empowerment shareholders within three years, to ensure the ratio of 26% is maintained.

Boosting black ownership of South African mines - Mining Technology

Aug 21, 2017 ... The proportion of goods that must be sourced from black-owned and South African-based companies must increase to 70% within three years, and 80% of services will have to be sourced from Black Economic Empowerment (BEE) registered companies. While the percentage of black junior managers must...

South Africa: Sibanye acquisition of US platinum mine passes ...

Jan 20, 2017 ... Through the Chamber of Mines, mining firms oppose the new Mining Charter, which will impose higher royalties and greater black economic empowerment (BEE) requirements on mining companies. BEE strategies were originally introduced for each sector when South Africa embraced democracy in 1994.

Black Economic Empowerment (BEE) - AEL Mining Services

Black Economic Empowerment (BEE). With its roots firmly in South Africa, AEL recognises the role it has in Black Economic Empowerment through a combination of various initiatives and programmes, including: empowered ownership of the company; procurement of products and services from black suppliers; employment...

Mining - B1SA

Broad-Based Socio-Economic Empowerment Charter for the South African. Mining Industry. VISION. All the actions and commitments set out below are in the pursuit of a shared ... economic empowerment (BEE) and transformation at the tiers of ... opportunities with mining companies operating outside of South Africa;.

South Africa just hiked black ownership rules, miners ... - MINING.com

Jun 15, 2017 ... Mining companies operating in South Africa, including Anglo American (LON:AAL) and Sibanye Gold (JSE:SGL) (NYSE:SBGL), saw their stock collapse Thursday after the country's goverment increased the minimum black ownership requirement for local mines and set a 12-month deadline for them to...

ICSID Arbitration Filed Over South Africa's Black ... - Opinio Juris

Feb 20, 2007 ... European-based investors in South Africa's mining industry have mounted an international arbitration against the South African Government alleging that that country's new Black Economic Empowerment (BEE) mining regime violates the terms of investment protection treaties concluded by South Africa...

Webber Wentzel | Mining Charter III

Jun 15, 2017 ... Proposals under the Mining Charter III. Ownership. 26 per cent of the shares in Global Mining Companies must be held by Historically Disadvantaged South Africans (HDSAs). Further, such ownership must accord with the principle of "meaningful economic participation" which requires that: BEE...

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