{"id":505336,"date":"2017-06-15T13:15:39","date_gmt":"2017-06-15T13:15:39","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=505336"},"modified":"2017-06-15T13:15:39","modified_gmt":"2017-06-15T13:15:39","slug":"south-africa-just-hiked-black-ownership-rules-miners-getting-crushed-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=505336","title":{"rendered":"South Africa just hiked black ownership rules, miners getting crushed"},"content":{"rendered":"

By analyst<\/a><\/span> <\/p>\n

By Cecilia Jamasmie<\/a><\/span> <\/p>\n

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 comply with the new rules.<\/p>\n

Companies operating in the country will have to raise their black-owned stakes to 30%, from the previous 26%.<\/p>\n

Under the revised version of the country’s Mining Charter, companies now have to raise their black-owned stakes to 30%, from the previous 26%<\/a>, to ensure more proceeds from the country’s natural resources flow to the black majority, Mineral Resources Minister Mosebenzi Zwane said, FT.com reported<\/a>.<\/p>\n

Sibanye, South Africa’s largest gold producer, dropped 7.4% at 1:00PM in Johannesburg and it was 2.65% down in New York at 10:00AM ET, while AngloGold Ashanti (NYSE:AU) was 2.80% in New York at 10:04AM.<\/p>\n

Kumba Iron Ore (JSE:KIO) was 5.7% lower in late afternoon trading. Anglo American fell 6% in London.<\/p>\n

The charter was introduced in 2002 in the world’s top platinum producer to increase black ownership in the mining sector, which accounts for roughly 7% of South Africa’s economic output.<\/p>\n

The new rules include a requirement for miners to pay 1% of annual revenue to communities and give control to black owners of new prospecting rights.<\/p>\n

Companies will also have to guarantee that at least 80% of their total spending goes to local firms, including a minimum of 65% of spending of services to black-owned suppliers.<\/p>\n

More to come\u2026<\/p>\n

The post South Africa just hiked black ownership rules, miners getting crushed<\/a> appeared first on MINING.com<\/a>.<\/p>\n

\u2026read more<\/a> <\/p>\n

Source:: Infomine<\/a><\/p>\n

The post <\/a>South Africa just hiked black ownership rules, miners getting crushed<\/a> appeared first on Junior Mining Analyst<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By analyst By Cecilia Jamasmie 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 comply with the new rules. Companies operating in the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/505336"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=505336"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/505336\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=505336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=505336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=505336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}