South Africa Retains 26% Black Ownership Target for Mining Companies

1 July 2010 (Last Updated July 1st, 2010 18:30)

South Africa has retained its 26% black ownership goal for mining companies and raised targets for training as it tries to boost participation in the industry by people disadvantaged by apartheid. According to a 2004 Mining Charter, companies are required to sell 26% of their assets to b

South Africa has retained its 26% black ownership goal for mining companies and raised targets for training as it tries to boost participation in the industry by people disadvantaged by apartheid.

According to a 2004 Mining Charter, companies are required to sell 26% of their assets to black investors by 2014.

A new mining strategy signed by the government, industry and labour unions requires black investors to be given full shareholder rights, reports Bloomberg.

Mining companies are required to increase spending on training to 5% of their annual payroll by 2014, according to the document.

South Africa is the world's biggest producer of platinum and ferrochrome.