The high court in Pretoria struck down some changes to mining regulations that govern black ownership targets, in a move that could potentially revive investor interest in the sector.
In 2018, minerals and energy minister Gwede Mantashe adjusted the rules to stipulate that an ownership target of 26% for black investors in SA mining companies would remain in perpetuity, so miners that had previously met the threshold would need to find new black shareholders if the original ones exited their holdings.
The high court on Tuesday set aside that provision and other changes to the charter, backing a challenge by an industry lobby group that represents producers. The challenged clauses of the 2018 charter are unconstitutional, as the minister doesn’t have the power to make law, according to a ruling by the court.
The charter, first introduced in 2004, is aimed at distributing the benefits from mining more widely among South Africans to make up for racial discrimination during apartheid. Mining exploration and investment in SA, the largest producer of platinum and rhodium and formerly the world’s top gold miner, have dwindled in recent years amid regulatory uncertainty.
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