- Miners including Anglo American (LON:AAL) (OTCPK:AAUKF, OTCPK:AAUKY), Glencore (LON:GLEN) (OTCPK:GLCNF, OTCPK:GLNCY), Impala Platinum (OTCQX:IMPUY) and South32 (OTCPK:SOUHY) fall sharply on global markets after South Africa increased the minimum black ownership requirement for local mines and set a 12-month deadline for compliance.
- The government will raise the requirement to 30% from the current 26% to ensure more proceeds from South Africa’s natural resources flow to the black majority, the country's Mining Minister says.
- Most mining companies reached the 26% level under previous versions of the rule but many of the black investors have since sold out; the government says the new rule will apply regardless of whether the companies sold shares or assets to black investors that later divested.
- In U.S. premarket trading: SBGL -2.7%, AU -2.5%, GOLD -1.9%.
- Now read: Glencore's Position In The Commodities World
Original article