- South African miners are lower after the country's mineral resources minister announces plans to suspend the granting of applications for prospecting and mining rights as well as renewals, pending a court case to review new mining laws.
- The minister’s move raises the stakes in his dispute with South Africa’s mining sector after he published controversial new rules last month aimed at sharing the country’s mineral wealth more broadly but which companies say will destroy the industry.
- The Chamber of Mines, which represents South Africa's major mining companies, says it would challenge the move in court if the minister does not back down.
- South Africa holds the biggest reserves of platinum, chrome and manganese, and mining companies operating in the country include Anglo American (LON:AAL) (OTCPK:AAUKF, OTCPK:AAUKY) and Glencore (LON:GLEN) (OTCPK:GLCNF, OTCPK:GLNCY).
- Among South African precious metals miners: AU -0.7%, GOLD -0.2%, GFI -1%, HMY -0.5%, SBGL -1.4%.
- Now read: Anglo American: Let It Grow
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