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Exxaro says BEE deal is ‘appropriate’ amid Mining Charter uncertainty

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Cape Town – Exxaro [JSE:EXX] believes its new black economic empowerment (BEE) restructure will be “appropriate” amid increased uncertainty over the new Mining Charter.

Mining firms lost over R50bn in market value within a day following the announcement of the Mining Charter, which was gazetted without any input from the Chamber of Mines, which represents 90% of South Africa’s mining firms.

The Mining Charter – announced this month by Mineral Resources Minister Mosebenzi Zwane - will force mining firms to restructure their ownership to ensure they have 30% black ownership within 12 months. It will also require a 51% black shareholding in all new prospecting licences.

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