South African Parliament to Adopt Mineral Law Changes Next Year
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Amendments to South Africa’s mining and oil laws to ensure the country benefits more from its natural resources need refinement and won’t be adopted until next year, Faith Bikani, the acting chairwoman of Parliament’s mineral resources committee said.
Proposed changes to the 2002 Mineral and Petroleum Resources Development Act include giving the state the right to a free 20 percent stake in all new energy ventures as well as compelling some mining companies to sell part of their output to local processors. Miners Anglo American Plc and BHP Billiton Ltd. have said the measures will hurt business, discourage investment and may violate South Africa’s constitution and its international trade obligations.