Signs of thaw in S Africa mine fight as Ramaphosa starts

Bloomberg

South African mining companies agreed to postpone a legal challenge to the government’s controversial new rules for the industry after President Cyril Ramaphosa said he’s committed to finding a solution to the dispute.
The presidency held talks with the Chamber of Mines lobby group following Ramaphosa’s state-of-the-nation speech, both sides said in statements.
The postponement “serves to allow parties the space to engage and find an amicable solution,” the presidency said in its statement. The chamber “is agreeable to the request by the presidency to give negotiations a chance,” the group said.
South Africa has the world’s biggest reserves of platinum, chrome ore and manganese. The Mining Charter, introduced in 2004, laid out rules and targets for areas such as black ownership to help to redress economic inequalities stemming from white-minority rule under apartheid. It was updated in 2010, and again last year.
The industry had complained that it wasn’t properly consulted on the latest version, which places extra levies on companies and raises requirements for black ownership, and argued that the changes will deter investment.
“I am certain we will be able to resolve the current impasse and agree on a charter that both accelerates transformation and grows this vital sector of our economy,” Ramaphosa said.