Global miner BHP Billiton on Tuesday announced it had approved to sell a portion of stakes of 8 per cent in its South African coal arm to a consortium of black investors led by investment firm Pembani Group (Pty) Ltd. to help meet regulation requirements of black ownership targets.
Mine operators in South African are required to have 26 per cent black ownership by 2014 in an effort to reallocate wealth especially to those disadvantaged under apartheid. Mining rights awarded to operators could be revoked if they fail to meet the requirements.
BHP Billiton Energy Coal South Africa (Becsa) said it had also consented to an arrangement that would extend a 2 per cent stake to participating employees, further boosting its black shareholders.
South Africa's mining charter imposes a 26 per cent black ownership rule by 2014.
Becsa, South Africa's second-biggest exporter of thermal coal, is "now in a position of more than meeting the transformation requirements" of South African law, the company said in a statement on its Web site.
Pembani Group (Pty) Ltd., formerly known as Worldwide African Investment Holdings (Pty) Ltd., is an investment company with interests in mining and petroleum.
BHP Billiton yielded 34 million metric tonnes of thermal coal in South Africa in the fiscal year to June 30. About 13 million tonnes were exported.
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