"We cannot continue to conduct business along racial lines... NAFCOC and SACOB have made a very significant move, a move that will bring us closer to true political and economic democracy

Sabelo Macingwane NAFCOC chief executive

The hope is that the new group - to be called the South African Federated Chamber of Commerce Council (SAFCOC) - will help re-energise black economic empowerment.

In total, the black majority owns 5.3% of the local stock market including all so-called "black chip" investment, down from 9.6% in 1998.

They also hope that by bringing black and white businesspeople closer together, the country may better avoid the strife that is engulfing South Africa's northern neighbour, Zimbabwe.

There, the government has just announced a mass renationalisation programme as the economy collapses.

Crossing the line

Many South Africans see the failure to integrate black and white businesses as one of the reasons the land reform programme there has gone awry.

"We cannot continue to conduct business along racial lines," said NAFCOC chief executive Sabelo Macingwane in a newsletter.

"NAFCOC and SACOB have made a very significant move, a move that will bring us closer to true political and economic democracy."

The move, said Mr Macingwane, could help those previously excluded from the business environment - 60% of whom are in rural areas.

SACOB chief Kevin Wakeford said it was the first multiracial approach to investment in South African history.

"As people across the colour line interact, there will be increased opportunities for matchmaking on private sector projects," he said.

"Enterprise development will receive a major boost, encouraging black entrepreneurs, previously excluded from the economic mainstream, to participate at least at base level."

Gold fight

As the announcement was being made, a black-led group was putting black empowerment into practice by lining up a takeover bid for some assets of one of South Africa's biggest mining concerns.

The group, led by Khumo Bathong Holdings and three other companies, gave no details of their bid for four AngloGold mines in the mineral-rich Free State province.

But they said they had "adequate funding", for the buyout, which some analysts estimate at being worth 2.2-2.8bn rand ($244m-$311m).

Consolidation is key to realising the potential of South Africa's gold reserves, the group said. "The Free State gold fields are particularly suited to such consolidation, based on a strategy of sustainability rather than short-term exploitation."

But a battle could be on the cards, since Harmony Gold is thought to be bidding for some of the same mines, although it has yet to say more than that it is in talks with a third party.

AngloGold said early in October that it was considering an offer for its mines in the Free State.