 South African blacks are getting poorer |
A South African investment firm established to promote black ownership has signed a deal with leading platinum producer Anglo American Platinum to develop an area in the north-east of the country. Under the deal, Khumama Platinum will gain a 50% stake in the Booysendal project near Johannesburg.
Khumama comprises three black-owned investment consortiums, including one led by prominent black businessman Paseka Ncholo.
South Africa is actively pursuing empowerment policies in a bid to transfer assets to black businesses to redress the legacy of decades of apartheid rule, which left control of the mainstream in the hands of minority whites.
Khumama will be granted mining rights to the Johannesburg and Sheeprun farms on the Booysendal project, which is on the eastern limb of the platinum-rich Bushveld complex.
The plans have already been approved by the Department of Minerals and Energy, Platinum Today reports.
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