A top level meeting was taking place in South Africa on Wednesday between cabinet ministers and bosses of the big mining groups about how to increase black ownership in the sector.

Last month a government document was leaked which suggested that 51% of all mining operations should be in the hands of black empowerment groups within 10 years.

The government has said this charter is a negotiating document rather than policy.

It also said on Wednesday that it had no intention of nationalising any part of the mining industry, despite fears to the contrary.

In a statement, the government added: "It is vital as we aim to transform our industry that it continues to offer investors complete security and competitive returns."

But nervous investors have been dragging down the share prices of mining companies over the past few weeks for fear that a change of ownership could be forced through in the near future.

No answers

Ian Cockerill, the chief executive of Gold Fields, South Africa's second biggest gold producer, told the BBC's World Business Report that no-one in the industry was against the principal.

Ian Cockerill admits mining companies have not yet found the answers

The mining sector has been accused of being very slow in making a difference in how the industry is managed.

"The ownership landscape is in a very different shape to what it was six or seven years ago," Mr Cockerill said.

Critics say, however, that mining companies have commercially sold core assets to other players in the field, and that there is no black ownership of the so-called "cash cows".

"Anyone can go onto the open market and buy our stock - how do we find mechanisms which will enable us to affect a levelling of the playing field," he asked.

"It is a very challenging process and as yet we have not come up with the answers," he said.

Profit before ethics

Meanwhile, Professor Thomas Walde, who has advised governments on ownership in the mining sector, told the BBC's World Business Report he is concerned that any rapid transfer of ownership would encourage cronyism and corruption.

He said that many people who bought such assets, did so to make a quick profit.

"Almost never in these developing countries... did local people invest for the long term," he said.

He cites Nigeria as a good example, where there are many effective businessmen who only want to make "a quick buck".

He has suggested to the South African government that companies set up funds to finance the buying of shares.

He also maintains that for any system to work, there needs to be a good governance, law and order and tight control on cronyism before selling assets to local people.

Otherwise it will be a sham: the rich will take the money, "and put in into a bank account in Switzerland", he said.