South Africa's powerful mining houses say they have reached a truce with the country's government over new mining legislation.

The final charter will set targets to increase black participation in the industry.

"Use It Or Lose It" is the message for mining houses with extensive privately-owned ore reserve not being developed.

All mineral rights now have to be registered with the state and any company which isn't mining risks losing its reserves to rivals, among them many aspirant black-owned mining companies.

The whole mining industry now has accepted the idea of mineral rights under the custodianship of the State

Alan Fine, Anglogold

The draft charter had been keenly contested by many including Anglo Platinum - the world's biggest platinum producer - which was planning a legal challenge to the new law until a few days ago.

Other big, traditionally white-owned companies, such as Anglogold, seem to be less worried about the charter.

'Achievable targets'

A draft version of the charter, setting targets for the sale of mining assets to black businesses, was leaked earlier this year and unnerved investors.

Anglogold public affairs manager, Alan Fine, described the targets set out in the leaked charter as "unmeetable" and said it had created misunderstandings within the industry.

But Mr Fine told the BBC's World Business Report his company is quite confident targets set out in the final version will be achievable.

"The whole mining industry now has accepted the idea of mineral rights under the custodianship of the State," he said.

And Anglo American Platinum Chief Executive Barry Davison, who was heavily involved in negotiations, had described the final document as "a satisfactory compromise between government's political imperatives and the commercial realities of the industry".

Common agenda

Phumzile Mlambo-Ngcuka, South Africa's minister of mining and energy, told the BBC's World Business Report there is nothing in the governments plans that will frustrate industry in any way.

"We need industry, industry we think needs us, so we want a common agenda as much as possible," she said

"We want to retain the traditional white mining companies, we want very strong black economic empowerment and we want foreign investors, and we don't see a contradiction there.

"We would expect them to take black partners into their business going forward so that in that way we bring in blacks into the mining industry."