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Listed South African mining companies had another bad day at the office on Monday as shares tracked further into negative territory following adjustments to the mining charter last week.
Mining stocks were still reeling following Mineral Resources Minister Mosebenzi Zwane’s 30% BEE share announcement.
Harmony Gold, Sibanye and AngloGold Ashanti each lost over 5% in early trade in Johannesburg. Later in the morning, some stocks began to recover, but reports indicated that R50bn has been wiped off miners’ market values on the JSE.
Uncertainty in the sector looks set to remain as months or even years of legal battles lie ahead. One wonders what the ANC will tell Zwane in a planned, urgent meeting over the new charter…
Cyril Ramaphosa: The Audio Biography
Listen to the story of Cyril Ramaphosa's rise to presidential power, narrated by our very own Alec Hogg.