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September 9, 2008

Small BEE mining firms go for quick cash

The state had received "sheer numbers" of applications this year to transfer mining licences from black economic empowerment (BEE) entities to new owners, degrading the aims of the mining charter, a senior minerals and energy department official said yesterday.

"Huge carrots are being offered to BEEs to sell their assets," Futhi Zikalala, the deputy director-general of mining policy and promotion, told the Coaltrans South Africa conference in Johannesburg. "It's quite disturbing for South Africa, as it indicates a lot of assets granted to BEEs are not remaining in their hands."

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Posted by StaffWriter at September 9, 2008 7:30 AM