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Sibanye Gold concerned by mining empowerment bill

JSE listed gold mining company Sibanye Gold said on Monday it was disappointed by the lack of consultation over a revised black empowerment charter published by the mines ministry.

Mining companies are expected to keep black ownership at 26 percent, the government said on Friday, at a time when the state and the sector are at odds over the policy meant to spread economic wealth to the black majority.

"The proposed Mining Charter contains aspects that are not acceptable in our view," Sibanye Gold CEO Neal Froneman said in a statement without elaborating.

AngloGold Ashanti said in a separate statement that it had not contributed to the new draft before it was published while Harmony Gold said it would take part in talks over the proposed new law.

The government wants to enforce a requirement that 26 percent of all mining companies be in black hands. Companies however say they should be considered to have met the regulation even when black owners have sold their shares in the firms.

The draft law will be available for public comment for a 30 day period starting April 15, mining authorities said.

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