South Africa’s plan to create more black mining moguls was met with suspicion and tanking markets

For over century, the mining industry has been the bedrock of South Africa’s economy, but the industry has historically been run by a handful of wealthy white mining magnates exploiting poor black labor. Now a new policy promises to shake the industry to its core—and no one involved seems particularly happy with the proposal.

On June 17, mineral resources minister Mosebenzi Zwane unveiled the Mining Charter 2017, a new set of industry laws that promise to right the historical wrongs of...

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