The Supreme Court of Appeal (“SCA”) has recently handed down a judgment (Vantage Goldfields SA (Pty) Ltd & Another v Arqomanzi (Pty) Ltd and Others) which ushers in an interesting development to the interpretation of section 11 of the Mineral and Petroleum Resources Development Act, 28 of 2002 (“MPRDA”). The judgement relates to the much litigious matter(s) involving Vantage Goldfields Limited (“Vantage”) and its subsidiaries Vantage Goldfields SA (Pty) Ltd (“VGSA”), Vantage Goldfields (Pty) Ltd (“VGL”), Makonjwaan Imperial Mining Company (Pty) Ltd (“MIMCO”) and Barbrook Mines (Pty) Ltd (“Barbrook”) (collectively the “Vantage Group of Companies”) which first caught public attention in February 2016, when MIMCO’s Mpumalanga based gold mining Lilly Mine collapsed and claimed the lives of three employees (whose bodies have, to date, still not been recovered) and rendered the mine inaccessible and ultimately unable to continue operating.
The Supreme Court of Appeal has recently handed down a judgment Ltd & Another v Arqomanzi Ltd and Others) which ushers in an interesting development to the interpretation of section 11 of the Mineral and Petroleum Resources Development Act, 28 of 2002 .
The SCA had, amongst other things, to determine whether an issue of shares constituting 98% of the issued shares in Vantage to a new shareholder, viz. Macquarie Metals , required the consent of the Minister of Mineral Resources and Energy as contemplated in section 11 of the MPRDA, which provides that:
The Vantage Group of Companies’ contention was consistent to the common practice in the mining industry. Historically, some of the stakeholders in the industry have generally laboured under the understanding that Ministerial consent in terms of section 11 of the MPRDA was: It is important to point out that in the court a quo, Legodi JP held that the issue of the shares to Macquarie constitutes an “indirect change in controlling interest” which requires the Minister’s consent in terms of section 11 of the MPRDA. In arriving at his decision, Legodi JP maintained that an interpretation of the MPRDA must be consistent with the objects of the MPRDA as set out in section 2 of the MPRDA .
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