Mineral and Petroleum Resources Development Act, 2002 (Act No. 28 of 2002)NoticesCodes of Good Practice for the Minerals IndustryDefinitions |
means the debts of:
| (a) | HDSA participants incurred in financing their purchase of their equity instruments in the Measured Entity; and |
| (b) | juristic persons or trusts found in the chain of ownership between the eventual HDSA Participants and the Measured Entity but excluding debts incurred by the Measured Entity for the same purpose as those in (a); |
means an Entity with which a Seller has concluded a Qualifying Transaction;
means a juristic person, having share holding or similar members interest, in which black participants enjoy a right to Exercisable Voting Rights that is more than 50% of the total such rights measured using the Flow Through Principle;
means juristic person, having share holding or similar members interest, that is BEE controlled, in which black participants enjoy a right to Economic interest that is more than 50% of the total such rights measured using the Flow through Principle;
The term mineral "beneficiation" entails the transformation of a mineral (or a combination of minerals) to a higher value product, which can either be consumed locally or exported. The term "beneficiation" is used interchangeably with "value-addition" or "downstream beneficiation". The beneficiation of minerals includes downstream and side-stream linkages;
includes all African, Coloured or Indian persons who are South African citizens by birth or by descent or who were naturalized prior to the commencement of the interim constitution in 1993. In addition the term also includes black people who became South African citizen after the interim constitution's commencement but who would have been able to be naturalized prior to this, were it not for the Apartheid law which prohibited naturalization of certain persons;
means a joint consensus seeking process
means a claim against an Entity representing a return on ownership of the Entity similar in nature to a dividend right, measured using the Flow Through and, where applicable, the Modified Through Principles;
means a natural or a juristic person conducting a business, trade or profession in the Republic of South Africa;
means any practices or initiatives which are in contravention of or against the spirit of any law, provision, rule, procedure, process, system, policy, practice, directive, order or any other term or condition pertaining to black economic empowerment under the Codes.
means that companies that are owned or controlled by HDSA
means—
| (a) | Any person, category of persons of community, disadvantaged by unfair discriminations before the constitution took effect; |
| (b) | Any association, a majority of whose members are persons contemplated in paragraph (a); |
| (c) | Any juristic person other than an association, in which persons contemplated in paragraph (a) own and control a majority of the issued capital of members' interest are able to control a majority of members' vote; |
means collective investment, through ESOPS and mining dedicated unit trusts. The majority ownership of these would need to be HDSA based. Such empowerment vehicles would allow the HDSA participants to vote collectively ESOPS and mining dedicated unit's trusts.
means the value of the Equity Instruments held by HDSA's determined on the date of measurement less the carrying value of any acquisition debts of the relevant HDSA Participants on the date of measurement expressed as a percentage of the value of the Measured Entity on the date of measurement.
recognises and measures the entitlement of black people to the voting rights and economic interest associated with equity holding.
means a natural person holding rights of ownership in a Measured Entity;
means a sale of a business, valuable business assets or shares that results in the creation of sustainable business opportunities and transfer of specialised skills or productive capacity for HDSA participants;
is a collective term for the right to Economic Interest and the right to Exercisable Voting Rights;
means a standard valuation method for an asset, an Economic Interest, or any other instrument or right relevant to measurement under this code, undertaken using normal valuation methods that represent standard market practise;
means the control of the Enterprise, through the exercise of voting rights at shareholder meeting.