De Beers has expressed today its full support black economic empowerment. The South African diamond miner says it recognizes the need for transformation and for the economic empowerment of historically disadvantaged persons in the South African mining industry. 

However, the company continued to say that until the South African Minerals and Petroleum Resources Development Act becomes fully effective, it would not formally be able to commence the process of addressing the criteria set out in the relevant legislation.

Following is the full media release:

De Beers keen to formally address BEE issue

De Beers and its shareholders recognise and fully support the need for transformation and for the economic empowerment of historically disadvantaged persons in the South African mining industry.

The Minerals and Petroleum Resources Development Act, although not yet in force, sets out a number of criteria in attaining these objectives. Until the Act, its ancillary legislation and other regulatory requirements necessary for the Act to become fully effective have been formalised, De Beers will not formally be able to commence the process of addressing the criteria set out in the relevant legislation.

However, as a first step De Beers has appointed financial and legal advisors - Rothschild, Investec Corporate Finance, Webber Wentzel Bowens and Maitland & Co - to assist it in achieving De Beers' transformation and economic empowerment objectives and in examining the alternatives open to the company.