It is reported that Sasol has sold a 20% stake in its coal mining unit to firms controlled by black women in a USD 269 million deal.

A firm called WIPCoal Investments bought the 20% stake in Sasol Mining through a new share issue. The deal will create a new firm called Ixia Coal, with Sasol holding a 49% stake.

The rest of Ixia will be held by firms representing black women, including a firm called Mining Women Investments, comprising 5,000 black women living in rural areas or on the fringes of cities where Sasol operates.

Sasol said that the women will receive dividends from the new company, which will eventually start its own mining operations.

South Africa's mining industry, the economy's largest export earner which brought in USD 43 billion in 2009, has come under increasing political pressure to diversify its ownership, 16 years after the end of apartheid.

Government warned last month that mining firms could lose their licenses if they fail to meet targets for black ownership in the industry.

The ruling African National Congress also announced that it would consider proposals for nationalizing mines, amid pressure from the party's youth league.

(Sourced from www.timeslive.co.za)