Mining. De Beers sells 26% of SA operation in compliance with South Africa's mining charter

De Beers, the well known diamond company has sold 26 percent of its South African operation to Ponahalo, a black- owned consortium, for approximately $575 million.

The sale is compliance with South Africa's mining charter that stipulates that 15 percent of mining companies' units of production, not 15 percent of their assets, has to be black-owned in the medium term, and 26 percent in the longer term.

Ponahalo,is owned by Mannie Dipico, a former premier of the Northern Cape province who is now head of the election committee of the ruling African National Congress.