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Alexkor - Richtersveld Joint Mining Venture

Category: Agreement
Date: 8 August 2007
Sub Category:Joint Venture Agreement (South Africa)
Location:Alexander Bay, North West Province, Republic of South Africa
The Richtersveld is situated in the north-western corner of the Northern Cape Province, close to the Namibian border.
Alternative Names:
  • Richtersveld Pooling Sharing Joint Venture (PSJV)
  • Subject Matter:Collaboration / Partnership | Compensation | Mining and Minerals
    Summary Information:
    The Alexkor-Richtersveld Joint Mining Venture was agreed between Alexkor Ltd, a South African Government-owned diamond mining company, the South African Government and the Richtersveld Community.

    The mining venture that is the subject of this agreement is located in the Richtersveld, an area of land that was the subject of a long-running court battle for restoration of customary ownership. The property rights that were restored to the community by the Constitutional Court in the decision Alexkor Ltd v Richtersveld Community and Others (2003) CCT19 included ownership of all minerals, including diamonds, found in the land.

    Under the terms of the agreement, the state's stake in Alexkor Ltd is reduced from 100% to 51%, while the community will own 49% of the company.

    Related Entries

    Agreement
  • Richtersveld Community Land Settlement
  • Organisation
  • Alexkor Limited
  • Government of the Republic of South Africa
  • Legal Resource Centre
  • Legislation
  • Mineral and Petroleum Resources Development Act, 2002 (South Africa)
  • Mineral and Petroleum Resources Development Regulations, 2004 (South Africa)
  • People
  • Richtersveld Community
  • Case Law
  • Alexkor Limited v The Richtersveld Community and Others Case CCT19/03

  • References

    General Reference
    Department of Foreign Affairs, Republic of South Africa (2007) Statement on the Cabinet Meeting of 8 August 2007
    Mining Weekly Online (8 August 2007) Cabinet approves Alexkor-Richtersveld deal
    IOL online (19 October 2006) Richtersvelders happy with land settlement
    Wyndham Hartley, Business Day (13 August 2007) Richtersveld Claim Settled
    Matthew Hill, Mining Weekly Online (24 April 2007) DPE, Richtersveld community ink long-awaited Alexkor deal
    Mail and Guardian Online (17 May 2007) Alexkor threatened by Richtersveld claim
    Anon, hosted by 'Natural Resources and Sustainable Development' website Socio-economic consequences of the restructuring and privatisation of the Alexkor diamond mine Report on project SAF/97/14 to the Department of Economic Affairs and Tourism of the Government of the Northern Cape Province, South Africa
    Newspaper Article
    Matthew Hill Mining Weekly (27 November 2007) SA court approves Richtersveld agreement, Alexkor to be recapitalised

    Glossary

    Joint Venture Agreement (South Africa)

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