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Alexkor - Richtersveld Joint Mining Venture
|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.
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