South Africa is preparing to introduce new laws governing the black economic empowerment in May according to a senior minister, amid claims from senior companies that the process of BEE is already well advanced.

The mining minister Phumzile Mlambo-Ngcuka told the Indaba mining conference in Cape Town that firms had made good progress in complying with the new laws and revealed that further legislation was now pending.

The new mining charter demands that companies have 15 per cent black ownership within five years and 26 per cent after a decade, with platinum firms deemed ineligible for further mining licences unless they satisfy the criteria.

The requirements were first made clear last year, but yesterday marked the first occasion on which the ministry had indicated when the legislation would be in place by, following approvals from parliament.

'I'd like to inform you that in May this year we will promulgate the act,' said Phumzile Mlambo-Ngcuka.

'I am glad to report that we have no doubts that companies will be ready to comply well before the required five years,' Business Report quoted Mlambo-Ngcuka as saying.

Meanwhile, Angloplat took the opportunity to declare that it was well on the way to meeting the requirements laid down by the mining bill.