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BRIEF-Moody's says new mining charter credit negative, unlikely to be implemented

Published 21/06/2017, 06:23 pm
© Reuters.  BRIEF-Moody's says new mining charter credit negative, unlikely to be implemented

June 21 (Reuters) - Moody's:

* Moody's - Revised south African mining charter is credit negative for mining companies

* Moody's on s African mining charter - Higher BEE equity holding requirement is credit negative, will likely require miners to use cash or raise debt

* Moody's on South African mining charter - "We Expect that current shareholders are unlikely to support a further dilution of their equity interests."

* Moody's on mining charter - Revised charter not clearly drafted, is ambiguous in many areas, allowing for no. Of different interpretations

* Moody's - Revised mining charter credit negative for s African mining cos as requirements will add to cost of operating mines, reduce free cash flow generation

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