Footnote 8

Some equity in mining companies is also held by community groups or Indigenous/First Nations (in Canada) on whose territory the company operates.

In South Africa, so-called “Black Empowerment” (Section 21) mining companies have also gained significant stakes in projects or outfits formerly “white” controlled. A discussion of the benefits or pitfalls of this – whether economic, political or in terms of actual shareholder empowerment – is regrettably outside the scope of the current paper.