South African mining giant Gold Fields has struck a deal to sell a 15% shareholding to a black-run group to comply with new laws to strengthen black influence over the white-dominated economy.
Gold Fields sold the 15% shareholding to Mvelaphanda Resources for 4.1bn rand ($514m; £311m) in what it said was a "broad based black economic empowerment deal".
The law requires firms to transfer 15% of their mining interests within five years.
Mvelaphanda is a small mining firm run by black businessman Tokyo Sexwale.
Already co-operating
Mr Sexwale, who sits on Gold Fields' board as a non-executive director, runs a consortium of firms linked to community based development trusts.
The two firms "have a history of deals and co-operation and a relationship which is already established," said Alan Cooke, a mining analyst with HSBC in Johannesburg.
Mvelaphanda had previously agreed a joint exploration deal with Gold Fields, he said.
Gold Fields said it believes the deal "encompasses both the spirit and the letter of the Mining Charter on a basis which is commercially sustainable for both Mvela Resources and Gold Fields".
Outside the mining sector, oil giant Total has also handed over 25% of its voting rights to a black empowerment group.
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