The 26 per cent proportion set aside for black ownership in the mining industry may ultimately be raised, according to the Chamber of Mines.

The mining charter entered into law last month, requiring local mining operations to be at least 26 per cent owned by black-led groups, but recent reports have suggested that figure could be much higher for new firms entering the industry.

Director general Sandile Nogxina has been quoted putting the figure as high as 51 per cent black ownership for new licences

However, the Department of Minerals and Energy has been keen to stress that the rules remain flexible.

"I don't think there is any need for panic that government is unyielding and unreasonable in its demands," Lesego Mncwango, spokeswoman for the Chamber of Mines, told Reuters.

"What we are reading from the department is that 51 per cent is kind of the upper limit in terms of new prospecting and new mining projects. But obviously that is negotiable up to the 51 per cent," she said.

The initial target for mining firms is a 15 per cent black ownership ratio within five years.