The simplification of black economic empowerment (BEE) rules in South Africa is nearly complete.

The South African National Accreditation System (Sanas), the regulator overseeing BEE, is close to completing its system of verification.

For the first time, the new system of verification will provide a single set of rules for agencies to apply when judging companies for BEE accreditation.

"We expect the criteria to be ready by the end of this month," said Sanas director Sean MacCurtain, reports Business Day.

"That means the agencies can apply [for accreditation] at the beginning of August."

Agencies overseeing company BEE efforts will have to apply for accreditation within 180 days of the code being published.

"The accreditation will ensure that the market has confidence in the work of the agencies," said Theo Lombard of agency Empowerlogic.

Companies with their main operations in South Africa dominate the platinum industry.

The world's second largest platinum producer Impala Platinum recently sold a 7.5 per cent stake in its Marula platinum mine in a BEE deal.

The agreement with Mmakau Mining takes black economic ownership in the Marula mine to 22.5 per cent.

Ÿ Adfero Ltd