Mineral Resources Minister Mosebenzi Zwane has welcomed the decision by the Competition Commission to refer the matter of collusion by banks to the Competition Commission for prosecution.

The Minister says this vindicates the call made last year for an investigation into the banks.

"We trust that this matter will be speedily resolved, as it also directly affects the mining sector. Most significantly, it has a direct impact on our objective of radically transforming the mining sector, and increasing ownership by black people," Minister Zwane said.