Gwede Mantashe sees no reason to punish miners whose BEE partners sell for a quick buck
The new minister, who says talks on a new charter are 80% done, also has a word of warning for the Optimum business rescue practitioners
Talks on a new Mining Charter are about 80% completed and the new document guiding transformation of the South African mining sector will be ready and gazetted in May, giving the industry greater policy confidence, says Mineral Resources Minister Gwede Mantashe. He says the Department of Mineral Resources will not appeal against a High Court ruling that found in favour of the Chamber of Mines, when the chamber applied for a declaratory order on the continuing consequences of past deals and that mining companies are not obliged to perpetually top up their black ownership levels to at least 26% in line with the first two charters. Mantashe, who has been involved in the mining industry for three decades, said at a one-day platinum conference in Johannesburg on Tuesday that he had no tolerance for empowerment partners who "speculated" on their shares in a mining company and sold out quickly to make an easy profit, but he also singled out mining companies that treated their partners inco...
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