The tortuous process of enacting the Mineral Petroleum and Resources Amendment Bill showed some progress on Tuesday with a contested passage through the National Assembly. The bill, adopted by Parliament about two-and-half years ago, was referred back to Parliament by President Jacob Zuma on constitutional grounds. It will now go to the National Council of Provinces and stakeholders are hoping that they will be able to make further inputs during public hearings. The lack of legislative certainty in the country’s declining mining sector has been a serious concern to potential investors and has also been raised by credit ratings agencies ahead of their assessment of SA’s sovereign rating. The president’s concerns were related to possible contraventions of SA’s international trade obligations and elevates the mining charter to the status of legislation. The minister will be able to designate minerals as strategic to promote local beneficiation and restrict exports. Neither the Departme...
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