POLICY CERTAINTY
State eases some of the more controversial provisions in Mining Charter
SA eased some of the more controversial provisions in the final version of the Mining Charter as the government seeks to provide policy certainty and ease investor concerns. While holders of new mining rights must still give employees a 5% stake in the assets, they can choose to offset another 5% for nearby communities by investing in community development instead, mineral resources minister Gwede Mantashe said on Thursday. The long-awaited charter was approved by the cabinet on Wednesday. Separately, the cabinet also approved a plan to withdraw the long-delayed Mineral and Petroleum Resources Development Amendment Bill, he said. The charter is a set of rules aimed at distributing the industry’s wealth more widely among South Africans to make up for racial discrimination during apartheid. The free carry — which was included in a June draft and means the respective groups do not have to buy their shares or pay their way — was heavily criticised by the industry as likely to make new p...
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