South32 says mining exploration in SA is out of the question for it until the draft mining charter is finalised. The diversified mining and metals firm, which released annual results on Thursday, said while it was on the lookout for greenfields opportunities and already had exploration projects in countries ranging from Peru to Alaska and even Sweden, SA was not on its radar. Investors have shunned SA’s mining sector in the face of uncertainty over mining policy. “Quite honestly, until we see how the mining charter and the free carry lands, it’s very hard to invest in exploration in SA,” said CEO Graham Kerr. The third draft of the charter, due to be finalised before year-end, proposes all new mining projects must give a “free carry” of 10% of the business to communities and employees, from the get-go. With proposals such as these, SA just does not stack up against other jurisdictions South32 is exploring, Kerr said. The future of mining in SA is precarious as exploration budgets ha...

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