Come talk to us, Zwane urges investors worried about Mining Charter
The government will publish the revised Mining Charter by next month, Mineral Resources Mosebenzi Zwane said at the Mining Indaba on Monday. The legislation is meant to redress racial economic inequality but has caused consternation in the industry, which has been struggling with lower commodity prices. A separate Mineral and Petroleum Resources Development Act will be finalised by June, proposing to give the government a 20% free stake in new energy projects and the ability to buy further shares. The Mining Charter was introduced in 2002 to increase black ownership in the mining industry, which accounts for about 7% of SA’s economic output. However, the Chamber of Mines, which represents most of the industry, has threatened to take the government to court over the latest draft, which requires companies to keep black ownership at 26% even if black shareholders sell their stakes. Chamber of Mines CEO Roger Baxter said: “We are not challenging the charter. We are fully supportive of t...
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