Miners frozen out as SA braces for empowerment rules
Miners are out of the loop on regulatory changes that could raise costs and impose new levies, and NUM wants at least 10% of mining companies owned by employees
Mining companies in SA have been frozen out of consultation over regulatory changes that could dilute shareholders, raise costs and impose new levies to fund community development. Last week, SA’s Cabinet approved a new draft of the country’s Mining Charter and Mineral Resources Minister Mosebenzi Zwane has promised it will be gazetted within weeks. Yet while labour leaders have been consulted on the long-delayed new rules, the Chamber of Mines, which represents producers, says it "does not have any insight" into the latest version and hasn’t met government officials on the subject since March. The looming dispute threatens to prolong uncertainty and further slow spending in SA’s biggest export industry. Fixed investment in mining dropped in each of the past two years and companies, including Sibanye Gold, have warned that any new investment will be a tough sell in the current environment. "The government and the Chamber of Mines haven’t really sat down on this issue, and much of th...
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