Mining companies need to top up their black ownership levels to 30% from 26% within 12 months from the time the new Mining Charter comes into effect, Mineral Resources Minister Mosebenzi Zwane said on Thursday, adding companies seeking prospecting rights needed black ownership of 50% plus one.
The release of the latest iteration of the third charter, which was boycotted by the Chamber of Mines, citing a flawed process during the formulation of the policy document, and trade union Solidarity, laid out requirements for companies to allocate shares to employees, nearby communities and black entrepreneurs.
Zwane referred to the 2017 charter as an "instrument for radical economic transformation" of the mining sector.
"We cannot ignore the effective implementation of this charter to ensure meaningful change," he said.
The department was bulking up staffing to ensure compliance with the charter.