The 30% ownership target in the suspended Mining Charter was considered too tame by some stakeholders in the sector, says Mineral Resources Minister Mosebenzi Zwane. At a Black Business Council breakfast, Zwane described the controversial third version of the charter as a tangible sign that the government was serious about radical economic transformation and said beneficiation of minerals was a way of opening the economy to a broader segment of the population. While the charter has been suspended since it was gazetted on June 15 as the Chamber of Mines seeks to interdict it and have the document judicially reviewed, Zwane stuck to his guns about its intentions to redress the industry’s legacy. The chamber argued that the targets set out in the third charter were unrealistic and damaging to the industry, which the minister dismissed. "We believe they are realistic and achievable," he said. "It’s our firm belief that the 2017 Mining Charter gives practical expression to the meaning of...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now