Asisa ‘not consulted’, demands Zwane withdraw Mining Charter
The Association for Savings and Investment SA says it has not been consulted on the controversial Mining Charter and wants it withdrawn
The Association for Savings and Investment SA (Asisa), which represents companies managing more than R7.7-trillion in assets, said it had not been consulted on the third-iteration of the Mining Charter and asked Mineral Resources Minister, Mosebenzi Zwane, to withdraw it. The charter is the subject of a judicial review brought by the Chamber of Mines, a challenge which prompted Zwane to suspend implementation of the document until a full bench of judges had heard the matter in December, and passed judgment. The gazetting of the charter’s third version in mid-June wiped R51bn off the market capitalisation of JSE-listed mining shares as investors took fright at the demands for black ownership levels to be increased to 30% from 26% within 12 months; the imposition of a 1% charge on the revenue line to pay empowerment partners ahead of other shareholders and creditors; and onerous demands around procurement. Leon Campher, CEO of Asisa, said Zwane should appoint a "proper representative ...
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