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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