NEWS ANALYSIS: Minerals Council can still lobby over Mining Charter on long road to resolution
There is still a long way to go before the Mining Charter can be gazetted, giving the Minerals Council time to lobby for changes to aspects of the document some say it brought on itself and that many argue makes local mining investor unfriendly. The draft charter, which replaces the unmitigated disaster then-mineral resources minister Mosebenzi Zwane gazetted on June 15 2017, was met with an outcry about shortcomings in the document that lays out racial transformation objectives for mining companies. The charter is a vast improvement on Zwane’s charter, but there are major concerns, not least around the 10% free-carried shares equally split between employees and communities as a condition of new mining rights, the top-up to 30% black ownership from 26% for existing mining rights and a 1% trickle dividend to be paid to the free-carried shareholders from the sixth year of a new right. A participant in the charter talks during the past two months said the Department of Mineral Resource...
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