More amendments to minerals bill
The Department of Mineral Resources looks to provincial legislatures to give the nod to 56 new changes after Zuma refers draft back to Parliament
The Department of Mineral Resources is relying on the support of provincial legislatures to be able to introduce 56 new amendments to the Mineral Resources and Petroleum Development Amendment Bill, which was referred back to Parliament by President Jacob Zuma at the beginning of 2016. The amendments tackle the concerns of the offshore petroleum industry and deal with carried interest and state participation in ventures. Whereas the bill adopted by Parliament granted the state a 20% free carried interest in all new exploration and production rights, the department’s proposed amendment is that the 20% carried interest is not free. The proposals also stipulate that future mining permits will only be granted to majority black-owned South African companies and that the breach of any provision of the mining charter or the housing and living conditions standard would constitute a breach of the act and thus allow the minister to suspend or cancel a mining company’s rights.
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