New Mining Charter released, with new BEE requirements
Boards must comprise 50% black South Africans, 20% of which must be black women
Past empowerment deals are recognised in the newly released Mining Charter and mining companies have five years in which to top up to 30% ownership, including the contentious 10% free-carry for communities and employees as part of their ownership structures for new mining rights. "As previously explained, the industry does not favour a requirement of 10% ‘free-carry’ on new mining rights as part of the proposed 30% black economic empowerment (BEE) equity ownership target, as it would render uneconomic a significant proportion of potential new projects, and would undermine and constrain any prospects for growth in the sector and indeed the economy as a whole," the Minerals Council SA (formerly the Chamber of Mines) said in a statement. In one of the most highly anticipated actions by newly installed Mineral Resources Minister Gwede Mantashe, the charter, which replaces the problematic version gazetted by his predecessor, Mosebenzi Zwane, precisely one year ago, addresses one of the ...
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