Minerals Resources Minister Mosebenzi Zwane’s views that the final version of the Mining Charter "is a true reflection of the views of the majority" may be detrimental to mining and industry generally, according to industry opinions. He seeks to broaden participation of black people in the mining industry as shareholders with much larger stakes. This is admirable. But at whose expense is this "radical economic transformation"?
The problem lies in telling investors who their partners and stakeholders are going to be and this is unappetising for them. Chamber of Mines chairman Mxolisi Mgojo said the charter is bad for the industry. Royal Bafokeng Platinum CEO Steve Phiri said that the chamber is prepared to test the matter in the highest court in the land.
Unquestionably, the mining industry will have to challenge the charter in court, to suspend it and then to challenge the details. The outcome will lay the foundation for the future of industry in SA.
Nathan Cheiman Northcliff