The Mining Charter, announced by Mineral Resources Minister Mosebenzi Zwane, was developed secretively and without consultation — even the ANC was caught unaware — and has already wiped out R51bn of the industry’s share value and will put the lid on the coffin of an already shrinking mining industry in SA. Insiders in the industry, analysts and the Chamber of Mines are terrified about the consequences it will have on an industry, struggling for years that has lost more than 60,000 jobs in the past five years and is in the ICU. It will scare off investors and it will be a disaster as many mines will start shedding more jobs. Prospecting for new mines will dry up when the onerous new red tape and the idiotic move to have a 51% share for disadvantaged South Africans comes into operation as there will be no guarantee that investors will secure any return. And this charlatan — who is one of the most tainted, compromised and captured individuals in Thuli Madonsela’s State of Capture repo...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.