The government’s propensity to make a mess of its administration and dominion will not help either investors or banks to fund transactions that transfer stakes in mines to black investors. Rand Merchant Bank’s head of resource finance Sandile Mbulawa says there are likely to be fewer bankable transactions. Moody’s has indicated that the revised Mining Charter is a negative for mining houses, in that any equity transfer by miners would require cash. It is inconceivable that our leaders are unable to consult specialists before acting on shortsighted schemes. More incomprehensible is the mines minister’s perspective on revising the charter. Perhaps that is the reason for the Chamber of Mines’ application for an interdict pending a judicial overview of the charter document. Does the minister understand the implications of such an interdict? Nathan CheimanNorthcliff
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