The "disastrous" Mining Charter 3 proposals were the "final nail in the coffin" of South Africa's mining industry and vindicated local mining houses' move to invest offshore. This damning indictment of the state of South Africa's once-mighty mining sector comes from veteran mining pundit Brian Gilbertson, the chairman of Pallinghurst Resources, a private equity company with investments in mining, especially platinum. Gilbertson said the regulatory, legal and bureaucratic complexities of operating in South Africa, along with unwarranted section 54 safety stoppages, "frustrate the essential goal of miners: to achieve globally competitive operating costs. With few exceptions, the original BEE process has failed substantially. It is hard to see an easy or early recovery from where South Africa has reached in deterring mining investment." Scrapping the third mine charter would be a good place to start in recovering the investment environment, Gilbertson said. Gilbertson's forebodings ech...
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