New charter will cripple not only mining
The mining sector's poor economic performance of the past several years will worsen and be a drag on the overall growth rate
The mining industry would assert that the degree of transformation that has occurred, despite the tough operating environment since the end of the commodities boom in 2008, is remarkable. The value of empowerment transactions between 2000 and 2014 amounted to R205-billion in 2014 money terms, with R159-billion in value transfer to BEE entities in that period. In the spheres of employment equity, BEE procurement, housing, skills training and other pillars of the mining charter, significant progress can be shown. All the industry's employment equity targets were met, and all hostel dwellers now enjoy single accommodation. Still, the chamber acknowledges that, such is the impact of the historical legacy, a great deal more remains to be done. And given appropriate conditions, it will be done. Regrettably, were the charter gazetted by the Department of Mineral Resources on June 15 to be implemented as is, the outcome would not be as intended. Free carry Investment in new mines would esse...
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