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BusinessLive reports that President Jacob Zuma said on Wednesday that SA’s long awaited new mining charter had been approved by the Cabinet and would be gazetted in a few weeks.
Delivering the Presidency budget speech in Parliament, Zuma said that through the charter the government sought to ensure that black people participate meaningfully and effectively in the sector, while it remained competitive. "There is also a community development element to ensure that mine communities and major labour-sending communities optimally benefit from mining activities taking place in their areas. The mining charter proposals will also further empower mine workers with requisite skills and enhanced job opportunities," Zuma said. The Chamber of Mines has threatened legal action against the government should it impose the new conditions, saying they would frighten off investors. A Chamber spokeswoman said the organisation had not received any feedback from the government regarding the concerns it had raised in the past. One of the key objections to the new charter is that the industry could face additional levies and taxes of anything between R2bn and R3bn.
- Read this report by Bekezela Phakathi in full at BusinessLive
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