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BusinessLive reports that mining companies would need to top up their black ownership levels to 30% from 26% within 12 months from the time the new Mining Charter comes into effect, Mineral Resources Minister Mosebenzi Zwane said on Thursday.
He added that companies seeking prospecting rights would need black ownership of 50% plus one. The release of the latest and third iteration of the charter, which was boycotted by the Chamber of Mines (COM) and trade union Solidarity, laid out requirements for companies to allocate shares to employees, nearby communities and black entrepreneurs. The COM cited a flawed process during the formulation of the policy document for its boycott. Zwane referred to the new charter as an "instrument for radical economic transformation" of the mining sector. His department will be bulking up its staffing to ensure compliance with the charter.
- This short report by Allan Seccombe is at BusinessLive
- Read too, Chamber of Mines spurns ‘highly suspicious’ charter invitation, at BusinessLive
- And also, Zwane reveals final Mining Charter, despite mining boycott, at Fin24
Get other news reports at the SA Labour News home page