SA to Endorse New Mining Charter in May

Source:

"SA government to endorse new mining charter to bring greater black ownership to sector. . ."

South Africa's government will endorse a new mining charter to bring greater black ownership to the sector next month, Mineral Resources Minister Susan Shabangu said on Monday.

She has not said what changes are planned under the review of the five-year-old charter, which called on mining companies to employ more black managers but which the government believes has not made enough progress.

Mining companies hope there will not be major changes.

"The changes to the charter have not fundamentally shifted the goal posts, but aim to enhance compliance with black economic empowerment," Shabangu told Reuters, adding that feedback should have been received by the end of April.

"(In) early May, the cabinet will endorse the changes and it will strengthen this tool of transformation," Shabangu said.

She said the mining department had finalized an inventory of all mineral resources still under state control and the government would next month decide whether to keep all the assets or sell some.

When she took charge last year, Shabangu said her first task would be overseeing the first major review of the charter designed to reverse decades of exclusion of South Africa's black majority under white apartheid rule.

South Africa, the continent's largest economy, boasts some of the world largest producers of metals such as platinum, gold, aluminum and ferrochrome.

Related Articles

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe