SA to Publish Mining Charter Review
Source: Bloomberg, Carli Lourens (8/31/10)
"Charter stipulates rules on local ownership. . ."
The review will be published "within weeks," Jeremy Michaels, spokesman for the Department of Mineral Resources, said by mobile phone today. Mines Minister Susan Shabangu said on June 30 that the review, which started last year, would be completed in August.
The 2004 Mining Charter set targets for boosting black participation in the industry to make amends for apartheid, the segregation policy that ended in 1994. It required companies to sell 15% of their South African assets to black investors by the end of 2009 and 26% by 2014. The government was required to review the document five years after inception.