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'New mining bill could deter investors'

The ANC used its majority in the National Assembly to approve changes to mining legislation.

Mineral Resources Minister Susan Shabangu. Picture: Regan Thaw/EWN

CAPE TOWN - Mineral Resources Minister Susan Shabangu says the needs of investors in mining and energy need to be balanced against those of the South African people.

The ANC used its majority in the National Assembly to approve changes to mining legislation.

The Mineral and Petroleum Resources Development Amendment Bill has been bitterly opposed by opposition parties.

Opposition parties are warning controversial new mining legislation will deter investors, stifle the emergent oil and gas industry, and open the door to corruption.

It provides for the government to claim a free 20 percent stake in any new oil, gas or mining project.

Shabangu says the state is the guardian of the country's natural resources.

"There's absolutely no reason why development of these resources can't embrace the notion of shared value in which all stakeholders can benefit sustainably."

The amendment bill was passed in the National Assembly in Cape Town on Wednesday.

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