Mining industry 'alpha & omega' of SA’s economy

Ramatlhodi says the industry shouldn't treat transferring ownership to black people as a favour or burden.

Ngoako Ramatlhodi, Minister of Mineral Resources, speaks at the 2014 Joburg Indaba on Investing in Mining and Resources in Johannesburg on 8 October 2014. Picture: Sapa.

JOHANNESBURG - Mineral Resources Minister Ngoako Ramatlhodi says the industry should not treat transferring ownership to black people as doing them a favour or a burden and the practice is necessary to ensure peace and stability in the country.

Ramatlhodi addressed the Johannesburg Indaba on Investing in Resources and Mining in Africa this morning and described the industry as the alpha and omega of the South African economy.

The Mining Charter has set a target of 26 percent black ownership by the end of March 2015.

Compliance to the charter is currently being audited and will be released next year.

Ramatlhodi said majority shareholders at companies should also be more proactive in including previously disadvantaged groups.

"What is the responsibility of those who have acquired the 26 percent in the name of blackness? We should not see black entrance into the industry as a favour."