Zwane: New Mining Charter to increase black participation in sector
The Chamber of Mines has criticised Mineral Resources Minister Mosebenzi Zwane for not properly consulting with the sector, saying it will not be co-opted into a flawed process.
JOHANNESBURG – Mineral Resources Minister Mosebenzi Zwane says the new Mining Charter will increase black participation in the sector.
The minister has described the charter as an instrument for radical economic change in the mining sector.
The Chamber of Mines has however criticised the minister for not properly consulting with the sector, saying it will not be co-opted into a flawed process.
Zwane says the charter has raised the threshold for black shareholders in new prospecting and mining rights.
“The 2017 charter requires that a new prospecting must have a minimum of 50+1 black person shareholding which must include voting rights.
“A new mining right must have 30% black person’s shareholding, with 30% shareholding to be appointed between employees’ community and entrepreneurs in a specific manner.”
He says measures have been incorporated in the charter to address the concerns of the workers.
“The allocation of 8% shareholding to workers and the separation of workers shareholding from that of an entrepreneur. Holders of rights are also required to submit a housing and living condition plan that caters for human dignity and privacy for workers.”
Meanwhile, economists say the rand has weakened 2% against the dollar after the release of the charter.
It’s now R12.84 to the greenback.