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'Revised Mining Charter to bring transformation in sector'

Although the new charter has been criticised by the Chamber of Mines, the PPF says the document will bring transformation.

FILE: Minister of Mineral Resources Mosebenzi Zwane addresses the first day of the Mining Indaba 2016 conference in Cape Town. Picture: AFP

JOHANNESBURG - The Progressive Professionals Forum (PPF) has welcomed the objectives stipulated in the revised Mining Charter by the Mineral Resources Minister Mosebenzi Zwane.

Although the new charter has been criticised by the Chamber of Mines, the PPF says the document will bring transformation to the mining sector.

It says it has been advocating for a minimum 50% black ownership in the revised Mining Charter, but government settled for 30%.

The organisation says the percentage is low and will not assist in changing the ownership patterns in the mining sector.

Chairperson Tembekazi Mnyaka says: “We welcome the 1% being given to shareholders. It provides liquidity to black players that they never had. We also welcome the social integration plan, where 8% will go to communities and 8% will go to hardworking staff.”

(Edited by Shimoney Regter)