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Zwane: Mining Charter is realistic and achievable

Mineral Resources Minister Mosebenzi Zwane says that some people believe that 30% black ownership of mines is not enough and have requested up to 50%.

FILE: Minister of Mineral Resources Mosebenzi Zwane. Picture: AFP

JOHANNESBURG – Mineral Resources Minister Mosebenzi Zwane has reiterated that he strongly believes the new Mining Charter is realistic and achievable.

Zwane was addressing a Black Business Council breakfast in Houghton on radical economic transformation.

The revised mining charter states, among other things, that there should be a minimum threshold of 30% black ownership of mines.

Zwane says that some people believe that 30% black ownership of mines is not enough and have requested up to 50%.

“We do not want a continuation of what has occurred in the past, where deals that were structured only left the black shareholders with no real benefit being realised.”

Zwane says it’s time people stop using the phrase radical economic transformation without implementing crucial policies.

“The charter brings out the much-sought policy certainty that the investment community and the mining industry have been requesting from the government since the review of the charter began.”

The implementation of the new Mining Charter has been suspended pending an interdict set out for next month.