Mantashe hopes Mining Charter ready to be published soon
Minister Mantashe has been driving extensive consultations on the Mining Charter since his appointment as minister.
Mantashe has been driving extensive consultations on the Mining Charter since his appointment as minister. Two teams were also set to discuss the contentious charter.
He’s also told Parliament that the Mineral and Petroleum Resources Development Bill (MPRDA) must be passed as soon as possible.
Mantashe was delivering his maiden speech in Parliament, in support of his department’s R1,9 billion budget.
“It’s urgent for us to accelerate the process of passing of the MPRDA, which is now before the National Council of Provinces.”
The Mineral Resources Minister says conflict over the Mining Charter and delays in finalising the Mineral and Petroleum Resources Development Act (MPRDA) amendment bill are contributing to uncertainty and fear among investors.
He’s told Parliament that international rating agency, the Fraser Institute, says South Africa could be rated 21 out of 91 mining economies.
However, the country is currently rated at 47 in terms of attractiveness to investors and is ranked at 80 when it comes to its policy and regulatory framework.
Mantashe wants long-delayed mining legislation passed as soon as possible - and says he hopes the Mining Charter will be gazetted on schedule in June after he concludes extensive talks with mining houses and affected communities.
“It is evident that the conflict in the industry around the Mining Charter and the failure to accelerate finalising the MPRDA create an impression in the world that we are not a serious economy and we cannot attract investment.”
But the Democratic Alliance’s James Lorimer accused the African National Congress of being blind to the impact of its mining policy:
“With the bill and the charter uncertain, there can be none of the certainty needed to attract new investment – and even when complete, these rules are not attractive to investors.”
The Economic Freedom Fighters says it doesn’t support the department’s budget.
(Edited by Shimoney Regter)