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Draft law proposes 30% black ownership for mining firms within 5 years

The government and miners have been locked in talks over the charter, which lays out requirements for black ownership levels and other targets.

FILE: Mineral Resources Minister Gwede Mantashe. Picture: Thomas Holder/EWN.

JOHANNESBURG - South Africa is proposing raising black ownership in existing rights holder companies to 30% from 26% within five years, a draft of new rules showed on Friday.

The government and miners have been locked in talks over the charter, which lays out requirements for black ownership levels and other targets.

Last month, Mineral Resources Minister Gwede Mantashe said the country aims to finalise the third version of a hotly contested mining charter in June.

The government and miners have been locked in difficult negotiations over the charter, which lays out requirements for black ownership levels and other targets after the industry opposed revisions proposed by Mantashe’s predecessor.

Agreeing a new version of the charter is seen as instrumental to securing further investment in the mining sector, which new President Cyril Ramaphosa has made a priority.

South Africa’s mining industry has been grappling for years with depressed prices, outbursts of labour and social unrest and policy uncertainty.