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[LISTEN] New Mining Charter 'a perfect compromise between all stakeholders'

'Money Show' presenter Bruce Whitfield, Jonathan Veeran, partner for corporate practice at Webber Wentzel, mining lawyer Hulme Scholes and Joburg Indaba chairperson Bernard Swanepoel assess the current version of the Mining Charter.

JOHANNESBURG - Mineral Resources Minister Gwede Mantashe unveiled some details of the 2018 Charter at a briefing in Pretoria on 27 September.

The 2018 Mining Charter does away with a 1% “trickle down dividend” for new mining rights applicants, required in a previous Mining Charter draft.

The charter includes a 10% “carried interest”, which is to be divided between communities and employees.

The Charter deems current owners of mining rights compliant if ownership by historically disadvantaged South Africans (HDSAs) was at 26%.

New mining rights, however, must meet a 30% ownership target.

Pending applications are compliant if they meet the 26% requirement as long as they hit the 30% mark after five years.

Money Show presenter Bruce Whitfield, Jonathan Veeran, partner for corporate practice at Webber Wentzel, Mining lawyer Hulme Scholes and Joburg Indaba chairperson Bernard Swanepoel assess the current version of the Mining Charter.

For more information listen to the audio above.

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