CABINET HAS APPROVED THE NEW MINING CHARTER

by BelandaOctober 3, 2018

Speaking at a post-cabinet briefing in Cape Town on Thursday, Communications Minister Nomvula Mokonyane said President Cyril Ramaphosa would reveal details of the charter on Friday when he is due to brief the media on economic stimulus measures.

The draft, aimed at setting ownership and transformation targets for the sector, was opposed by the industry even though it acknowledged that the current document was in many respects an improvement on the previous one proposed by Mineral Resources Minister Gwede Mantashe’s predecessor Mosebenzi Zwane.

The draft charter had a requirement of 10% ‘free carry’ interest for mining communities and employees on new mining rights as part of the proposed 30% black equity ownership target.

The contents of the bill will have an effect on trade union Solidarity’s current strike against white employees being excluded from Sasol’s Khanyisa share scheme.

 

Source: https://citizen.co.za/news/south-africa/2011969/cabinet-has-approved-the-new-mining-charter/

About The Author
Belanda