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Mining Charter: 30% of mining companies must be black-owned

  • by African Times
  • 3 Years ago
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AS THE government pushes ahead with the call for radical economic transformation, the minister of mineral
resources Mosebenzi Zwane has called for the increase of black ownership in the mining sector.

Zwane launched the revised Mining Charter which calls for a 30% black ownership in mining companies, increasing it from the current 26%.
“The 2017 charter requires that a new prospecting must have a minimum of 50+1 black person shareholding which must include voting rights. A new mining right must have 30% black person’s shareholding, with 30% shareholding
to be appointed between employees’ community and entrepreneurs in a specific manner,” he said.

PUSHING AHEAD: Mining Minister Mosebenzi Zwane wants blacks to own 30% of mining companies. Photo: Denvor de Wee/Visual Buzz SA.

The charter also aims to force the hands of mining bosses to build better living spaces for miners.

He said living conditions of miners should not diminish their dignity.

Zwane also added that workers must also get shares in the companies they work for.
“The allocation of 8% shareholding to workers and the separation of workers shareholding from that of an entrepreneur. Holders of rights are also required to submit a housing and living condition plan that caters for human dignity and privacy for workers,” said Zwane.

He said the mining companies would have 12 months to adhere to the new 30% black ownership requirement.

He said wheels have now been set in motion to ensure South Africans can enjoy and share in the wealth of their country.
“The button has been pressed. There’s no turning back. The success of this Charter to me is when we collectively get to a point where the minerals of the people in this country is shared among the people of South Africa. Those who don’t have 26% will need to empower from the current percentage up to 30%,” Zwane said.

He said the revised charter was achieved through a consultative process that included 60 stakeholders.

The Charter has however been met with serious criticism with the Chamber of Mines and experts saying it would result in job losses.

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