South African Mining Charter

Some news on the progress of the new South African Mining Charter.  Hope you enjoy the articles and have a great day!  Please follow the links to the source of the articles.

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South Africa aims to finalise mining charter in June, minister says – Mining.com
Reuters | May. 15, 2018, 11:18 AM |

“South Africa aims to finalise a third version of a hotly contested mining charter in June, mines minister Gwede Mantashe said on Tuesday, later than the government had predicted last month.

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.

“We aim to finalise and gazette the mining charter in June, having taken on board inputs and concerns from stakeholders across the country,” Mantashe said in a speech to parliament, a copy of which was distributed by the communications ministry.

Mantashe said in April that he aimed to finalise the charter by May.

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

The charter’s controversial areas included raising the target for black ownership to 30 percent from 26 percent.

The industry had challenged the revisions in court but put that judicial process on hold after Ramaphosa appointed Mantashe in February. When the charter is finalised, the industry will be legally required to follow its targets and regulations.”

(Reporting by Alexander Winning; Editing by Dale Hudson)

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Ramaphosa vows Mining Charter finalised ‘soon’ – Fin24
May 04 2018 07:56 Loni Prinsloo, Bloomberg

“New rules governing black ownership of South Africa’s mining industry will be completed “very soon”, President Cyril Ramaphosa said at a Japan-Africa trade forum in Johannesburg.

“The mining charter will be finalised very soon and we have set a deadline,” Ramaphosa said, without giving details of the timing.

Africa’s most-industrialised country will try to remove “blockages” to investment in a bid to attract as much as $100bn over the next five years, he said.”

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