Zwane: Mining Charter brings policy certainty
Mineral resources minister Mosebenzi Zwane says the latest incarnation of the controversial Mining Charter is central to radical economic transformation.
Zwane addressed the Black Management Council (BBC) at the Houghton Golf Estate in Johannesburg this morning.
The Chamber of Mines is heading to court to interdict the implementation of the charter, claiming the charter is illegal and unconstitutional.
In June, Zwane announced that 30% of companies in the mining industry must be under the control of black ownership.
"Some have said to us that 30% is not radical enough on the ownership element, and why not 50% or higher? We are clear that we do not want a continuation of what has occurred in the past, where deal that were structured only left black shareholders in debt with no real benefit being realised. Only one stakeholder has voiced their opposition to the transformation of the mining industry. And the matter is currently before our courts," Zwane told the council.
Zwane says the council that the mining sector is the key focus of government in its quest to radically change ownership patterns of the economy.
"We must undergo a fundamental change in order for the majority of South Africans to meaningfully participate (in the economy). The mining sector has been one of the sectors at the center of this debate, more especially since the 2017 Mining Charter was gazetted in June this year.
"The charter brings about the much sought-after policy certainty that the investment community and the mining and the mining industry have been requesting from government since the review of the charter began. The targets and the timelines are clear, and we believe they are realistic and achievable."