The new Mining Charter released by our captured and compromised mining minister Mosebenzi Zwane last week is a disgrace. Overnight, it slashed R50 billion off the value of mining shares, but if it is implemented the long-term destruction of value for all South Africans will be much greater.
The Solidarity Research Institute (SRI) today expressed huge concern about the 2017 Mining Charter published in the Government Gazette this month.
The African National Congress has met with the Chamber of Mines following concerns raised by the Chamber about the revised Mining Charter announced by Mineral Resources Minister, Comrade Mosebenzi Zwane last week. The meeting attended by ANC Secretary General, Comrade Gwede Mantashe, Treasurer General Zweli Mkhize and members of the Economic Transformation Subcommittee led by Chairperson Enoch Godongwane was held at Luthuli House yesterday.
The hostile and hysterical reaction of the Chamber of Mines to the new Mining Charter’s slight increases in the required levels of Black Economic Empowerment in the industry highlights everything that is wrong with the capitalist mining sector.
Fighters say empowerment legislations is meant to empower black people, not the Guptas who only arrived in country after apartheid.
Fitch Ratings-Hong Kong/London-19 June 2017: The revision to rules applying to South Africa's mining sector supports our view that the direction of economic policy has changed following March's cabinet reshuffle, Fitch Ratings says. It indicates that the government is prioritising radical transformation even if this leads to weakening of the business climate and could reduce trend growth.
The new Mining Charter is a flawed document that is the result of inadequate consultation with communities, and is set to further bedevil relationships among stakeholders in the industry, according to the board of the Bench Marks Foundation.
Charter will scare all investors, not just those who are invested in the previously white-owned mines.
The Progressive Professionals Forum (PPF) welcomes the objectives stipulated in the revised mining charter. The PPF applauds the Minister of Mineral Resources and his Department on the vigorous consultative process followed to come up with this final document aimed at transforming the mining sector.
The National Union of Mineworkers (NUM) welcomes the recently Gazetted Amended Mining Charter in terms of Section 100 of the Minerals and Petroleum Resources Development Act of 2002, this brings to an end more than 24 months of towing back and forth since the maturity of the 2014 Mining Charter targets.