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South Africa to finalise black ownership mining charter by May

The Chamber of Mines says many of those rules are unaffordable for an industry that accounts for about 8 percent of the gross domestic product.


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  • The charter proposed by Mantashe's predecessor was opposed by the industry. (Image Credit: Pixabay)

South Africa's mines minister Gwede Mantashe said on Tuesday he remained confident that the government and mining firms would finalise the third version of an industry charter that lays out requirements for black ownership levels.

Mantashe made the remarks in a speech at a platinum mining conference in Johannesburg.

The charter proposed by Mantashe's predecessor was opposed by the industry, which for years has been grappling with depressed prices and labour unrest.

The Chamber of Mines, which represents the companies, had earlier suspended a court challenge to revisions to the charter drawn up by Mantashe's predecessor, Mosebenzi Zwane, which it says were imposed without consultation.

The chamber says many of those rules are unaffordable for an industry that accounts for about 8 percent of the gross domestic product but is grappling with depressed prices and rising costs.

A draft of the charter - part of a drive to address lingering racial disparities two decades after apartheid - would raise the target for black ownership to 30 percent from 26 percent and make companies pay 1 percent of turnover to an agency to help black communities.

(With inputs from Reuters)

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