NewsSouthern AfricaSouth Africa's mines minister aims for new mining charter by May

Tue,11Dec2018

Posted on Tuesday, 10 April 2018 09:57

South Africa's mines minister aims for new mining charter by May

By Reuters

Gwede Mantashe addresses journalist during a media briefing in Johannesburg, South Africa, Wednesday, April 5, 2017. Photo: AP Photo/Themba HadebeSouth Africa's mines minister Gwede Mantashe said on Tuesday he was still aiming to finalise a third version of an industry charter by May that lays out requirements for black ownership levelsand other targets.

"I am still confident that we will finalise the charter by May. Very confident," Mantashe said in a speech at a platinum mining conference in Johannesburg. South Africa is the world's top producer of the precious metal.

The charter revisions proposed by Mantashe's predecessor were opposed by the industry, which for years has been grappling with depressed prices, outbursts of labour and social unrest and policy uncertainty.

Raising the target for black ownership

The charter's problem areas included raising the target for black ownership to 30%  from 26%.

The industry had challenged the revisions in court but put the judicial process on hold after new South African President Cyril Ramaphosa appointed Mantashe in February.

Mantashe is a former General Secretary of the powerful National Union of Mineworkers and is chairman of the ruling African National Congress.

He is known for his gruff, blunt style and tough negotiating skills.

When the charter is finalised the industry will be legally required to follow its targets and regulations.

 



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