THE UGLY

Finweek English Edition - - THE WEEK -

The de­part­ment of min­eral re­sources came un­der fire for pub­lish­ing a new draft Min­ing Char­ter on 15 April with­out any prior con­sul­ta­tion with the in­dus­try. A ma­jor area of con­tention is the “once em­pow­ered, al­ways em­pow­ered” prin­ci­ple, with the Cham­ber of Mines cur­rently seek­ing a declara­tory or­der from the High Court on the mat­ter. In­stead of wait­ing for a court rul­ing, how­ever, the draft Char­ter re­quires a black share­hold­ing of 26% at all times. Pol­icy cer­tainty is seen as a cru­cial step to en­cour­age in­vest­ment in the strug­gling sec­tor, which has seen thou­sands of job cuts in re­cent months.

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