Charter is death knell for mining

The Mining Charter announced by Mineral Resources Minister Mosebenzi Zwane, pictured, last Thursday was developed secretively and without consultation – even the ANC was caught unaware.

It has already wiped out R51 billion of the industry’s share value and will have the result of putting the lid on the coffin at the already shrinking SA mining industry.

Insiders in the industry, analysts and the Chamber of Mines are terrified about the consequences it will have on an industry that lost more than 60 000 jobs in the last five years and is currently in ICU.

It will scare off investors, as a lot of mines will start shedding more jobs than they already have. There is no guarantee of returns when prospecting new mines with the onerous new red tape and the idiotic move to have 51% share to the government – especially on the prospecting stage when the investor starts pouring money into an investment.

This charlatan is one of the most tainted, compromised and captured individuals as Madonsela’s report exposed, as well as the barrage of the e-mails exposing him.

He has the audacity to pontificate and referred to the new Mining Charter as “a catalyst for economic growth, job creation, and a bigger participation in key sectors”.

So much for growing our economy.

Jean Michel,

Bryanston

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