CABINET NOD FOR CHARTER
THE CABINET has approved a longdelayed mining charter that sets out requirements for black ownership levels and has backed the withdrawal of a mining bill after industry opposition, a minister said yesterday. The mining charter – introduced to redress the exclusion of black people from the mining sector under apartheid – could, however, still be the subject of legal challenges if mining companies are unhappy with its contents after it is published. Communications Minister Nomvula Mokonyane said more details about the charter would be announced today by President Cyril Ramaphosa when he unveils a new economic stimulus package to kick-start economic growth.
Policy uncertainty has stifled investment in the mining industry of Africa’s most industrialised economy, which has also faced a wave of job cuts during a downturn in commodity markets, high wage costs and a volatile labour environment. “The mining charter was deliberated upon and indeed the cabinet has approved it,” Mokonyane said.