Chamber files for review of 'disastrous' Mining Charter
18 October 2017
Johannesburg – The Chamber of Mines filed an application in the North Gauteng High court on Tuesday to have a judicial review and setting aside of the Mining Charter.
According to the founding affidavit, the Charter released by Mineral Resources Minister Mosebenzi Zwane on June 15 had, and continues to have, a “disastrous effect” on the mining industry, including on investors and employees.
“The shock induced in all role players within the mining industry, including financial commentators, has been so profound that an amount in excess of R50bn was wiped off the market of shares in listed mining companies,” the affidavit reads.
The Chamber also made reference to the fact that ratings agency Moody’s characterised the Charter as “credit negative”.