12-month deadline to reach 30% black mine ownership
15 June 2017
Cape Town – Mining companies will have 12 months to adhere to the new 30% black ownership requirement set out in the new Mining Charter that will be gazetted on Thursday, said Mineral Resources Minister Mosebenzi Zwane.
At a media briefing to explain the contents of the new Charter, Zwane said the new Mining Charter has pushed up the black ownership target from 26% to 30%, while mining prospecting rights will only be granted to companies that have a 50% plus one black ownership structure.
“The Charter is being gazetted this afternoon,” Zwane said. “The button has been pressed. There’s no turning back. The success of this Charter to me is when we collectively get to a point where the minerals of the people in this country is shared among the people of South Africa,” Zwane said.
The Mines Minister said mining companies that already have a 26% black ownership structure will only be required to get an additional 4% to reach the 30% black ownership-target.