Zwane on mining charter: Business should stay out of governing
Johannesburg - Mineral Resources Minister Mosebenzi Zwane has defended the new Mining Charter.
Speaking to the media on the sidelines of the ANC's National Policy Conference in Johannesburg, Zwane said "business should do business" and leave governing and legislative decision-making to government.
Zwane dropped a bombshell on June 15 when he announced a new Mining Charter with onerous new empowerment targets.
The Charter stipulates that local mines should be at least 30% black-owned, up from the previous requirement of 26%. In addition, mines are required to cede 1% of their annual turnover to their black economic partners.
The Chamber of Mines, which represents 90% of mining companies in South Africa, applied for an urgent court interdict to stop the implementation of the Mining Charter. The Chamber's unhappiness stems from among other things Zwane's lack of consultation with the industry.