"South Africa’s draft mining charter proposes 30% black ownership"

South Africa’s Department of Mineral Resources has published a draft Mining Charter that seeks to raise black ownership of mining companies operating in the country to 30% from the existing 26% within five years. The new draft charter comes after negotiations were conducted with mining communities and organisations across the country. The ministry has invited members of the public to submit their responses to the draft charter before 27th July this year, following which a finalised draft will be subjected to the government’s Socio-Economic Impact Assessment System (SEIAS), and then submitted to Cabinet for approval...

Under the new draft charter, the government proposes to extend the time for permit-holding companies to meet the new black ownership requirement from one year to five years. South African Minister of Mineral Resources Gwede Mantashe said: “Publishing of the Charter moves us a step forward in terms of ensuring regulatory and policy certainty for the industry...The new charter also proposes a 50% reservation for black South Africans on the boards of mining companies, as well as payment of 1% of profit earned by new mining rights holders to employees and communities.