Vancouver — A new draft charter aimed at giving blacks a bigger stake in South Africa’s mining sector has been significantly toned down from its earlier version.
A first draft of the charter was leaked in July. The report suggested that 30% of mining assets and 51% of all new projects be sold to black businesses within 10 years. The news sent shivers down the industry.
The latest draft charter, thrashed out between the government, industry and labour representatives, stipulates that 15% of local mine assets must be in black hands within 5 years, and 26% in 10 years.
Talks on the charter are not yet over with the details of finalizing a scorecard, which the industry needs to meet in order to achieve its targets, continuing. The charter says active ownership in mining companies, including staff share schemes, as well as passive existing share ownership by blacks, will be included in the scorecard. The Minerals bill, since signed into law, gives charter negotiators six months to come up with a final document.
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