...Clearly, the ANC wasn’t involved. The 60 participants, according to the Minister, are probably mainly based in Dubai...— Bernard Swanepoel, Joburg Indaba
Mineral Resources Minister Mosebenzi Zwane released Government’s revised Mining Charter on Thursday.
It raises the minimum threshold for black ownership of mining companies to 30 percent from 26 percent.
The revised Mining Charter gives companies 12 months to meet the target, amongst a raft of other regulations.
Investors are punishing mining stocks.
The Chamber of Mines said it would challenge the new rules in court, arguing that there had been insufficient consultation in drawing up the charter.
The Money Show’s Bruce Whitfield interviewed Joburg Indaba Chairperson Bernard Swanepoel.
Listen to the interview in the audio below (and/or scroll down for more quotes from it).
We’re losing out on an opportunity to make mining contribute to growth in the country.— Bernard Swanepoel, Joburg Indaba
The ANC should not have been surprised. There’s a lack of coordination.— Bernard Swanepoel, Joburg Indaba
With this charter we’re putting the mining industry in harvest mode.— Bernard Swanepoel, Joburg Indaba
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