‘Mining Charter is populism on steroids'

The Chamber of Mines on Monday lodged legal papers in an urgent application to stop Mineral Resources Minister Mosebenzi Zwane from implementing the new Mining Charter.

The Chamber says Zwane failed to consult with them.

It also says that, if the new charter was to be adopted, it would result in thousands of job losses.

It further argues that the new charter represents an egregious case of regulatory overreach and that the act of its publication was harmful because of its vague and contradictory language.

The Chamber claims vast and systemic damage to the mining industry, the interests of its members and to the country as a whole.

Minister Zwane has rebuked mining firms for planning to take the new rules to court, saying they were “negotiating in bad faith”.

The Charter raises the threshold for black ownership in the mining industry to 30%.

It also brings in a host of other regulations the sector says it cannot afford.

The Money Show’s Bruce Whitfield interviewed Chamber of Mines CEO Roger Baxter.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

We haven’t had any further discussions. I’m not sure what the point would be.

Roger Baxter, Chamber of Mines

This is populism on steroids.

Roger Baxter, Chamber of Mines

It will damage investment. It’s bad for the economy.

Roger Baxter, Chamber of Mines

It’s a bad policy and must be stopped.

Roger Baxter, Chamber of Mines

Did the Minister apply his mind?

Roger Baxter, Chamber of Mines

Ministers cannot make policy! That is the prerogative of Parliament.

Roger Baxter, Chamber of Mines

We don’t have a problem with the 30% target.

Roger Baxter, Chamber of Mines

The industry met its targets.

Roger Baxter, Chamber of Mines

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