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S.African lobby group opposes parts of new draft mining charter

June 17, 2018 / www.mining.com
The Minerals Council South Africa, an industry lobby group, said on Sunday it does not support some elements in the latest draft of an industry charter, including a stipulation that one percent of core profit is paid to communities and employees.South Africa plans to raise black ownership at permit-holding mining companies to 30 percent from 26 percent within five years, the draft showed on Friday.But the Minerals Council, whose members include mining companies, said in a statement that the raised target was never agreed as a recommendation and is a surprise inclusion."The Minerals Council does not support this top up, as it prejudices existing rights holders that secured their rights on the basis of the 2004 and 2010 Charters," it said.The new draft charter extends to five years from one...

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