Cape Town – South Africa’s mining houses will have to raise its black ownership to 30 percent in terms of new targets set in the 2017 Mining Charter as announced by Mineral Resources Minister Mosebenzi Zwane on Thursday.
“A new mining right must have 30 percent black persons’ shareholding with the 30 percent shareholding to be apportioned between employees, communities and entrepreneurs in a specific manner,” Zwane told reporters in Pretoria.
Those applying for new prospecting rights will need to have even higher targets for black shareholding, with very strict conditions.
“The 2017 charter requires that a new prospecting right must have a minimum of 50 percent plus one black person shareholding, which must include voting rights,” said Zwane.
Rights holders which have complied with the previous target of 26 percent have to “top up” to 30 percent within 12 months.
Zwane said it was important that mining communities and mineworkers benefited from the charter.
“The stability of the mining sector is largely dependent on workers, who play a crucial role in its development. Stability cannot exist whilst the conditions of workers remain inadequate,” he said.
Read the full speech here
“We have taken to heart the plight of our people from host communities and from labour-sending areas. An eight percent shareholding is allocated to mine communities, to be held through a trust.”
Read the full Mining Charter here