File Image: IOL

JOHANNESURG - The Chamber of Mines of South Africa said yesterday that R50 billion had been wiped off the market value of shares of listed mining companies since the publication of the contentious Mining Charter in June. 

This was revealed in the Chamber’s 277-page founding affidavit submitted on Tuesday to the North Gauteng High Court in Pretoria for the application of a judicial review and setting aside of the 2017 Reviewed Mining Charter. 

“The Reviewed Broad Based Black-Economic Empowerment Charter for the South African Mining and Minerals Industry” was published by the Minister of Mineral Resources, Mosebenzi Zwane, on June 15. 

The Chamber went to court to file an urgent interdict against implementation of the provisions of the charter and challenged its content. 

That application will be heard between December 13 and 14 at the same court. In its founding affidavit, the chamber argued that the publication of the charter had, and continued to have, a disastrous effect upon the mining industry as a whole. 

- ANA