Johannesburg - Finance Minister Malusi Gigaba has welcomed the release of the Mining Charter, however he noted the sudden drop in mining stock on the markets.
The charter, which aims to address historical imbalances in the sector, was released on Thursday by Mineral Resources Minister Mosebezni Zwane.
It calls for 30% black ownership for mining rights and 50% for prospecting rights.
Noting the tensions in market, Gigaba said Zwane will have to engage with the mining sector urgently.
Gigaba was addressing the media on Thursday on the government’s plans to revive the economy.
StatsSA recently revealed the the country was in a recession following two consecutive quarters of economic contraction.
He said President Jacob Zuma would meet with economic minsters in two weeks in hopes of putting together a timeline of efforts to improve economic growth and economic transformation.
But he also threw the responsibility on both business and labour to help come with solutions.
He said that the ANC’s policy conference this month and the national conference in December will outline clear policy objectives for the next five years, which should help ease rating agencies’ worries.
The Treasury was still committed to its fiscal framework, said Gigaba.
Although the economy had contracted in two consecutive quarters, leading to a recession, Gigaba explained that there were some positives.
He boasted about successes in the agricultural sector which have been due mainly to improved weather conditions following the drought.
On State Owned Enterprises, Gigaba said the Minister of Public Enterprises Lynne Brown would appoint a capable board at Eskom that would ensure trust.