PRETORIA, South African Mineral Resources Minister Mosebenzi Zwane has gazetted a proposal to restrict new prospecting and mining rights as well as their renewal, saying he is doing this in the national interest.
Zwane’s move, which has drawn immediate objections from South African Chambwer of Mines, comes as the mining industry is still grappling to come to terms with onerous new targets set in the new Mining Charter.
However, the implementation of the new provisions have been halted pending judgment in an urgent interdict that the Chamber of Mines brought to court to suspend the Charter.
The new charter, published last month, demands that a holder of new mining rights should have minimum of 30 per cent black ownership, an increase from the current 26 per cent.
The charter also demands that a holder of new prospecting rights have a minimum of 50 per cent one black person shareholding which include voting rights for each prospecting right or in the company which holds the right.
Source: NAM NEWS NETWORK