Deadline for public comment on new Mining Charter extended

Mineral Resources Minister Gwede Mantashe announced the deadline extension from July to the end of August on Sunday on the second day of a summit on the Mining Charter in Boksburg‚ Gauteng.

“We all agreed here that extending the period of public comment by a month will do no harm‚” Mantashe said.

“But people must not wait for August 30 to make a submission‚ please.”

Mantashe believes there needs to be good news about mining to encourage investors.

“It is the bad mood and the negative image of the industry that scares investors away.”

According to the new draft Mining Charter that was announced last month‚ mining companies have five years within which to increase black economic empowerment (BEE) ownership to 30%‚ and black South Africans must constitute 50% of board members‚ 20% of whom must be black women. The 50% black representation is carried down through the organisation to executive and senior management. For junior-level management‚ the target is set at 70%.

The new Mining Charter was released on June 15 and is open for public comment before it will be published in the Government Gazette.