Chamber rebels over charter's BEE quota
Industry body to go to court over 30% black ownership, saying its input was ignored
THE Chamber of Mines will stick to its plans to challenge the new Mining Charter, which was gazetted on Thursday, saying its views were again not taken into consideration. The chamber plans to seek an immediate interim court interdict to suspend the charter from being implemented and take it under review. The chamber is particularly aggrieved that the new charter stipulates that the minimum requirement for black ownership is 30%, from 26% before, and that miners have 12 months to comply. The chamber said it would not be forced to sign a charter that it did not agree with and that continued to put the industry in a negative investment position. It also said that given that the industry had been shrinking in the past years, with South Africa's slow economic growth being a huge factor, the new charter was not sustainable. The charter means that regardless of prior BEE deals that mining companies have done, and in which black investors have since sold their stakes, the 30% BEE sharehold...
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