Industry in renewed battle over mining charter

The minerals council is taking the 2018 mining charter on judicial review over provisions in the policy that it says remain “untenable” it announced in a press statement on Wednesday morning.

Key to the application are provisions in the charter which the industry argues do not fully recognise previous empowerment transactions, particularly regarding mining right renewals and transfers. But the provisions in the charter that do not fully recognise “the continuing consequences of previous empowerment transactions, particularly in respect of mining right renewals and transfers of these rights, remains untenable,” Baxter said, adding that it would severely dampen the attractiveness of mining to investors.

Under the 2018 mining charter, a mining right holder that has met the 26% ownership target prior to the charter’s commencement is viewed as compliant — even if its empowerment partner has exited the deal. However this so-called “recognition of continuing consequences” does not extend to the renewal of the mining right or when ownership of the right is transferred.

Source: News Formal (newsformal.com)

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BREAKING NEWS: Minerals Council takes Mining Charter to courtUnresolved unhappiness around key clauses in the third charter have prompted the industry to approach the court for resolution
Source: BDliveSA - 🏆 12. / 63 Read more »

Minerals Council SA says files application to set aside parts of 2018 mining charterThe council says it is engaged in ongoing attempts to reach a compromise with Minister Gwede Mantashe.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

OPINIONISTA: South Africa needs urgent policy reform to save its embattled mining industryIn a newly released report for the SA Institute of Race Relations, I explore the significance of the mining industry in South Africa, its far-reaching impact on the economy, and why urgent policy changes are needed to revitalise it.
Source: dailymaverick - 🏆 3. / 84 Read more »

Eskom price hike to cost SA 90,000 mining jobs - mines councilSouth Africa's gold and platinum mines will experience significant job cuts in the next three years following Eskom's tariff increase. IPP’s would mean those miners keep their jobs. Hey _cosatu Numsa_Media and EFFSouthAfrica You had better go protest at the offices of ESKOM ASAP!! Eskom will bring this country to it's KNEES.
Source: eNCA - 🏆 49. / 51 Read more »

Eskom price hike to cost SA 90,000 mining jobs - mines councilLabor unions have threatened strikes over the job cuts at mining firms as well planned reductions at a numerous state-owned companies. There will probably be more. CyrilRamaphosa Numsa_Media ......
Source: ewnupdates - 🏆 30. / 53 Read more »

Communities kept in the dark about their money from mining royaltiesResearch conducted by Corruption Watch has revealed that there is a lack of transparency as to what happens to the funds from mining royalties.
Source: SowetanLIVE - 🏆 13. / 63 Read more »

Six suspects in North West court for alleged illegal mining activities
Source: TheCitizen_News - 🏆 6. / 75 Read more »

Schussler warns of domino effect over gold, platinum mine job lossesEconomist Mike Schussler said it’s not only employees who stand to lose their jobs, but other industry players will also be affected. Well, machines are becoming cheaper and more reliable.... They don't go on strikes when they are unhappy about something... And one machine can do the job of MANY miners....
Source: ewnupdates - 🏆 30. / 53 Read more »

Major flaws in mining royalties system, Corruption Watch report findsCommunities in North West and Limpopo find themselves poor as a result of unequal or no payment of mining royalties. A land issue in S.A is no longer a challenge is a human rights issue, you can't buy your land back to you mean well you never sold it out this kind of behaviour it will take a longtime to be sorted out.
Source: TimesLIVE - 🏆 28. / 59 Read more »

Mines could lose about 100 000 jobs due to ballooning electricity pricesThe country's gold and platinum mines will shed around 90,000 jobs in the next three years as above-inflation electricity price increases by power utility Eskom add to already soaring operating costs, an industry body said on Monday. “In total, as many as 90,222 jobs would be at risk solely as a result of the MYPD4 tariff increases granted by Eskom,” the Minerals Council of South Africa said in a presentation. Blue Lies! That is a lousy excuse to do what they have always wanted to do.That is why these mines must be Nationalalised! They always threatening us about jobs I thought we meant to be creating 275 000 jobs a year?
Source: SowetanLIVE - 🏆 13. / 63 Read more »