JOHANNESBURG May 25 South Africa's cabinet said
on Thursday it has approved for publication a review of
revisions to its charter for the mining sector, a process that
was supposed to have been done months ago raising concerns about
policy uncertainty in the industry.
"Mineral Resources Minister Mosebenzi Zwane will provide a
briefing once the charter has been gazetted," the cabinet said
in a statement, without providing further details such as when
it will be published.
The industry has also complained that it has not been
consulted enough about the revisions to the charter and that
South Africa's mining industry is losing badly-needed investment
as a result.
The Mining Charter was introduced in 2002 to increase black
ownership of the mining industry, which accounts for around 7
percent of South Africa's economic output.
However, industry body the Chamber of Mines has taken the
government to court over ownership interpretations in the latest
draft, which requires companies to keep black ownership at 26
percent even if black shareholders sell their stakes.
(Reporting by Nqobile Dludla; Writing by Ed Stoddard; Editing
by James Macharia)