{"id":776100,"date":"2018-06-17T16:05:02","date_gmt":"2018-06-17T16:05:02","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=776100"},"modified":"2018-06-17T16:05:02","modified_gmt":"2018-06-17T16:05:02","slug":"s-african-lobby-group-opposes-parts-of-new-draft-mining-charter-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=776100","title":{"rendered":"S.African lobby group opposes parts of new draft mining charter"},"content":{"rendered":"

By Reuters<\/a><\/span> <\/p>\n

The Minerals Council South Africa, an industry lobby group, said on Sunday<\/a> it does not support some elements in the latest draft of an industry charter, including a stipulation that one percent of core profit is paid to communities and employees.<\/p>\n

South Africa plans to raise black ownership at permit-holding mining companies to 30 percent from 26 percent within five years, the draft showed on Friday.<\/p>\n

But the Minerals Council, whose members include mining companies, said in a statement that the raised target was never agreed as a recommendation and is a surprise inclusion.<\/p>\n

“The Minerals Council does not support this top up, as it prejudices existing rights holders that secured their rights on the basis of the 2004 and 2010 Charters,” it said.<\/p>\n

The new draft charter extends to five years from one year the time that existing mining permit holders will have to meet the new black ownership requirement.<\/p>\n

Other proposals in the charter include: new mining rights holders must pay one percent of core profit, or EBITDA, to employees and communities in circumstances where a dividend is not declared in any 12 month period.<\/p>\n

This also, according to the lobby group, is a surprise addition and was not agreed upon as a recommendation.<\/p>\n

On Friday it said it was against a requirement that 10 percent (a third of the 30 percent black ownership target) for new mining right applicants be granted for free to communities and qualifying employees, dubbed “free carry”.<\/p>\n

The government and miners had been at loggerheads over a previous version of the charter, which the Chamber of Mines industry body, now Minerals Council, slammed as confusing and a threat to South Africa’s image with investors.<\/p>\n

“The Minerals Council believes that much more work needs to be done to create a Mining Charter that promotes competitiveness, investment, growth and transformation for the growth and prosperity of South Africa,” it said.<\/p>\n

Addressing the media on Sunday morning<\/a>, mines minister Gwede Mantashe said in two weeks from now the department will host a summit to receive further input from stakeholders. The period to receive public comment closes on July 27.<\/p>\n

“We are hoping that there won’t be too many changes proposed because we’ve engaged everybody in this process. But \u2026we will listen,” Mantashe said. <\/p>\n

Reporting by Nqobile Dludla; editing by Jason Neely.<\/em><\/p>\n

The post S.African lobby group opposes parts of new draft mining charter<\/a> appeared first on MINING.com<\/a>.<\/p>\n

…read more<\/a> <\/p>\n

From:: Mining.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Reuters The Minerals Council South Africa, an industry lobby group, said on Sunday it does not support some elements in the latest draft of an industry charter, including a stipulation that one percent of core profit is paid to communities and employees. South Africa plans to raise black ownership at permit-holding mining companies to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/776100"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=776100"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/776100\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=776100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=776100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=776100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}