Mining charter completely rewritten

[schumi]

The government has released a new draft Mining Charter that radically changes targets and tries to firmly squash the contentious “once-empowered-always-empowered” principle.

More at:http://city-press.news24.com/Business/mining-charter-completely-rewritten-20160415

 

[schumi]

Minister Zwane expects ‘robust engagement’ over revised Mining Charter

A new draft was gazetted on Friday, taking the industry by surprise as there had been no consultation.

The new version says every new mining right must be 26 percent owned by black entrepreneurs, communities and workers and that this level of empowerment must be maintained throughout the life of a mine.

More at:http://ewn.co.za/2016/04/19/Minister-Zwane-expects-robust-engagement-on-revised-mining-charter

 

[schumi]

New Mining Charter is ANC’s ‘suicide note’ for the industry‚ says DA

The Democratic Alliance has slated the revised Mining Charter put forward by Minister of Mineral Resources Mosebenzi Zwane as the ANC’s “suicide note” for the industry‚ warning that it will cause a tragic loss of jobs if implemented.

More at:http://www.sowetanlive.co.za/news/2...is-ancs-suicide-note-for-the-industry-says-da

 

[IzZzy]

To abolish the once-empowered rule would cause havoc. One is meant to give true and beneficial empowerment through BEE schemes, but to impose any lock-up detracts from this principle (and has less points attributed) but now one will have to lock-up BEE participants indefinitely so as to comply with the Mining Charter. No real empowerment can ever be created this way, as you would never let any BEE participant dispose of their shares, and realise value.

 

[hawker]

To abolish the once-empowered rule would cause havoc. One is meant to give true and beneficial empowerment through BEE schemes, but to impose any lock-up detracts from this principle (and has less points attributed) but now one will have to lock-up BEE participants indefinitely so as to comply with the Mining Charter. No real empowerment can ever be created this way, as you would never let any BEE participant dispose of their shares, and realise value.

Yeah but the ANC doesn't ever think anything through.

 

[Jladan]

Surely the rule is fine ? Just add another rule that specifies when empowered shares are sold they must be sold to other empowerment beneficiaries ?

 

[holler]

Surely the rule is fine ? Just add another rule that specifies when empowered shares are sold they must be sold to other empowerment beneficiaries ?

I agree