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November 13, 2009
Codes of good practice clash with Mining Charter
Although the South African mining industry has not experienced a setback following the implementation of the socioeconomic empowerment charter for the South African mining and minerals industry, which incorporates broad-based black economic-empowerment (BBBEE) ownership, there are some areas of confusion.
"Mining houses use the Mining Charter and its scorecard to monitor whether they meet the objectives of empowering histori- cally disadvantaged South Africans (HDSAs). The Mining Charter came into force on May 1, 2004, and requires that mining companies must be 26%-owned by HDSAs in ten years. However, the scorecard, which is attached to the Charter, stipulates that 15% of the mining companies must belong to HDSAs in five years," says corporate and commercial law firm Deneys Reitz director Otsile Matlou.
Posted by StaffWriter at November 13, 2009 10:05 AM