Vancouver — Mining companies with assets in South Africa breathed a collective sigh of relief after the country’s president came out and said there are no plans in place to nationalize any mine assets.
“On the nationalisation of mines, this is not part of the process,” says Thabo Mbeki. “No nationalisation is visualised.”
Mbeki was speaking after he received a copy of the final draft charter from industry stakeholders who negotiated the document.
The charter, stipulated in the Minerals Bill, will set targets and deadlines to increase black participation in the white-dominated industry.
The compromise includes a broadening on ownership targets and includes skill development, procurement and community upliftment.
A first draft of the charter was leaked in July. The report suggested that 30% of mining assets and 51% of all new projects be sold to black businesses within 10 years. The news sent shivers down the industry.
Details of the new charter draft will be released late next week.
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