Mining Charter III
Against the backdrop of concerns around the pace of transformation in the mining and minerals industry, government has published changes to the Mining Charter aimed at not only strengthening its effectiveness, but with the intent of bringing about regulatory certainty.
The Broad-Based Black Economic Empowerment (B-BBEE) Charter for the South African Mining and Minerals Industry, commonly known as the Mining Charter, was first developed in 2002. It served as an instrument through which the Minerals and Petroleum Resources Development Act (MPRDA) could fuel transformation in the industry. Following a second assessment, the most recent review was gazetted in draft on 15 April 2016 (the draft reviewed Charter), and was opened for public comments. The inputs were used as a guide for industry, Government and other stakeholders in finalising the reviewed Charter, with a view toward ensuring the levels of certainty the industry requires.
After more than a year, and firm debate as to whether meaningful consultation took place in its design, the final reviewed Mining Charter was officially released on 15 June 2017. It brings with it several foreseen and unforeseen changes: A new element is introduced, and several compliance targets are increased.
This third iteration of the Charter aims to take the next steps in driving shared value within the South African mining ecosystems, while continuing a journey of redressing historic inequalities inherited by South Africa’s first democratic Government.