Local mining companies have been given 12 months to raise their Black Economic Shareholding to 30 percent from 26. This is according to new mining charter requirements announced by Mineral Resources Minister Mosebenzi Zwane. The new mining charter also requires the holder of a mining right to pay 1 percent of its turnover to communities. Zwane says mining companies that achieved 26 percent prior to the new Mining Charter, must top up to 30 percent within 12 months.
The charter has been met with mixed reactions, with the Chamber of mines saying there was no proper consultation on the matter.
The Minister of Mineral Resources Msebenzi Zwane, joins us in studio to discuss the issue.
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