Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
A group of South African mining communities will be allowed to join a case in which producers are seeking a review of the government’s Mining Charter.
The community groups, represented by the Centre for Applied Legal Studies and Lawyers for Human Rights, were given leave to join as co-applicants in the case that will be heard from Dec. 13, the Chamber of Mines, which represents mining companies, said in an emailed statement Tuesday.
The lobby group is seeking a judicial review of the new Mining Charter, published in June, which places extra levies on companies and raises requirements for black ownership. The group had opposed the application by the community groups to join its case, citing the potential for delays and that the parties had different reasons for fighting the charter.
Communities have been excluded from the process to develop the charter, said Lee-Anne Bruce, a spokeswoman for CALS.
The court ruling “has acknowledged communities as core stakeholders in mining who must be involved the review of the charter going forward,” she said by phone from Johannesburg.
South Africa is the world’s largest producer of platinum and is among the largest gold producers. Department of Mineral Resources Minister Mosebenzi Zwane has agreed not to implement the charter until there’s a judgment in the judicial review case.
(Story by Felix Njini with assistance by Paul Burkhardt)
