South African charter causes concern

摘要

Adraft version of the proposed South African Mining Charter, reportedly leaked to the website miningweb.co.za, has heightened concern over the changes being made to the country's mining legislation (see IM August '02, p.7). The charter contains details of the procedure for implementing the contentious Minerals and Petroleum Resources Bill, which seeks to promote black empowerment in the mining industry and pass control of mineral rights into the hands of the state. Critics of the bill believe that it will damage foreign investment into the country. The charter reportedly stipulates that existing operations should become at least 30 percent - owned by a black economic empowerment (BEE) partner, eventually increasing to 51 percent ownership. New operations will need 51 percent BEE ownership from the outset. One contributor to miningwed.co.za commented that "the response of foreign investors to the leaked document quickly took on the appearance of maddened Pamplona bulls."