Upliftment is new buzzword

摘要

Black empowerment is coming on apace, however, the legislation surrounding the exploitation of natural resources remains a major area of concern.Wherksmans Attorneys partner, Hulme Scholes, recently held an evening seminar on the redrafting of the Mineral and Petroleum Resources Development Bill. Existing until recently as the Minerals Development Bill, it has undergone a very lengthy and still to be concluded gestation period.Scholes says the unresolved issue is that of empowerment. And more recently, he adds, the buzzword has been upliftment as opposed to empowerment. The history of southern African mining is littered with instances of foreign operators exploiting resources and departing, leaving little of any lasting value behind. The Bill will protect South Africa against that. However, the other side of the coin is that we need foreign investment more urgently than ever. How does one balance the two?