South Africa’s contested new mining charter will be published by the end of March.
The country’s mines minister Mosebenzi Zwane made the announcement today at Mining Indaba, the worlds largest mining investment conference in Cape Town.
Hopes are high that the imminent legislation will force mining companies to pay more attention to tackling racial equality.
The mining charter already requires black investors to hold 26 percent of every mining company’s equity or its assets at the very minimum.
It also demands that companies provide housing and other amenities in mining communities, many of which are poverty-stricken. However, many mining companies bypass existing regulations.
Mark Cutifani, the chief executive of Anglo American, one of the world’s largest mining companies said in his speech at Mining Indaba:
“For investors, it goes without saying that regulatory certainty and the sanctity of private ownership under the constitution is paramount.
“We need to put aside the personal conversations and attacks… in today’s world capital has no colour.”
Zwane also said amendments to the Mineral and Petroleum Resource and Development Act (MPRD), another key piece of legislation, would be finalised in June.
The Mining Indaba conference ends on Thursday.