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South African mining industry blindsided by Mining Charter III

Overview

Much controversy has surrounded the Reviewed Broad-Based Black Economic Empowerment Charter for the South African Mining Industry ("Mining Charter III").

Since a draft was published for public comment in April last year, questions have arisen as to the lack of meaningful consultation by the Department of Mineral Resources ("DMR") with the organised mining industry and other stakeholders and indications by the DMR that it would significantly increase the Charter's black economic empowerment ("BEE") ownership, procurement and employment equity requirements. This article examines the current situation.