21 June 2017 by and Mining and Minerals Alert

The Mining Charter 2010 v The Mining Charter 2017 – How does the new Charter affect you?

The Reviewed Broad-Based Black Economic Empowerment Charter for the South African Mining and Minerals Industry (“Mining Charter 3”) came into force on 15 June 2017 and imposes huge financial, regulatory and compliance obligations on an already fragile South African mining industry.

The Chamber of Mines has refused to endorse Mining Charter 3 and has indicated its intention to institute interdict proceedings to prevent Mining Charter 3 coming into force, until the courts have ruled on a declaratory order application as to the applicability of the Once Empowered Always Empowered principle and a review application as to the reasonableness of Mining Charter 3’s contents.

How does Mining Charter 3 affect your business and how does it compare to the 2010 Mining Charter? We set out below a side by side summary of the 2010 Mining Charter requirements and the requirements of Mining Charter 3, highlighting the differences between the respective charters. This note does not analyse or provide any legal opinion or commentary on the respective charters. Further, there are a number of drafting issues and anomalies that exist in Mining Charter 3. We have, however, set out the requirements below as per the current language of Mining Charter 3.

 

 

 

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