South Africa suspends implementation of controversial mining charter
(ShareCast News) - South Africa suspended implementation of a controversial mining charter following an appeal from industry.
Following an interdict application from business lobby group Chamber of Mines, the country's Minister of Mineral Resources, Mosebenzi Zwane decide to freeze implementation of the legislation.
The proposed law would force a higher minimum threshold of black ownership of mines, increasing it from 26% to 30%.
It also stipulated that mining companies had to funnel 1% of turnover towards black empowerment.