Mining Charter has been condemned by the South African mines biggest metal producer, Sibanye Gold Ltd. in accordance to the legislation factors which are considered "unacceptable" in their present form. On Friday, the government published draft suggestions saying that mines should be at least owned by 26% of black investors even if those shares are later sold.
The Department of Mineral Resources and the Chamber of Mines defines the largest producers in the country like Anglo American Plc, went to court over their translation of the charter, with the firms stating that they still comply with the rules to have licenses even after the black investors' shares are being sold, Bloomberg reports.
"It is disappointing that the draft Mining Charter was published without extensive consultation and while court procedures seeking to clarify elements of the previous Mining Charter are still in process," Sibanye said in a statement Monday. "The proposed Mining Charter contains aspects that are not acceptable in our view, if they are applied retrospectively."
