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ANC to meet Chamber of Mines, as Fitch slams Mining Charter

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Cape Town – The African National Congress (ANC) is expected to meet the Chamber of Mines on Tuesday concerning the Mining Charter, as Fitch Ratings said the new laws will deter investment.

The ANC meeting follows allegations that it was not properly consulted by Mineral Resources Minister Mosebenzi Zwane, who gazetted the new laws last week.

The Mining Charter will force mining firms to restructure their ownership to ensure they have 30% black ownership within 12 months. It will also require a 51% black shareholding in all new prospecting licences.

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