HomeBase MetalsNew SA mining industry strategy tomorrow

New SA mining industry strategy tomorrow

Mineral resources
minister Susan
Pretoria, South Africa — MININGREVIEW.COM — 29 June 2010 – The government of South Africa “’ the world’s biggest producer of platinum and chrome “’ is to announce the details of a new national mining industry strategy tomorrow, Bloomberg News reports.

Making this announcement here in an e-mailed statement late yesterday, the Mineral Resources Ministry said that the government, business and labour would sign the Mining Industry Strategy for Sustainable Growth and Meaningful Transformation accord. BHP Billiton Limited, Anglo American Plc, Rio Tinto Limited and Xstrata Plc have mines in South Africa.

Bloomberg News reports that the government started a review of its current mining industry strategy “’ the so-called Mining Charter “’ last year. The 2004 charter required mining companies to ensure that 15% of their South African assets were held by black investors by 2009, and 26% by 2014, to make amends for apartheid, which ended in 1994.

South Africa’s mining industry has missed targets set out in the 2004 strategy and hasn’t lived up to the spirit and intent of the charter, according to mineral resources minister Susan Shabangu.