SA to launch new mining charter on Wednesday

Reuters Tue, 29 Jun 2010 11:30

South Africa will launch a new mining charter on Wednesday to increase black ownership in the sector after the previous agreement failed to do so, the department of Mineral Resources said on Tuesday.

"The leaders of government, business and labour will be signing a declaration as a sign of their support for the strategy," the department said in a statement.

A review of the previous charter was prompted by concerns that a target to transfer 26 percent of ownership in the industry to black people by 2014 may not be met.

The revised charter will seek to speed up black ownership, skills development, employment equity, procurement, housing and living conditions and mining beneficiation