The mining industry says it has met and surpassed most of the transformation targets set out in the government’s Mining Charter of 2010. That includes the key areas of black ownership and employment equity.
The mining industry is giving itself a tap on the back on a job well done. The 2010 Mining Charter set a target of 26 % black ownership, the industry says it has surpassed that, black ownership now stands at 39%.
According to the industry, compliance is even much higher when it comes to employment equity, running at 58 % for top management, 70 % for middle management and 78% for junior management.
“Now is the time to have engagements with various sectors of the society as to; is the mining sector transforming enough? But based on the Charter we have exceeded most of the targets,” says Senior Executive for Transformation at the Minerals Council Tebello Chabana.
However, it is not all rosy. The industry is unhappy with the new Mining Charter. It has gone to court to challenge sections of it including a requirement that 60 % of all goods and services must be sourced locally.
The industry says there is currently no investment in new mines because of regulatory uncertainty. Official figures on Wednesday revealed that the economy shrunk by 0,6 % in the three months to September dragged down primarily by a 6% decline in mining.
The mining industry blames greater operating costs, such as the high price of electricity, for the decline.
