Judgment reserved in CoM’s application for declaratory order regarding continuing consequences of ownership
JOHANNESBURG (miningweekly.com) – The Chamber of Mines (CoM) on Friday advised that its application for a declaratory order on the principles applicable to the assessment of the ownership element of the Mining Charter, particularly in respect of the continuing consequences of previous black economic empowerment (BEE) deals, was heard by a full bench in the High Court of South Africa on November 9 and 10.
All parties presented their respective arguments over the two-day period and judgment has been reserved.
“The CoM remains fully committed to the meaningful transformation of the South African industry and believes the continuous assessment of the progress made in this regard is vital.
“As such, the chamber recently carried out a survey of its members to assess the progress the industry has made in terms of the 2010 Mining Charter’s transformation pillars during 2016,” it said in a statement on Friday.
In total, 28 mining companies covering all sectors and representing an estimated 70% of the industry and 67% of employment, participated in the survey.
According to the outcomes of the survey, based on the principle of recognition of continuing consequences of previous transactions, ownership of the industry by historically disadvantaged South African’s (HDSAs), stood at 39% in 2016, which is significantly above the Charter target of 26%.
Further, in 2016 alone, some R2.2-billion flowed to HDSAs in dividends from the surveyed companies.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation