Chief Economist at the Chamber of Mines Roger Baxter says improper negotiations over a new Mining Charter tabled by Mineral Resources Minister Mosebenzi Zwane last week could affect investor confidence.
The organisation met with an African National Congress (ANC) delegation to discuss its concerns on Tuesday.
It insists the charter which increased the black ownership target to 30%, does not have realistic targets.
It was a progressive meeting. Clearly we, from our side, gave a particular position on concerns and the challenges that we face in relation to a charter which effectively does not have realistic targets, was not properly negotiated with the industry.— Roger Baxter , Chief Economist of the Chamber of Mines
Whilst we fully believe in the transformation process as a national imperative, if you have a flawed process and you don't involve all the stakeholders in developing something that is practical and workable, it has a huge impact on investor confidence and ultimately transformation in the sector.— Roger Baxter , Chief Economist of the Chamber of Mines
We need a charter which actually reflects an outcome of a properly negotiated process where all stakeholders can defend and believe in the charter that has come out.— Roger Baxter , Chief Economist of the Chamber of Mines
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This article first appeared on 702 : Chamber of mines says new Mining Charter "improperly negotiated"