On 15 April 2016, the Minister of Mineral Resources, published the Draft Reviewed Broad Based Black- Economic Empowerment (“B-BBEE”) Charter for the South African Mining and Minerals Industry, 2016 for public comment. Interested and affected parties have 30 days from publication, that is until 15 May 2016, to comment on the Draft Mining Charter.
Fasken Martineau’s Mining and B-BBEE practice group invites you to our breakfast seminar to be held on Tuesday, 10 May 2016, at 8h30 to discuss the Draft Mining Charter and possible its possible far-reaching implications for the mining industry.
Our team of lawyers will discuss the various changes contained in the Draft Mining Charter with a particular focus on:
- its attempt to align the mining industry, regulated under the Minerals and Petroleum Resource Development Act, 2002, with the Codes of Good Practice on B-BBEE issued by the Department of Trade and Industry under the B-BBEE Act, 2003;
- the potential retrospective effect of the Draft Mining Charter;
- the need to relook at existing B-BBEE Shareholding structures; and
- the drive towards a set standard of compliance and its impact on managerial decisions.