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Media Coverage

Miningweekly.com quotes Godfrey Malesa in an article on the latest draft of the third Mining Charter

Fasken
Reading Time 1 minute read

“Mining Charter’s free-carried interest requirement worries industry” by Anine Kilian, Miningweekly.com

Miningweekly quotes Johannesburg lawyer, Godfrey Malesa, in an article on the latest draft of the third Mining Charter.

Unpacking the proposed ownership requirements for new mining rights as set out in the draft charter, in Johannesburg, on Thursday, law firm Fasken mining lawyer Godfrey Malesa noted that the charter stipulates that a new mining right must have a minimum of 30% black economic empowerment (BEE) shareholding, which must include an economic interest, as well as a corresponding percentage of voting rights.

“The 30% BEE shareholding must be distributed in different ways. The charter proposes that BEE ownership should be allocated in shareholding blocks of 8% to host communities and qualifying employees, as well as a minimum of 14% ownership to BEE entrepreneurs,” he noted.