Update on Chamber’s court application

The Chamber of Mines has provided an update on the application for a declaratory order at the High Court.

“The Chamber of Mines advises 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 (Gauteng Division) on 9 and 10 November 2017,” read a statement released by the Chamber.

Chamber14-11
Image credit: The South Africa Judiciary

The bench comprised Judges Peter Mabuza and Tina Siwendu and Acting Judge Frans Barrie. All parties, including two amici curae (impartial adviser), presented their respective arguments over the two-day period. Judgment has been reserved. “The Chamber remains fully committed to the meaningful transformation of the South African industry and believes that 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,” the statement read.

A total of 28 mining companies, covering all sectors and representing an estimated 70% of the industry and 67% of employment, participated in the survey. The results of the survey showed that, based on the principle of recognition of continuing consequences of previous transactions, ownership of the industry by historically disadvantaged South Africans (HDSAs) stood at 39% in 2016 which is significantly above the Charter target of 26%. Furthermore, in 2016 alone, some R2.2 billion flowed to HDSAs in dividends from the surveyed companies.


 

 

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