South Africa

South African government is completely revamping the mining industry, top to bottom. Last year brought the Minerals and Petroleum Resources Act, followed shortly by an empowerment mining charter and a scorecard that would rate companies on how well they met the goals set out in the charter. One of the goals is that there should be 15% black ownership of South African mining assets within 5 years and 26% within 10 years.



A draft bill, released in March, has mining companies pay 3% - 8% of gross revenue to the state. This so-called money bill will give effect to the Mineral Act, which has been approved by Parliament but not yet passed into law.



I say well done, no country in the world has such disparity in income as South Africa. If they dont want to head in the same direction as Zimbabwe, this is the way to go. Things move slowly but steadily there, but it does move, and in the right direction!