May 25, 2017 / 12:57 PM / 7 months ago

UPDATE 1-South Africa's cabinet approves review of mining charter changes

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JOHANNESBURG, May 25 (Reuters) - South Africa’s cabinet said on Thursday it has approved for publication a review of revisions to its charter for the mining sector, a process that was supposed to have been done months ago raising concerns about policy uncertainty in the industry.

“Mineral Resources Minister Mosebenzi Zwane will provide a briefing once the charter has been gazetted,” the cabinet said in a statement, without providing further details such as when it will be published.

The industry has also complained that it has not been consulted enough about the revisions to the charter and that South Africa’s mining industry is losing badly-needed investment as a result.

The Mining Charter was introduced in 2002 to increase black ownership of the mining industry, which accounts for around 7 percent of South Africa’s economic output.

However, industry body the Chamber of Mines has taken the government to court over ownership interpretations in the latest draft, which requires companies to keep black ownership at 26 percent even if black shareholders sell their stakes. (Reporting by Nqobile Dludla; Writing by Ed Stoddard; Editing by James Macharia)

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