ESG

Minerals council welcomes BEE development

The Minerals Council South Africa has welcomed the decision by mines minister Gwede Mantashe to withdraw his notice of appeal over a 2018 declaratory order regarding black economic empowerment (BEE) transactions.

Staff reporter
 The Minerals Council South Africa’s Johannesburg headquarters

The Minerals Council South Africa’s Johannesburg headquarters

It said the 2018 order issued by the High Court (Gauteng division) held that BEE ownership transactions should continue to be recognised for regulatory certainty purposes and for the duration of the mining right, even where the BEE partner had sold or transferred part or all of its equity.

The council was "pleased that this perspective is now undisputed" and said Mantashe withdrawing his notice of appeal to the Supreme Court advanced the goal of achieving much-needed regulatory certainty.

However it said this did not have an impact on the council's ongoing application for a review of the mining charter's provision that that recognition of continuing consequences would not apply in the cases of transfer or renewal of mining rights.

"That matter is still in progress in the High Court," the council said, adding it hoped to reach a resolution through engagement. 

"The Minerals Council recognises that inclusive transformation is a key imperative for the mining industry as a whole, and will continue to engage with the minister and his team on how this can best be achieved."

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