Mmegi

Gov’t reserves 24% mining ownership for citizens

Spreading opportunity: Kenewendo PIC: KENNEDY RAMOKONE
Spreading opportunity: Kenewendo PIC: KENNEDY RAMOKONE

The amendments to the Mines and Minerals Act giving government or citizens the right to purchase up to 24% equity in all new mining licences, have taken effect.

The amendments were initially passed by Parliament last year and mark an increase from the 15% government had the right to purchase in new mining operations.

A 24% equity is significant because it gives enough power to protect the minority partners’ interests and to influence key decisions, even without being the majority owner. However, it is below the 24% blocking majority required for making major decisions.

Editor's Comment
Tana project a welcome development

Whilst the project received mixed reactions from members of the public, the project is indeed a welcome development, which needs to be implemented as soon as possible. Many shared their opinion, with those against the project decrying that if implemented, it will kill the already struggling public transport industry.Many countries around the world have state-run public transport, and those who have travelled to such countries will give testimony...

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