Gov’t wants 24% equity for citizens in new mines

The changes are part of a suite of proposed amendments to the Mines and Minerals Act, the legislative backbone of the country’s mining industry. The amendments were gazetted at the end of May and were first tabled in Parliament on Tuesday when the winter sitting kicked off.

The bill follows at least eight years of consultations within the ministry and beyond into the industry, with a previous suggestion that citizens should be given the chance to purchase up to 26% equity in new mining ventures where the state foregoes its statutory option for 15%.