Revised Draft Mining Charter released by Department of Mineral Resources
18 April 2016
Westonaria, 18 April 2016: Sibanye (JSE: SGL AND NYSE: SBGL) refers shareholders to the statement issued by the Chamber of Mines (the Chamber) on Friday 15 April 2016, regarding the publication by the Minister of Mineral Resources of a new draft of the Broad-based socio-economic empowerment charter for the South African mining industry (Mining Charter).
The draft Mining Charter was published without prior consultation with the South African mining industry, but, as per current legislation will be available for public comment for a 30 day period. During this time, and possibly beyond if required, the Minister of Mineral Resources has committed to engaging with the mining industry, organised labour and other affected parties. The Chamber and the mining companies are studying the draft Mining Charter and will respond in due course. Sibanye is committed to supporting the Chamber in its engagement.
Sibanye CEO, Neal Froneman said: ‘It is disappointing that the draft Mining Charter was published without extensive consultation, and while court procedures seeking to clarify elements of the previous Mining Charter are still in process.
The proposed Mining Charter contains aspects that are not acceptable in our view, if they are applied retrospectively and these aspects will have to be resolved in the consultation process’.
‘We do however note the commitment by the Minister to continued engagement with the Chamber. We hope that a mutually acceptable final agreement can be reached, which will not further affect investor confidence and impact on investment in the local mining industry’ concluded Froneman.
Issued by Sibanye Gold Limited through the JSE SENS Service, 18 April 2016