When Roman historian Suetonius described Emperor Nero as “fiddling while Rome burns” he could well have been referring to minister of mineral resources Mosebenzi Zwane, whose recent actions smack of political tinkering.
A few high-profile moves of late have succeeded in widening the trust deficit in the mining sector, with the department of mineral resources (DMR) and minister of mineral resources, Mosebenzi Zwane, in one corner, and industry and stakeholders in the other.
First came the publication of the controversial Mining Charter 3, on 15 June. This upped ownership targets for historically disadvantaged individuals to 30%, among other changes. It created more onerous ownership requirements for suppliers to the industry and also demanded that research and development be focused locally, ideally at previously disadvantaged universities. Transformation numbers within management have been increased, as have targets for previously disadvantaged employees, disabled people and women across all levels.
The goals behind these moves are, make no mistake, laudable. But imposing a three-year time frame in which to achieve complicated targets is commercially and practically short-sighted.
Lack of consultation
Esta historia es de la edición 10 August 2017 de Finweek English.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición 10 August 2017 de Finweek English.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
THE HEALTH OF SA'S MEDICAL SCHEMES
As the Covid-19 pandemic abates, finweek takes a look at the financial performance of some of the largest players.
The effect of Gilbertson's departure
With Ntsimbintle Holdings now the major shareholder of Jupiter Mines, it could change SA’s manganese industry.
Making money from music
Why investors are increasingly drawn to the music industry.
Conviction is key
Sandy Rheeder plays a critical role in Mukuru’s mission to open up financial services to the emerging consumer market in Africa through tailor-made technology solutions and platforms.
The post-pandemic toolkit
How CFOs can use technology to support growth.
Big city living exodus
Mini cities like Waterfall City and Steyn City are redefining city-style apartment living.
Big compact, big value
Handsome, with a hefty level of standard specification, the roomy Haval Jolion compact crossover is a great value proposition.
On barriers to entry
There are various ways in which a company or sector can achieve competitive dominance. They usually make for good investments.
Fear and greed in one index
To buck the trend, when markets are hot or cold, is a tough thing to do. However, it can deliver solid returns.
Africa's largest data centre facility coming soon
Vantage Data Centers plans to invest over R15bn for its first African data centre facility in Attacq’s Waterfall City.
