- The government of South Africa says it will speed up the empowerment of its black majority population into mining ownership and try to meet its twenty-six percent ownership quota by 2014.
South African Minister of Mineral Resources, Susan Shabangu is optimistic that despite past failures, government was moving forward and in the process to endorse the new policy aimed at transforming and balancing the race ownership of the South African mining sector.
The country has recently commissioned a major review of the Mining Charter signed about five years ago - which requires mining companies to sell a portion of their ownership to black people and other previously disadvantaged groups.
The implementation of the charter was however found to have been inefficient, with the current figures suggesting that government has only managed to help the acquisition of less 10 percent of the mining sector for the black citizens.
The commissioning of the review of the mining charter also came amidst fears of the government's agenda of nationalising the country's mines, fuelled by the debates created by the ruling ANC party's controversial youth league leader, Julius Malema.
However, Mr Malema's arguments were watered down by South Africa's President Jacob Zuma, who dismissed them as a mere debate in an open democratic South Africa and nothing even in the pipeline of government policy formulation.
In the new strategy to fast-track transformation in the mining sector, Ms Shabangu has said government would endorse some changes in the mining charter to enhance implementation of the policy as well as compliance by the sector players.
South Africa, which is Africa's largest economy, has one of the world's largest and most complex mining sectors with precious metals such as platinum, gold and precious stones fetching the bulk of the country's wealth.
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