South Africans negotiating a controversial mining reform charter will have a second draft by the end of Friday, with a final deal expected by the end of the year, a Minerals Department representative said.
But no-one outside the tight circle of negotiators will legally get a peek at the sought-after document, or future drafts, until the talks are finalised.
”When the guys are done with the whole thing, we’ll have a press conference. By the end of the year they should be done,” Kanyo Gqulu told Reuters.
”The draft is just a progress report on how far they have gone so that they can keep track of their advancements,” he added.
A first draft leaked in July spooked investors with calls for drastic industry changes and share price falls wiped billions of rand off the local bourse.
The initial draft suggested that control of all new mining projects should rest with black business within 10 years. But industry sources believe the negotiators have moved towards more industry-friendly targets.
The charter aims to set targets and deadlines for changing an industry that is still white-dominated eight years after the end of apartheid. – Reuters