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S. Africa, Mines Fight Over Proposed Community Revenue Share

  • Chamber of Mines opposes plans for share of 1% of revenue
  • Mining companies would prefer a guide based on profit
Updated on

South Africa’s biggest mining companies are opposed to a government proposal that 1 percent of their annual revenue be spent on developing communities associated with their operations and have countered with suggestions that they instead pay out a share of profit.

The Chamber of Mines, which represents companies including Glencore Plc, Anglo American Plc and AngloGold Ashanti Ltd., is in discussions with the Department of Mineral Resources and labor unions over a review of the so-called mining charter, which mandates measures designed to boost black participation in the economy ranging from ownership of assets, management diversity and procurement procedures.