SouthernEra Resources Ltd - News Release
SouthernEra confident in South African minerals bill
SouthernEra Resources Ltd SUF
Shares issued 44,750,300 Jul 31 2002 close $ 5.10
Thursday August 1 2002 News Release
Mr. Patrick Evans reports
SOUTHERNERA COMMENTS ON SOUTH AFRICA'S MINING CHARTER
In the past week, there has been a good deal of attention paid to a document leaked from sources within the South African government which purports to provide a framework for the proposed mining charter for South Africa. A statement released by South Africa's Department of Minerals and Energy on Tuesday, July 30, stated that the leaked document "does not in any way represent official government policy or position."
In terms of the new Minerals and Petroleum Resources Development Bill, which has been passed by the South African Parliament but has yet to be signed into law by President Mbeki, a new mining charter should be adopted within six months following signature. The proposed mining charter would outline a joint government, industry and labour vision for the advancement of participation in South Africa's mining industry by persons previously excluded from the industry as a consequence of the policy of apartheid. Both the necessity and desirability for this is fully supported by SouthernEra, which remains the second largest foreign investor in South Africa's mining industry since democratization in 1994.
Commenting on recent developments, SouthernEra's president and chief executive officer, Patrick Evans, said: "All responsible participants in South Africa's mining industry are seeking to create an environment which strengthens the international competitiveness of the country's world-class industry. South Africa and the United States are the only two major mining countries that have a system of dual state and private ownership of mineral rights. In South Africa, this situation has been exacerbated with almost all private rights being tightly held by a small number of industry giants. This has seriously hampered broader participation in the mining industry by foreign investors and also South Africans who were previously barred from participating in the industry by apartheid laws."
Mr. Evans added: "The new Minerals Bill, as well as the envisaged mining charter, will open South Africa's rich mineral resources to a broader range of participants, and will bring South Africa's industry in line with that of countries such as Canada and Australia. Facilitating broader participation by previously disadvantaged South Africans is the best way to ensure the long-term stability of the industry. SouthernEra is confident that this will be achieved without disruption to current mining operations." |
