Orion Minerals compliant with Mining Charter on “initial reading”
MININGMX / 01 OCTOBER 2018 - 11.04 / DAVID MCKAY
ORION Minerals, a Johannesburg- and Sydney-listed exploration company, said that based on an “initial reading” it was compliant with the recently gazetted Mining Charter although it would consult with its legal advisers as well as the Minerals Council of South Africa.
“Initial reading of the revised charter suggests that all of the company’s South African holdings are currently in compliance with the revised charter and that no material adverse effect on short or long term business plans are anticipated,” it said.
Attorneys and two banks said last week that the Mining Charter redraft looked fair and generally hazard free for the mining sector. The Minerals Council is yet to comment. However, said in a brief statement last week that the engagement with the Department of Mineral Resources (DMR) had been significant, and thorough-going.
The DMR dropped a previously drafted 1% trickle-down dividend for new mining right applications in its Cabinet-approved Mining Charter, but it included a 10% carried interest which is to be divided between communities and employees.
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