Ramaphosa rules out mine expropriation without compensation

Ramaphosa rules out mine expropriation without compensation

- President Cyril Ramaphosa has poured cold water on the idea of nationalising mines which do not comply with the mining charter

- Ramaphosa made the statement while answering questions from MPs in Parliament on Wednesday

- The president said the new Mining Charter would be drafted in the next 3 months

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President Cyril Ramaphosa has ruled on nationalising mines which do not comply with the mining charter. Ramaphosa made the statement while answering questions from Members of Parliament (MPs) in the National Assembly on Wednesday.

Ramaphosa told MPs a new Mining Charter would be drafted within the next three months after the Chamber of Mines agreed to end its court challenge against the reviewed charter.

READ ALSO: President Ramaphosa’s South Africa: 5 possible futures

The Economic Freedom Fighters (EFF) earlier suggested that mines which do not comply with the charter should be nationalised. EFF MP Mbuyiseni Ndlozi said mining companies who fail to comply with the law and the will of the people should be expropriated without compensation.

Briefly.co.za gathered that Ramaphosa said the plan was tempting, but he noted South Africa could not afford to capitalise such a risky operation. Ramaphosa said mining was a wasteful asset and the sector was not for ‘sissies’.

Ramaphosa said the new Mining Charter needed to redress the way in which black South Africans and in particular women are involved in the mining sector. He added that mineworkers needed to be given greater input into the decision making process.

“The South African mining industry needs to be attractive to investors through a Mining Charter that offers certainty, stability and has a clear transformational path,” said Ramaphosa.

The EFF stood by their long-held belief that mines should be nationalised. Ndlozi said: “If they don’t give communities opportunities, they don’t improve housing, and they don’t give workers skills...there are no punishments.”

READ ALSO: Open Letter: DA’s Athol Trollip responds to Julius Malema

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Source: Briefly.co.za

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