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Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

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Mining Sector Charter

Scorecard for the Broad Based Socio-Economic Empowerment Charter for the South African Mining Industry

Introduction

 

• The proposed scorecard gives effect to the provisions contained in the Broad Based Socio-Econonic Empowerment Charter for the Mining and Minerals Industry.

 

• The scorecard is designed to facilitate the application of the Charter in terms of the Mineral and Petroleum Resources Development Act requirements for the conversion of all the “old order rights” into new rights within a five-year conversion window period, but recognising the full 10-year period.

 

• In adjudicating the scorecard the Minister of Minerals and Energy will need to take into account the entire scorecard in decision making.

 

• The scorecard is intended to reflect the “spirit” of the Broad-based Socio-Economic Empowerment Charter for the Mining Industry.

 

• Progress by stakeholders in achieving the aims of the Charter as enunciated in the Scorecard can be measured in two ways:
• The specific targets set in the Charter.
• The targets set by companies.