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Duma Gqubule, Author of Making Mistakes Righting Wrongs, Speaks Out Against the Mining Charter

Making Mistakes Righting WrongsBlack Economic Empowerment expert and author of Making Mistakes Righting Wrongs: Insights into Black Economic Empowerment Duma Gqubule said the mining charter is a “shameful betrayal” of the country’s economic needs.

Gqubule, who is the founder of KIO Advisory Services, told Dineo Faku from Business Report that the government’s requirement that 26 percent of the mining sector be in black hands by the end of 2014 is a mistake.

Gqubule called for an alternative vision for South Africa’s economy:

“Mining is different from other sectors. Unlike restaurants, it is publicly owned because the resources belong to the state and it must benefit all South Africans.”

South Africa has the largest reserves of platinum, chrome ore and manganese ore.

Gqubule said an alternative economic vision had to be found. For example, the state should own 25 percent of mining companies, empowerment entities should own 25 percent, and 7.5 percent must be allocated to employees. He wanted employee share ownership schemes to be improved.

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