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May 24 2012 17:31
The Reserve Bank will maintain current interest rates, and a sizeable reduction in the local petrol price is expected, says governor Gill Marcus.
May 24 2012 15:29
The Reserve Bank will maintain current interest rates, says governor Gill Marcus.
May 23 2012 22:00
Economic liberation or the lack thereof is the most divisive issue in the country, according to a survey.
Cape Town - South Africa's parliament on Friday passed new mine safety laws which enforce stricter penalties and hold mine CEOs criminally liable for deaths in some of the world's deepest mines.
The mining industry, represented by the Chamber of Mines (COM), has criticised as "too punitive" laws which make provision for heavier penalties to be levied against companies, increasing fines to R1m from R200 000 rand.
The COM has also questioned the insertion of a criminal liability clause, allowing chief executives and managers to be prosecuted should they be found guilty of causing serious injury or deaths.
"The (law) is premised on the principle that the responsibility for health and safety lies with the employers (owners of mines)," read a memorandum attached to the final bill.
South Africa, the world's number one platinum producer and top gold exporter, has a dire underground safety record and saw 221 mine deaths last year, up from 200 in 2006.
The high mine death toll has prompted government to temporarily shut down mining operations after fatal accidents, further reducing output in an industry already suffering from the effects of an ongoing power crisis.
Mine unions, which during public hearings discussing the bill argued for higher penalties, have recently stopped work at mines whenever a death occurred.
The new laws, which must still be signed by South African President Kgalema Motlanthe before becoming effective, also made provision for mine accident investigations to be held within 10 days and a report completed within 30 days.
Mine safety inspectors are empowered to enter any mine at any time, question persons and examine documents, and can shut down mines if there is non-compliance with safety instructions.
- Reuters