Gold Fields wants win-win outcome with Mining Charter | Fin24
 
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Gold Fields wants win-win outcome with Mining Charter

Aug 17 2017 10:25

Cape Town – Gold Fields, which announced a decline in earnings for the six months ended 30 June, said it wanted a win-win outcome for all regarding the Mining Charter.

Normalised earnings in the first half of 2017 decreased to $77m from $103m in the first half of 2016, the miner said in a statement on Thursday.

This was due to the impact of stronger exchange rates and an increase in amortisation at Tarkwa linked to new reserves and increased mining volumes, it said.

It declared an interim dividend of 40 cents per share, down from with the 2016 interim dividend of 50 cents per share.

Regarding the Mining Charter, Gold Fields CEO Nick Holland said in a statement that Gold Fields endorsed the process undertaken by the Chamber of Mines with regards to the 2017 Mining Charter published on 15 June 2017.

“The interdict application is likely to be heard in mid-September 2017. Gold Fields supports achieving a solution that is viable to support economic growth and create a sustainable mining industry in South Africa in which investment is encouraged,” said Holland.

“A preference is to craft a solution through a win-win outcome for all. Unfortunately, the current envisaged charter renders this impossible,” said Holland.

On 15 June 2017, Mineral Resources Minister Mosebenzi Zwane published the 2017 Mining Charter. “The South African Chamber of Mines, of which Gold Fields is a member, immediately raised its concerns due to the lack of collaboration with its members and the mining industry as a whole," said Holland.

“On 26 June 2017, the Chamber approached the High Court of South Africa requesting that an urgent interdict application be heard on 8 July 2017 requesting an order to prohibit, amongst others, the Minister and the Department of Mineral Resources (DMR) from implementing or applying the provisions of the 2017 Mining Charter in any way directly or indirectly, pending the final determination of an application for judicial review and setting aside of the Minister’s and the DMR decision to publish the 2017 Mining Charter. This matter is likely to be heard in mid-September 2017.”

“The minister has provided a written undertaking that the 2017 Mining Charter will not be implemented in any way until judgement has been handed down in the Chamber’s application for an urgent interdict. The written undertaking also provides that should the Minister and/or the DMR in any way endeavour to implement the 2017 Mining Charter during that period, the Chamber will be entitled to bring its interdict application within 48 hours,” said Holland.

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