The mine, located in Bronkhorstspruit, Gauteng outside of Johannesburg, is estimated to produce up to 2.4 million tons a year of thermal coal.
The mine has a reserve of 39 million tons and an estimated life span of 17 years.
Khanye employees 300 people including contractors. That number is expected to increase in the coming months.
The keynote speech was given by Mineral Resources Minister Gwede Mantashe.
He said the mining sector had to improve productivity.
"We have to produce optimally. We have resources we are not using, mines that are not being mined. We must improve productivity. That's why I'm excited by the presentation about your plans," Mantashe said, referring to Canyon’s investment plans.
Canyon and Mercuria have invested close to ZAR 2.2 billion into prospecting, acquisitions and ultimately bringing projects into operation. The organisation employs 2,200 people including contractors. As the pipeline of operations open, this number will increase even more.
Canyon Executive Chairman Vuslat Bayoglu said he was pleased with the new mining charter because it provided a "win win" situation for all stakeholders.
Daniel Jaeggi, president of Mercuria, an investment partner of Canyon, said, "We are pleased that there is stability now in the mining sector. When I discuss with people abroad, I share with them the enthusiasm about South Africa. I hope this will help with President Cyril Ramaphosa’s agenda on economic recovery."
Canyon is a proud member of Better Coal, an international voluntary organization of coal producers and buyers that seek to promote responsible mining. The definition of responsible mining includes the cooperative relationships between workers, communities and the use of sustainable mining methods including rehabilitation. Canyon is independently reviewed by Better Coal on a regular basis.
All operations have strong community upliftment projects ranging from provision of electricity to surrounding communities, building bridges and supporting schools and sporting activities. All our applications will comply with the new mining charter. We believe transformation is not only a necessity, but it also good for our country.