Copying and distributing are prohibited without permission of the publisher

ANC refuses to reveal whether study rejects South African mine grab

February 03, 2012 - 13:38 GMT Location: Johannesburg

KEYWORDS: South Africa , mining , nationalisation , ANC , Mining Indaba , Business Day

South Africa’s ruling political party has refused to reveal details of discussions concerning the much-anticipated nationalisation report being dissected by the party at a five-day meeting that started in Pretoria on Friday February 3.

The African National Congress (ANC) has been discussing the report at its national executive committee meeting this week. However, it declined to reveal any conclusions after Johannesburg newspaper Business Day claimed that the report rejects the nationalisation of mines on the ground that it is unconstitutional. The study, compiled by three economists, found that the nationalisation would be unconstitutional and that the government could not afford to buy stakes in mines, according to Business Day. The study did recommend, however, that the royalty and tax regimes be revised, Metal Bulletin understands. Early release of findings Early...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

Please log in using your online subscriber details.
Your username will be your registered email address with Metal Bulletin.

If you aren't a subscriber yet, feel free to take a seven day free trial, or subscribe using the instructions below.

A standard subscription include one year's worth of news and prices. You can also upgrade to the full archive and benefit from more than 13 years of intelligence. Start your subscription today.

Free trial

Taking a free trial will give you open access to Metal Bulletin online news, prices, archived content and email alert service for the next seven days. Start your free trial today.

Free trial

Already have an account?

Iron Ore & Coking Coal

May 24, 2012 08:30 Vetria reaffirms port solution for 27.5m tpy iron ore project
May 24, 2012 06:55 Hanlong’s acquisition of Sundance delayed until November
May 24, 2012 03:47 BC Iron realises 5m tpy output level
May 24, 2012 02:18 Rail strike halts freight shipments in Canada
May 24, 2012 00:32 LIM gets early start sending year’s first shipment to China

Comment & analysis

EXPERT VIEW FROM ERNST & YOUNG: Horror week favours the brave

Seven days is a long time in the investment world, but last week must have felt longer than most.
COMMENT: When super-cycle poster child BHP Billiton trims its plans...

BHP Billiton is one of the poster children for the commodities super-cycle: a mining company whose immense upstream assets in copper and iron ore have fed the industrialisation of China since the early years of the 21st century and enabled it to return $52 billion to shareholders between 2001 and 2011.
LORD COPPER: There is nothing to fear after JP Morgan loss ...

So, here we go again. Another bank, another huge trade gone bad. This one doesn’t even appear to have been a case of rogue trading; a whole desk seems to have been operating with the full knowledge of the management and/or risk committee.