Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

S. Africa ruling party won't nationalise mines  Join our daily free Newsletter

MENAFN - AFP - 20/12/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) South Africa's ruling ANC distanced itself on Thursday from those within the party calling for nationalisation of the mining sector, the latest in a series of steps to reassure jittery foreign investors.

A resolution passed by members at the ANC's five-yearly conference rejected proposals to nationalise the economically vital mines, effectively killing a rancorous debate on the subject.

"The issue of nationalisation as we have discussed it over the last few months is off the table," Public Enterprises Minister Malusi Gigaba said announcing the decision, meaning the matter is no longer under consideration.

The move is a major defeat for the left of the ruling party, and caps a concerted effort by leadership to firm up its pro-business credentials.

At a policy meeting in June the ANC backed "strategic nationalisation".

Opening the conference on Sunday, President Jacob Zuma was at pains to stress the government backed a "mixed economy."

Addressing investors, Zuma said he wanted to "dismiss the perceptions that our country is falling apart".

Zuma also backed businessman Cyril Ramaphosa as his deputy president, in a move welcomed by investors.

Credit ratings agencies had warned that the country could get further ratings downgrades as a result of the conference.

The party did hint at a higher burden on mining companies, saying the state must capture "an equitable share of mineral resources through the tax system," but stopped well short of demanding a new mining tax.

A wave of wildcat strikes gripped South Africa's mining sector from August to October.


 






  MENA News Headlines


 
Live Currency Rates






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help