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South Africa's ANC Eyes a Nationalised Mining Industry

By Joel ScanlonNov 16 2010

The African National Congress (ANC) is looking at the possibility of nationalizing the South African mining industry with the help of two independently appointed researchers. The irony of this decision is that they want mining companies to help fund the research.

ANC’s Youth league has been calling for the nationalization so that the mineral wealth of the country would be used for the benefit of the residents of the country rather than losing the profits to foreign mining companies. A move which has understandably got the mining industry worried.

At a conference in September the part has agreed to investigate the viability of this process before any policy changes may be made. A report will be presented to the party's National Executive Committee ahead of a major policy conference in 2012 said party General Secretary Gwede Mantashe.

Currently South Africa generates 30% export revenue, 18% corporate taxes and about 500,000 jobs directly from mining. The nation is also the 3^rd largest producer of gold worldwide and the largest producer of platinum and chrome. Any major policy changes in mining would drastically affect the industry and likely make it less competitive on the global stage.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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Scanlon, Joel. (2019, March 19). South Africa's ANC Eyes a Nationalised Mining Industry. AZoMining. Retrieved on November 21, 2024 from https://www.azomining.com/News.aspx?newsID=1411.
MLA
Scanlon, Joel. "South Africa's ANC Eyes a Nationalised Mining Industry". AZoMining. 21 November 2024. <https://www.azomining.com/News.aspx?newsID=1411>.
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Scanlon, Joel. "South Africa's ANC Eyes a Nationalised Mining Industry". AZoMining. https://www.azomining.com/News.aspx?newsID=1411. (accessed November 21, 2024).
Harvard
Scanlon, Joel. 2019. South Africa's ANC Eyes a Nationalised Mining Industry. AZoMining, viewed 21 November 2024, https://www.azomining.com/News.aspx?newsID=1411.