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CategoriesIn the news | Mines news Mantashe: seizing mines is "costly and unsustainable"According to MoneyWeb, Gwede Mantashe, the ANC's secretary general, said that party leaders have agreed that nationalisation of mines isn't a viable option. Wholesale nationalisation is "off the table," Mantashe told reporters, following a meeting of the party's leadership, adding that seizing mines would be "costly and unsustainable." MoneyWeb also stated the ANC undertook a study on state intervention in the mining industry after the party's Youth League lobbied for nationalisation to give the black majority a bigger stake in the country's mineral wealth. The study found that seizures would result in a near collapse of foreign investment and access to finance, widespread litigation by investors, and be "an unmitigated economic disaster" for the country. Officially, the findings were debated at an ANC policy conference last month and the party resolved to take final policy decisions at its national conference in December, MoneyWeb reports. Read the full article on www.moneyweb.co.za
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