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SA mining's clear path to prosperity vs. blind alleys to avoid - Anglo CEO

The South African mining industry is at a pivotal moment in its history, Cynthia Carroll, chief executive of Anglo American said.

Speaking at the inaugural Mining Lekgotla last week, Carroll said that, following the publication of the State Intervention in Mining Sector (Sims) report, and on the eve of the ANC policy conference, there could be no better time for the partners in the industry to come together in consultation about the future, Independent Newspapers reports.

Carroll emphasised that the mining industry is "at a crossroads. There is a clear path that will lead to prosperity and there are blind alleys that we must avoid." Carroll reiterated her "total opposition to nationalisation". Other voices, she said, "most notably those of Mining Minister Susan Shabangu and our partners in the NUM - have also argued consistently and courageously that nationalisation would be the wrong path for South Africa."

Yet, she said, "only this last weekend, [voices] called again for nationalisation, not just of mining, but in effect of everything." Carroll warned that, while mining companies make huge capital investments for the long term, they will not make those investments if there is a fear of arbitrary and unpredictable regulatory change. Instead, Independent Newspapers reports, Carroll called for a "system of taxes and royalties" to be implemented in order to "provide for a fair and appropriate sharing of risk and reward."

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