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ANC's 'indecisive' stance on nationalisation spooks investors

4 Jul 2012

UK's The Independent reports that ratings agencies Fitch and Standard & Poor's have separately warned that persistent fears that South Africa could order a forced nationalisation of its huge mining industry, are jeopardising vast amounts of potential investment in the country.

While South Africa's ruling African National Congress (ANC) party debated - and ruled out - the long-mooted nationalisation of its mining industry at the party's policy conference last week, many analysts believe the ruling wasn't decisive and fear the threat remains that the country could become a pariah state in the style of Venezuela and Argentina, where the state has confiscated privately owned natural resource businesses, The Independent says.

According to the Mail and Guardian, Anglo Gold Ashanti CEO Mark Cutifani said the ANC had managed the discussions well, but more was needed, and the industry had to be involved. If it did not participate, it would have only itself to blame later.

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