S Africa – Zuma rejects blanket nationalization

City Press

The ANC has rejected blanket nationalisation, President Jacob Zuma told heads of missions in Pretoria.

The emerging view was that the state should play an increased role in selected minerals considered strategic to the country’s development, Zuma’s spokesman Mac Maharaj said yesterday.

Zuma was responding to diplomats seeking clarity on the African National Congress’s nationalisation debate.

Maharaj said these selected minerals were part of ongoing discussions within the ruling party.

“Such involvement could take the form of part ownership or full ownership of mines for such minerals to help drive development programs. There is also a proposal for a tax on windfall profits on mining,” Zuma said.

According to Maharaj, Zuma told the meeting that the final decision on the matter would be taken at the ANC’s national elective conference in December.

He assured the gathering that South Africa was open and ready to do business with foreign investors and the private sector.

“Government departments… must pay suppliers on time and generally remove hassles and make it easier for investors to start their businesses,” he said.

He said South Africa’s involvement in the Brics (Brazil, Russia, India, China grouping was to advance the south-south co-operation. Read more…

- SAPA

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