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"Timid" mining industry lacks leadership, report says
According to the 370-page Institute report, prepared for a three-day debate in Johannesburg this week on state intervention in mining, perceptions of SA as a mining investment destination have been damaged last month when the ANC's policy conference failed to offer clarity for one of the most critical sectors in SA's economy, says Business Day.
While the ANC ruled out nationalisation, it did propose greater state participation in the minerals sector, higher levels of beneficiation and, controversially, a 50% tax on 'super profits'.
According to Business Day, the Institute report warned that about 40% of mining stocks in SA are foreign-owned and therefore protected by 59 bilateral treaties governing the expropriation of assets held by offshore investors.
Read the full article on www.businessday.co.za
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