South Africa to transfer all mineral rights to the Government

BBC ^

[BlackJack]

A controversial bill which will transfer ownership of all South Africa's mineral rights from private companies to the state has been passed by parliament's lower house.

The governing ANC party and labour organisations say the new legislation would ensure that the black majority in South Africa participates in the mining industry, which has been dominated by whites since the apartheid era.

Gold accounts for 10% of South Africa's exports

However, the mining companies argue that the bill violates property rights and will undermine the confidence of international investors in the South African economy.

[BlackJack]

Nationalization?

[Mulder]

The damn fools will eventually starve themselves to death, at this rate.

[FreePaul]

Nationalization?

No. Just theft.

[Teacher317]

Diamonds are not mentioned. DeBeers is pretty good at getting exceptions. Did they escape?

[Migraine]

Diamonds are not mentioned. DeBeers is pretty good at getting exceptions. Did they escape?

no, they're next...

[Travis McGee]

Don't worry, the Chinese will come in to help them out, in exchange for naval bases.

[BlackJack]

Nope.....DeBeers said that if the bill is signed into law they
would cancel 6 Billion Rand investments.

[maica]

Sadly true.

[Mulder]

Don't worry, the Chinese will come in to help them out, in exchange for naval bases.

I believe they just got one in Cuba.

[yendu bwam]

The best things the South African government could do for all its citizens is to get the crime situation under control, to promote foreign investment, to promote local investment and then to stay out of the way. In considering this, they are going down the socialist Tanzanian path (which only furthered the impoverishment of the Tanzanian people). If the government takes these mineral rights, the predictable results will be a drop in foreign investment (who would invest, when that investment could be taken away from you at any time), massive corruption of the mineral industry (like Pemex in Mexico, or the oil industry in Nigeria), a massive brain drain of expertise from the country and a loss of competitiveness. South Africa is going down the tubes. It's too bad. It's got great people and great resources. Guess it has to learn the hard way (like most of the rest of Africa).

[JohnGalt]

Sadly? On the contrary, I believe we are closer to winning than we were yesterday.

[Dog Gone]

It's worse than nationalization. It's communism.

[toddst]

Don't worry, the Chinese will come in to help them out, in exchange for naval bases.

Yep. Here come the commies. South Africa is tipping over into a steep nosedive. How hideous.

[mamelukesabre]

Yikes!

The chinese are spooking me. At this rate, they will run the world in 2 decades.

[BlackJack]

The ANC is openly communist in ideology I think.....is this
correct? I would be concerned if I owned shares in Gold Fields
or other SA mines.

[BlackJack]

I lived in Ghana ....1958-1964 ......Kwame nationalized .......ruined
the economy.

[backhoe]

"Pity about Africa..."

AfricaWatch:

AfricaWatch: for AfricaWatch articles. 

Other Bump Lists at: Free Republic Bump List Register

[LonePalm]

Are we going to have to sacfrice all of Africa to prove to the world that Comunism doesn't work?

I hope not.

Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)

[Fish out of Water]

fyi

[NativeNewYorker]

The damn fools will eventually starve themselves to death, at this rate.

They're following Mugabe's example.