Business
South Africa will not nationalize mines
“Certainty over property rights is critical to attract long-term investment,” Trevor Manuel, South Africa’s respected former finance minister who is now a top aide to the president, said Monday, addressing the same group to which Shabangu spoke on the eve of the official opening of the mining conference.
Manuel said uncertainty over nationalization along with other questions about how mining rights are determined need to be resolved “speedily because if we fail to do so, we will continue to lose out from higher global demand.”
In a report released Monday, the country’s Industrial Development Corporation said South Africa was lagging behind other countries in getting key minerals out of the ground. Jorge Maia, head of research for the corporation, called for “significantly higher levels of investment, supported by major improvements in the energy and transportation infrastructure.”
Copyright 2012 The Associated Press.
