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REUTERS
South Africa's ruling ANC is considering starting a sovereign fund from proceeds of a proposed new mining tax that could be used to intervene in the market to cap gains in the rand currency in times of a commodity boom.
“A Resource Rent Tax (RRT) of 50% must be imposed on all mining,” according to a study on mining sector reforms submitted to the African National Congress, a copy of which was obtained by Reuters on Wednesday.
“The RRT proceeds should ideally be kept in an offshore Sovereign Wealth Fund to ameliorate the strengthening of our currency during commodity booms.” - Reuters
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