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Reuters
Trevor Manuel.
South Africa has no fiscal resources available to take over mines and the government should “repeatedly” say nationalisation is a “seriously bad idea”, according to National Planning Minister Trevor Manuel.
The country “desperately” needed investment, “especially in that we know we have our rich mineral resources”, Manuel said at the Sunday Times Top 100 Companies award ceremony in Johannesburg on Tuesday night.
The government should assess why investment in mining was lagging behind that of peer countries, he said.
The ANC Youth League plans mass protests today to demand the nationalisation of the country’s mines, a move it says will create jobs in a country with an unemployment rate of 25.7 percent and help redistribute wealth to disadvantaged black people.
The ANC has commissioned a study into nationalisation and the topic will be discussed at party conferences next year.
The mining industry could play an important role in creating jobs in the economy and obstacles to investment in the industry should be removed, said Manuel, who was finance minister between 1996 and 2009.
Chris Cory, the chief executive of iron ore and manganese producer Assore, which won the top award, said in a video played at the event, that a lack of port and railway infrastructure was a major constraint to growth for bulk commodity producers in the country. – Bloomberg
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Anonymous, wrote
anynonymous, wrote
i also say no to mines grap they should learn first how to eal with this work because they will not do anything by simply grabbing mines without any skill they will lead the country to worse poverty i support trevor manuel let Julius malema learn from the expect not just to follow mugabe mind that is too foolish.
Dick Long, wrote
Such a pity Trevor's not playing a bigger role in government, but he doesn't qualify...too qualified, too honest,too intelligent, too sensible and yes, a tad too white..
Art, wrote
Aah let me see. Listen to malema, who never finished school and go grab the mines or... listen to a well educated man who was one of the best financial ministers we've had... gee, let me think.
gamsekind, wrote
Mr.T Manual. all I can see and hear is, Malema is pushing for nationalising of mines and all rich folks like you, says NO. Why No, why not lets talk about it? Maybe we can come up with a long term plan. Involve as many people in the planning of this as you can. Your avarge Joe kind of people, no political figures. These mines do belong to every South African, plus we getting taxed for everything lately, maybe this could easy our burdens. South Africans do need a break from all this TAX.
George Olivier, wrote
So why are we even entertaining the idea of a "debate" with Youth League members who have difficulty adding without the help of a calculator?
Anonymous, wrote
are the ancyl retarded? suppose the govt buys the mines. Where are they going to get the billions to do so? the taxpayer. then what? manage them as well as they manage service delivery? so the mines will shut due to incompetence and mismanagement and cronyism and bribe taking - like the farms in zim. then who will be paying all these people that putatively would be employed by the nationalised mines? moreover, surely the existing mines already are full up with staff, and do not need to take on more staff? how is buyingseizing them going to create jobs? force the miners to work half shifts so that their unemployed fellow citizens can take their other half-shift? or what? one guy holds the drill while the other guy holds the pneumatic cable? I don't see how, apart from bloating the staffing and doubling the overheads, that nationalising the mines would create jobs. What are they going to do then? well, ask the taxpayers to pay the miners, obviously, while they make off with the money.
Marco, wrote
Ramos, wrote
Now you ask yourself......an Idiot like Malema says Nationalizing will create Jobs, and then a genius like Manual - who is arguably the best Finance Minister that our country has had - says its a bad idea....... who you gonna believe? Unfortunately our bright majority expecting handouts will opt for "The easy Option" and go with the idiot.
sean, wrote
No 1 has ever made nationalisation work. IF the Soviets failed do we have more skill to make it work. NO!!!!
Anonymous, wrote
Anonymous, wrote
Point Blank, wrote
I would love for the ANCYL to tell us HOW they plan to redistribute the "wealth", how they plan to use the land they take. They have NO plan, just waving fists and dancing like idiots...
RGP, wrote
It doesnt take a rocket scientist to figure out the reason for lack of enthusiasm for investment in a country where a demented ,deranged failed woodworker is calling the shots to the govt which doesnt have the balls to stand up and say enough!
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