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XINHUA
NEWS SERVICE
REPORTS FROM THE
AFRICAN CONTINENT |
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South Africa to introduce ‘resource tax’ on mining
companies
the government was ready to work with mining
companies to build a mining industry that is
resurgent, resilient and is able to function
successfully
CAPE TOWN (Xinhua) --
South
African Minister of Mineral Resources Susan Shabangu
on Tuesday said the government would introduce a
“resource tax” on mining companies so as to better
compete with other major mining countries.
“We’ve got
to compete with Australia and Canada. So if there are
any taxes which must be implemented we must be
mindful,” the minister told delegates attending the
Investing in African Mining Indaba conference, which
kicked off on Monday and will run until Thursday in
Cape Town.
The government has
been mulling over a proposal put forward by the ruling African
National Congress (ANC) to impose resource tax instead of
nationalizing mines.
But Shabangu did not
say how the government would enforce the tax regime.
She said her
ministry would review the proposal “on a regular basis.”
“They
(taxes) are not static because they’ve got to respond to
global challenges, but also they have got to respond to the
needs of a country.”
Shabangu assured
that the government was committed to making South Africa a
“destination of choice” for mining companies, including those
in the platinum industry.
“We
are looking at how best do we ensure as partners of
government, labor, and the companies, what are the
mechanisms that will mitigate the challenges faced by the
mining industry.”
She said the
government was ready to work with mining companies so as to
build a mining industry that “is resurgent, resilient and is
able to function successfully to its full realizable
potential. “
She was speaking
amid rising tension between the government and certain major
mining companies accused by the government of disrespecting
the regulatory framework.
Last month, the
Anglo American Platinum (Amplats), the world’s top platinum
producer, announced plans to lay off 14,000 workers as part of
its restructuring maneuver, a move that has irritated the
government.
But Sabangu said she
was confident such tension would be defused through dialogues.
“I
am happy and satisfied that we are talking to Amplats, and
it is going to yield positive results,” Shabangu told
reporters after opening the conference which is bringing
together thousands of representatives from the mining sector
and the government.
“We
understand the pain faced by the platinum sector; we are
part of it as government, as a country, and we need to find
lasting solutions among ourselves.
“It
is not their problem, it is our problem as a whole, as a
country, and we have to share that problem in finding a
common solution in that.”
She urged mining
companies to continue respecting the regulatory framework
instead of neglecting the government when making important
decisions.
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Global mining leaders gather in Cape Town
CAPE TOWN (Xinhua) --
Global mining leaders gathered in Cape Town to attend the
Investing in African Mining Indaba (conference) which kicked
off on Monday and will run until Thursday.
The event, now in
its 19th
year, is the largest in its history, with more than 7,500
delegates from around the world, organizers said.
The mining indaba
are bringing together ministers, executives from mining
companies and foreign investors and other professionals
critical in the mining value chain, providing all delegates
with opportunities for an unparalleled week of deal- making
and discovery.
Africa is one of the
world’s major mining frontiers, rich in vital resources such
as coal, manganese and iron ore.
The growth of the
mining indaba has brought significant revenue to the local
economy – in 2012 delegates occupied more than 40 local
hotels, and spent an estimated seven million rand (795,000 U.
S. dollars) on shopping, tourism and restaurants. This year
the organisers are expecting that expenditure mark to be
exceeded.
In line with its
agenda of aligning itself with the transformative policies of
the South African government, and contributing to the
advancement of the country’s mining industry, the conference
has this year offered bursaries to two deserving mining
engineering students.
The bursaries,
valued at US$10,000 each, have been awarded to two fourth-year
students: Lindiwe Nyalunga at Wits University, and Hlulisani
Mabege at the University of Pretoria.
Key speakers at this
year’s conference will include South African Minister of
Mineral Resources Susan Shabangu and newly appointed Anglo
American CEO Mark Cutifan; South African Minister in the
Presidency – National Planning Commission, Dambisa Moyo,and
Mamphela Ramphele, chairman of Gold Fields.
For the first time,
Cape Town Mayor Patricia de Lille will be welcoming the
delegates to the city. Both parties believe that the
partnership will enhance the entire experience for the
delegates and further highlight the world-class destination as
is Cape Town
..
Remember:
you read it first at coastweek.com
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