Mining industry sends ANC a ‘please call me’

The mining industry will continue to hold talks in the run-up to the ANC's national conference in Mangaung in December, it said in a statement on Sunday.

The Chamber of Mines, which represents the industry, said it had closely followed the party's policy conference which ended on Friday.

"We understand and respect that the outcomes of the policy conference are recommendations to the national conference scheduled for December 2012 in Mangaung," spokesperson Vusi Mabena said.

The chamber was particularly interested in the debate around the potential nationalisation of mining resources.

"The chamber shall continue to engage with its key stakeholders in an effort to promote inputs to the Mangaung conference that will lead to final decisions that are in the best interest of the majority of the country's citizens."

While the ANC's enthusiasm for outright nationalisation has waned, reorganisation of the minerals sector is still a high priority. Among the ideas put forward at the policy conference was the proposed introduction of a resource-rent  "supertax" and more intervention in minerals sectors deemed "strategic", including coal, platinum, iron ore, coal, oil and gas, uranium, limestone, as well as nitrogen, phosphates and potassium.

Unlike a more generic tax on profits, a resource-rent tax proposes a 50% tax after what is deemed a normal return on investment. This threshold of return is outlined in the report as being in the order of 15%.

In its response document, however, the chamber described the resource-rent tax recommendation as "unwelcome and insupportable". – Sapa


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