South Africa is looking at mining super-tax

South Africa’s ruling party, the African National Congress, appears to be moving away from nationalization of the mining industry to reassure foreign investors but is considering other plans to increase state involvement in the sector, mining equipment manufacturer particularly with regard to platinum.
According to the New Age paper the ANC report stressed that nationalization would be unaffordable, as the government would need to raise R1 trillion ($125 billion), more than its entire budget, to buy out listed mining companies:
The proposals included a 50% tax on the sale of mining rights to prevent speculation. A windfall tax of up to 50% on super-profits, defined as a return on investment of 22%, was also included. However, the royalty tax would be reduced from four to one percent. stone crusher
Platinum, a strategic mineral, would be nationalised via “targeted interventions”, while the government would participate in the industry to a much greater extent, the weekly reported.
However, the royalty tax would be reduced from four to 1%.
Firebrand Julius Malema (pictured), the leader of the youth wing of the ANC which often acts as kingmaker in the country’s politics, spearheaded the campaign to seize mines, mining business plan farms and banks last year.
Malema is never far from headlines in the country with racially charged comments but an anti-corruption police unit is probing his business dealings and last week his suspension from the ANC for “bringing the organization into disrepute” over an unrelated matter was upheld.
A closely watched survey by the Fraser Institute shows South Africa’s appeal for mining investment has declined dramatically since 2006.
In 2006 South Africa was ranked 37th out of 64 countries and territories. Gold Mining Equipment The country’s position has declined since then and its 2010 ranking was 67th in an expanded survey of 79 countries and territories.
The mining sector in South Africa contributes 9.6% to GDP and employs 3.1% of the country’s labour force. In 2010 the sector contributed 15.3% of country’s exports. crusher costSee More:

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