Johannesburg – Local mining houses may be forced to give up 49 percent of their companies to blacks if the Gauteng ANC’s plans to table a policy proposal that recommends Zimbabwe-style ownership laws gains the support of the ruling party.
Described by at least one analyst as a “subtle form of nationalisation”, the policy proposals will be tabled at the party’s provincial conference next month for endorsement and may go all the way to the ANC national general council (NGC) scheduled for next year.
But the Gauteng ANC proposal will see the state buying the 49 percent in the companies, unlike in Zimbabwe, where the state compelled mining firms to hand over 51 percent of their companies to the locals.
The party’s proposal appears to be a direct response to growing frustrations inside the ruling party over the slow pace of economic transformation and the low levels of black economic ownership.
But it also appears to be a response to the growing rhetoric around economic transformation, which is currently dominated by the Economic Freedom Fighters through its radical economic policies, which include the nationalisation of mines and banks…
South Africa Today – South Africa News
