ANC mine study seeks new taxes, buries nationalisation

A study submitted to South Africa's ruling ANC to reform its vital mining sector proposes a 50% tax on profits and rejects nationalisation as an "unmitigated disaster" for Africa's largest economy. Although it delivers a hammer blow to calls for nationalisation by radical elements in the African National Congress (ANC), mining houses will be wary of the tax proposals as they grapple with steeply rising labour, power and safety costs in the world's largest platinum producer.

Full "Mining Weekly" article