Mining tax won’t scare investors – Manuel

2012-12-19 13:36

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Trevor Manuel, minister in the Presidency and former finance minister, says if South Africa does implement a new special tax on mining, investors will not run away.

The new proposed tax is part of the discussions at the ANC’s Mangaung conference.

He said he does not believe such a tax will threaten investors.

“We had a problem (threats that investors would go away) at the beginning when we introduced the royalties tax. We had it when we said we will transfer the ownership of the mineral resources to the people as a whole, the state becomes the holder and you have to secure a licence for prospecting and for mining.

“That was the big change and people said investors would go away. But they didn’t. They need what we have,” he said.

“You need to be fair, transparent and you need to be predictable. But beyond that, I think in the (mining) arena you’re going to be part of a world that changes in this way and you’ve got to accept it,” Manuel said.

Manuel said the proposals are not through yet.

“We have to wait for the proposals to be formally on the table before we can (properly) talk about them.”

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24


Rugby World Cup 2015

All the action from the 2015 RWC, including live coverage of all 48 matches, breaking news, fixtures, results, logs - and much more!


Rugby World Cup 2015

Eben, Lood ‘brutal identikits’
6 reasons Boks won’t botch it
Fiji far too strong for Uruguay
Burger hopes for elusive World Cup win
Traffic Alerts

Relationships and significant connections may play an important role in your day today. Let the warmth of the Leo moon inspire more

There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.