ANCYL rejects nationalisation report

2012-02-16 19:52
Johannesburg - The ANC Youth League has rejected the research report on the nationalisation of mines, its deputy president Ronald Lamola said on Thursday.

"It [the report] did not do what the NGC [ANC national general council] said should be done," Lamola told reporters at Luthuli House in Johannesburg.

"We will soon compile concrete facts and data on how the many countries that have nationalised their strategic sectors of the economy generate additional income into the fiscus and utilise it for the development of the people."

The report on possible reform of the mining sector was presented to the African National Congress's national executive committee at its meeting in Pretoria earlier this month.

The City Press newspaper published details of the report after claiming to have seen it. It said there were two proposals for new mining taxes. One was a 50% tax on the sale of mining rights to prevent speculation.

The other was a tax of up to 50% on so-called "super profits", defined as anything more than a 22% return on investment.

The report proposes a reduction in the royalty tax from 4% to 1%.

Mineral governance could be overseen by a new "super ministry", namely the combined departments of trade and industry, public enterprises, mineral resources, and science and technology.

According to the newspaper, the task team recommended that the ANC investigate state control of mines "in terms of rent share, growth and development, and make targeted interventions to achieve such outcomes".

The team visited 13 countries to investigate mining models and best practices that would be viable for South Africa.

Lamola said: "The research report on the state intervention in the minerals sector... does not in any way respond to the ideological and political directive of the ANC national general council."

He said that according to the resolution from the ANC's NGC there was "greater consensus" within the party on the nationalisation of mines and other strategic sectors of the economy.

ANCYL treasurer general Pule Mabe on Thursday said the league would gather more facts so it could argue its case for the nationalisation of mines at the ANC's policy conference in June.

- SAPA
Read more on:    anc  |  ancyl  |  ronald lamola  |  pule mabe  |  nationalisation
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

24.com 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
16 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/News
 

This is what South Africans Googled in 2014!

Find out who and what South Africans were most curious about in 2014!

 
 

I love summer.24

This hilarious song is your new holiday anthem
The world's least visited destination is breathtaking!
LOL treadmill fail!
Google’s top searches of 2014

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Kalahari.com - shop online today

2DAYS ONLY – 30% off Appliances

Coffee makers, blenders, fans, juicers and more. T&Cs apply. Shop now!

2 DAYS ONLY – 40% off books

Get 40% off when you buy 2 books. For two days only! T&Cs apply. Buy now!

Up to 50% off on outdoor gear

Save on chairs, blankets, cooler bags, umbrellas and more. Shop now!

Save on Samsung

Cameras, mobile phones, TVs, Tablets and more. While stocks last. Shop now!

Grand Theft Auto 5

Now available on PS4, Xbox One and PC from R649. Buy now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

You may be emotionally defensive or reserved today. You need to step up today as there may be extra responsibilities to deal with....read more

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

Hello 

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 24.com network.

Settings

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.