Platinum Bugs should hug a Commie

Mindful that this blog overwhelmingly focuses on Silver and Gold in the precious metal sector I though I would do a few posts on Platinum. With South Africa, Zimbabwe and Russia holding most of the world's mine supply of this critical metal, South Africa having 80% of the world's known reserves (source), the posts will focus on these countries in particular.

From Times Live

Original source

South African, ANC president Jacob Zuma has called for the party to shift gears as it heads to its national conference in Mangaung in December.

“After Mangaung we have got to change gears because our gears have been wobbling,” Zuma said to loud applause at the conclusion of the party's four-day policy conference in Midrand.

The conference had endorsed the need for a radical economic and transformation programme to dismantle the apartheid structure of the economy, he said.

Zuma's speech was delayed by apparent in-fighting among delegates.

Media were called to the Midrand venue to hear Zuma speak at 4.20pm on Friday.

By 5.40pm media were still being kept in a holding room and could hear shouting and whistling from the main hall.

A security guard was heard saying: "Kuyafiwa" – in Zulu, meaning "things are tense".

Media could hear a man shouting from the hall: "Order, order!" However, Zuma said members had behaved very well.

"Comrades, you have displayed exceptional conduct and restored the integrity of the organisation," he said to laughter, jeers, cheers and whistles.   Read on

Original source

The ANC has decided not to pursue the nationalisation of mines, national executive member Enoch Godongwana said.

"Nationalisation was discussed [at the conference], but it was not part of the mining section," he told reporters at the ANC policy conference in Midrand.

"It was discussed broadly as to whether we should retain nationalisation as an option or not. The greater consensus was that there should be a greater state intervention."

Godongwana said details on the proposal for a mining super-tax were not finalised at the conference.

"In principle, the proposal of using some form of... a tax instrument was agreed, but not that [super tax].

The policy discussion document proposed a 50% super-tax on profits exceeding about 15%. Such a tax could be expected to yield about R40 billion a year at current prices.

However, ANC members have agreed that state intervention in the minerals and mining sector is "urgently required", President Jacob Zuma said.

"[The] conference has agreed that the state intervention with the focus on... industrialisation is urgently required in the minerals sector," Zuma told African National Congress delegates at the close of the party's policy conference in Midrand, Johannesburg.

"At the forefront of this intervention should be strengthening of the recently created state mining company by consolidating state mining assets into a single institution."

Jun 29, 2012 by AlJazeeraEnglish