Zuma in UK speaks out strongly on mining asset nationalisation rumours

IRJ Mar 5 - During his three day state visit to the United Kingdom, which ends today, South African President Jacob Zuma has spoken out to sate worries about South African mining asset nationalisation following the results of a recently concluded audit and reports of proposals being put together to support this. Speaking at the Lord Mayor's Banquet at the Guildhall, London, Thursday, Zuma directly addressed the media reports and pressure for nationalisation from the ANC Youth League. Zuma acknowledged the mining investments made in South Africa by British companies, and welcomed foreign investment which receives a “comfortable home” in the nation’s policymaking stability and predictability. “South Africa therefore offers policy stability and predictability at all times. I would therefore like to allay the concerns of those who may be worried about the reports and debates, especially by the youth of the ruling party, on the nationalization of mines,” Zuma said. “There is no law that authorizes the South African Government to nationalize mines or mineral resources. The nationalisation of mines is not government policy at all.” Speaking earlier today at the South Africa-United Kingdom Business Forum Seminar at Drapers Hall, London, Zuma reiterated the country’s lack of law for mining asset nationalisation. “It is important to also emphasize that while the policy on minerals and mining that we have, does not make provision for nationalisation of mining assets, it also does not preclude the State from participating actively in mining. That is why the African Exploration, Mining and Financing Company a wholly state owned company, is active in this industry,” he told attendees.

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