Abu Dhabi’s IRH explores investing in Alphamin’s Congo tin mines
Alphamin’s tin projects are in North Kivu province, which has been wracked by conflict for three decades.
South Africa’s Sunday Independent newspaper reports attempts by mining giants AngloGold Ashanti and Anglo American to sup with the leaders of the ANC Youth League and possibly sway them against nationalization have flopped. Both companies stand to lose substantial chunks of their assets if the league – which often acts as kingmakers in the country’s politics – succeeds in its push for nationalization to become the policy of the ruling party.
There are growing calls in South Africa for majority government ownership of key industries and a push for a greater role for the state in the economy. Two weeks ago the union representing the vast majority of mine workers backed the country’s Freedom Charter clause on nationalization. South Africa’s union confederation Cosatu, the Communist Party and the ANC make up the country’s ruling alliance.
The Sunday Independent reports:
As AngloGold spokesman Alan Fine was defending the company’s financial support for the league to The Sunday Independent, league spokesman Floyd Shivambu was telling delegates that AngloGold had been voted the world’s worst company this year for contaminating water in Ghana.
Both companies confirmed paying R50 000 per person over four days for space in the business lounge at the league’s 24th annual conference to interact with leaders of the league and its mother body, the ANC. The lounge was billed as including breakfast with President Jacob Zuma and access to both open and closed sessions of the conference.
Earlier in June MINING.com reported on growing calls within South Africa’s ruling party alliance for the nationalization of mines and the threat of greater industrial action:
South Africa’s National Union of Mineworkers’ central committee on Wednesday backed the country’s Freedom Charter clause on nationalization and the ruling ANC party’s resolution of 2010 to look at a greater role for the state in the economy. NUM is the largest union and represents the majority of workers in South Africa’s mining industry. Through its affiliation with the Congress of South African Trade Unions it is also part of the country’s ruling alliance, which next year will make a formal decision on the nationalization of the resource sector, long the bedrock of the African nation’s economy.
South African mining output rebounded strongly in April, rising by 12.4% year-on-year, after contracting 1.4% in the previous month, a report by Statistics South Africa showed on Thursday. Year-to-date production increased by 5.2%, on the back of surging output of nickel, manganese, platinum group metals and copper but gold production continued to lag, only managing a 1.5% increase. Analysts warned that the outlook for the rest of year was clouded by scheduled wage negotiations across the industry that could lead to strikes and a strong currency which hampers competitiveness.
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on the back of surging output of nickel, manganese, platinum group metals and copper but gold production continued to lag, only managing a 1.5% increase