SA Mineral Resources Minister: No Nationalization for Diamond Mines
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09.07.09, 10:42
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Mining
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Mining Weekly quotes South African Mineral Resources Minister Susan Shabangu who stated yesterday that South Africa will not nationalize its diamond mines or other mines despite calls from allies of the ruling party to do so.
The youth wing of the African National Congress and South Africa's trade union federation Cosatu earlier appealed to the government to take control of the country’s diamond mines. South Africa is the world's largest source of platinum and a major producer of gold and diamonds.
According to Mining Weekly, the minister said: "The ongoing debate will not change the government's policy at all. It must be a concern for investors, but I want to assure them that as the government we are not going to go on that route. The South Africa they knew yesterday is the same today and nothing will change. It is a non-issue."
Due to the ongoing financial crisis, South Africa's new President Jacob Zuma has been placed under pressure to introduce economic policy changes, but many analysts say that the biggest economy in Africa would be harmed if such a policy were to be adopted.
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By: Rachel Lieberman, Israel Diamond Industry Portal
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