AIRLINK 75.60 Increased By ▲ 0.35 (0.47%)
BOP 5.11 No Change ▼ 0.00 (0%)
CNERGY 4.52 Decreased By ▼ -0.08 (-1.74%)
DFML 34.53 Increased By ▲ 2.00 (6.15%)
DGKC 90.38 Increased By ▲ 0.03 (0.03%)
FCCL 22.94 Decreased By ▼ -0.04 (-0.17%)
FFBL 33.27 Decreased By ▼ -0.30 (-0.89%)
FFL 9.95 Decreased By ▼ -0.09 (-0.9%)
GGL 11.20 Increased By ▲ 0.15 (1.36%)
HBL 115.38 Increased By ▲ 0.48 (0.42%)
HUBC 136.50 Decreased By ▼ -0.84 (-0.61%)
HUMNL 10.15 Increased By ▲ 0.62 (6.51%)
KEL 4.67 Increased By ▲ 0.01 (0.21%)
KOSM 4.73 Increased By ▲ 0.03 (0.64%)
MLCF 40.32 Decreased By ▼ -0.22 (-0.54%)
OGDC 140.70 Increased By ▲ 0.95 (0.68%)
PAEL 27.60 Decreased By ▼ -0.05 (-0.18%)
PIAA 25.16 Increased By ▲ 0.76 (3.11%)
PIBTL 6.88 Decreased By ▼ -0.04 (-0.58%)
PPL 124.25 Decreased By ▼ -1.05 (-0.84%)
PRL 27.46 Decreased By ▼ -0.09 (-0.33%)
PTC 14.12 Decreased By ▼ -0.03 (-0.21%)
SEARL 62.70 Increased By ▲ 0.85 (1.37%)
SNGP 72.50 Decreased By ▼ -0.48 (-0.66%)
SSGC 10.53 Decreased By ▼ -0.06 (-0.57%)
TELE 8.75 Decreased By ▼ -0.03 (-0.34%)
TPLP 11.55 Decreased By ▼ -0.18 (-1.53%)
TRG 66.46 Decreased By ▼ -0.14 (-0.21%)
UNITY 25.81 Increased By ▲ 0.66 (2.62%)
WTL 1.41 Decreased By ▼ -0.03 (-2.08%)
BR100 7,842 Increased By 39.2 (0.5%)
BR30 25,806 Decreased By -9.6 (-0.04%)
KSE100 74,818 Increased By 286.8 (0.38%)
KSE30 24,096 Increased By 141.8 (0.59%)

CAPE TOWN: Nationalising South Africa's mines would be the country's path to ruin and would drive away billions of dollars in investments, mining giant Anglo American's chief executive warned on Tuesday. "Mining companies simply will not invest if they cannot be assured that the assets they create will be secure," Cynthia Carroll told an African mining conference in Cape Town. "In ignoring this truth the false prophets who argue for nationalisation are advocating the road to ruin, a path we must not follow." The firebrand leader of South Africa's ruling party youth league, Julius Malema, is pushing to nationalise the country's mines, which produce 88 percent of the world's platinum and 40 percent of its gold. The government has repeatedly said nationalisation is not its policy, but the ruling African National Congress last year agreed to research the issue amid insistent calls from the outspoken Malema. The mining industry has called on the government to put an end to uncertainty about nationalisation. "Mining lead times are long and companies need to be able to plan with confidence 20, 30, 50 years ahead, and the amounts involved are significant with the investments requiring billions of dollars," said Carroll. London-based Anglo American, which was founded in South Africa, is the country's largest private sector employer and generates between 2.0 and 2.5 percent of South Africa's GDP, she said.

Copyright AFP (Agence France-Presse), 2011

Comments

Comments are closed.