South Africa is looking at mining super-tax
South Africa’s ruling party, the African National Congress, appears to be moving away from nationalization of the mining industry to reassure foreign investors but is considering other plans to increase state involvement in the sector, mining equipment manufacturer particularly with regard to platinum.
According to the New Age paper the ANC report stressed that nationalization would be unaffordable, as the government would need to raise R1 trillion ($125 billion), more than its entire budget, to buy out listed mining companies:
The proposals included a 50% tax on the sale of mining rights to prevent speculation. A windfall tax of up to 50% on super-profits, defined as a return on investment of 22%, was also included. However, the royalty tax would be reduced from four to one percent. stone crusher
Platinum, a strategic mineral, would be nationalised via “targeted interventions”, while the government would participate in the industry to a much greater extent, the weekly reported.
However, the royalty tax would be reduced from four to 1%.
Firebrand Julius Malema (pictured), the leader of the youth wing of the ANC which often acts as kingmaker in the country’s politics, spearheaded the campaign to seize mines, mining business plan farms and banks last year.
Malema is never far from headlines in the country with racially charged comments but an anti-corruption police unit is probing his business dealings and last week his suspension from the ANC for “bringing the organization into disrepute” over an unrelated matter was upheld.
A closely watched survey by the Fraser Institute shows South Africa’s appeal for mining investment has declined dramatically since 2006.
In 2006 South Africa was ranked 37th out of 64 countries and territories. Gold Mining Equipment The country’s position has declined since then and its 2010 ranking was 67th in an expanded survey of 79 countries and territories.
The mining sector in South Africa contributes 9.6% to GDP and employs 3.1% of the country’s labour force. In 2010 the sector contributed 15.3% of country’s exports. crusher costSee More:
محطة كسارة للبيع في الإمارات العربية المتحدة
Boston shipwreck contains $3 billion of platinum
Treasure hunters are working to recover cargo on a World War II merchant ship, which was sunk by German u-boats just off Boston, that was carrying 71.4 tons of platinum, estimated to be worth $2.5 to $3 billion. stone crusher
Sub Sea Research LLC, which made the initial discovery in 2008, posted a video outlining their progress.
“On June 1942, a vessel called Port Nicholson loaded 71.4 tons of platinum en route from Halifax to Boston. She was quarry crusher intercepted by a U-87 and sunk with all of her platinum onboard. It was kind of forgotten through history until the ’90s that [the platinum] was even on board when these documents were declassified,” states the narrator. gold mining equipment
The company is proceeding cautiously, and is investigating debris on the outside of the ship to be sure that they have the right cargo.
Finding a platinum bar would definitively prove the contents of the ship ”. . . before we risk going into the hull of the ship and risking equipment that is worth 1/2 million dollars.”
Finding a platinum bar would definitively prove the contents of the ship ”. . . before we risk going into the hull of the ship and risking equipment that is worth 1/2 million dollars.”Finding a platinum bar would definitively prove the contents of the ship ”. . . before we risk going into the hull of the ship and risking equipment that is worth 1/2 million dollars.”