This issue of nationalization of mines must come to an end." Celebrate Freedom for the Rich" The South African Students Congress notes that April 27 will mark 16 years since the watershed 1994 elections. We pay tribute to the working class of this country for its ceaseless struggle against apartheid and capitalism CDA-Director:Sports,Arts and Culture SASCO-Political Education Officer E-SRC,Edgewood Campus:Chief-Whip UKZN,Edgewood campus Oakwood 13(tunnel) Private Bag X 03 Ashley 3605 031 260 3605 071 091 5061 . >>> "Dominic.Tweedie" <[email protected]> 2010/05/31 07:43 AM >>>
( http://1.bp.blogspot.com/_D4UK2kWf5ik/TANFGX465EI/AAAAAAAACTg/qhpp7vULOxs/s1600/Business+Report.jpg ) NUM tables new plan for state mining Florence de Vries, Business Report, Johannesburg, 31 May 2010 The National Union of Mineworkers (NUM) on Friday challenged previous proposals on the structure of a proposed state-owned mining firm. And it said nationalisation of existing mines should remain on the agenda. Addressing Parliament's portfolio committee on mining at the weekend, NUM spokesman Madoda Sambatha said the union gave its full backing to the establishment of a state-owned mining company and called for it to be established by June next year. Sambatha opposed the idea of the state owning the majority stake in the company and said private investors, "irrespective of race or gender", should hold 49 percent while the state held only 31 percent. "A further 10 percent shareholding should be allocated to an employee share ownership scheme and another 10 percent is to go to the community, traditional authorities or worker co-operatives," said Sambatha. ANC Youth League president Julius Malema last week proposed that the state hold a minimum of 60 percent shares in the company and that private corporations would hold the remaining 40 percent and be responsible for the payment of royalties and taxes. Matt Brenzel, a portfolio manager for Cadiz Asset Management, said NUM's proposal appeared to favour private investors, but that "the state could co-opt the other shareholders in a blocking move". "It would also have to be established how the projects will be funded and whether state resources will be utilised, because if the state chips in the money, one has to wonder whether these resources could be better utilised elsewhere. "Interestingly, there might be private investors for whom the profit motive is not that important, whereas security of supply is. China is a vast consumer of resource products and might be less sensitive to the profit argument, as long as its appetite is fed," he said. Sambatha also said there was a need for a comprehensive mining strategy, which he believed was not currently the case. "The National Planning Commission, the Department of Mineral Resources, organised labour and organised business should play the most active role in this regard." From: http://www.busrep.co.za/index.php?fSectionId=561&fArticleId=3973162 -- You are subscribed. This footer can help you. Please POST your comments to [email protected] or reply to this message. You can visit the group WEB SITE at http://groups.google.com/group/yclsa-eom-forum for different delivery options, pages, files and membership. To UNSUBSCRIBE, please email [email protected] . You don't have to put anything in the "Subject:" field. You don't have to put anything in the message part. All you have to do is to send an e-mail to this address (repeat): [email protected] . Please find our Email Disclaimer here: http://www.ukzn.ac.za/disclaimer/ -- You are subscribed. This footer can help you. Please POST your comments to [email protected] or reply to this message. You can visit the group WEB SITE at http://groups.google.com/group/yclsa-eom-forum for different delivery options, pages, files and membership. To UNSUBSCRIBE, please email [email protected] . You don't have to put anything in the "Subject:" field. You don't have to put anything in the message part. All you have to do is to send an e-mail to this address (repeat): [email protected] .
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