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SA will appeal court ruling on black mine ownership

Government will appeal two court rulings that struck down changes to rules requiring mining firms to be at least 26% owned by Black investors in perpetuity and declared it unlawful for payouts to the coronavirus-struck tourism industry to be limited to Black businesses.
Image: Waldo Swiegers, Bloomberg

South Africa’s government will appeal two court rulings that struck down changes to rules requiring mining firms to be at least 26% owned by Black investors in perpetuity and declared it unlawful for payouts to the coronavirus-struck tourism industry to be limited to Black businesses.

President Cyril Ramaphosa gave the undertaking during a meeting with business lobby groups this week, where concerns around efforts to revive the economy were discussed, according to Kganki Matabane, the chief executive officer of the Black Business Council. The rulings had serious implications for Black businesses, and could undermine efforts to racially transform the economy, he said.

The presidency confirmed the meeting took place, while refusing to elaborate on what was discussed.

“The president met with representatives of organised business this week to discuss more effective cooperation and coordination between government business and other social partners,” presidential spokesperson Tyrone Seale said.

Ramaphosa told the gathering that government’s efforts were severely constrained by “industrial-scale looting,” that took place under the previous administration, said Bonang Mohale, the head of Business Unity South Africa. The business groups told Ramaphosa the country needed to create at least 1 million jobs a year, she said.

© 2021 Bloomberg

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MSHOLOZI is the First ANC Leader to Hold White Monopoly Capital With Horns After 1994.

I wonder what would happen if Msholozi’s stopped wanting to take what is already established by White monopoly capital. Diverted that time and energy to building black monopoly capital from scratch. Investing heavily in competence and due care, so that black monopoly capital becomes a viable investment for everyone even for those that are in white monopoly capital. Where a black monopoly capital entity doesn’t have to mention how “black” it is in order to win support from the public. The entity’s competence, skill and ability to deliver a good/service above expectation to consumers, should win the consumer’s support.

I think we both know why that has never happened yet.

What a surprise – the ANC government is not happy that its overtly racist and unconstitutional acts are not approved by our courts. Time to promote a few more of those sycophantic cadres to the bench, it would seem – so rustle up the Deployment Committee! Luckily, the taxpayers in their turn are just too happy to fund these immoral appeals.

This country will NEVER move ahead from the blinding racism and inferiority/I demand mindsets of the masses !!!

Just when the mining industry needs certainty to unlock investment, .gov decides to continue to muddy the waters.

To give away 26% of mines to Black investors every ten years in perpetuity is unsustainable.

Its just another money making scheme to make their friends millionaires. Just like everything this govt does, only the politically connected benefit

So when they go to Davos they pretend to be all inclusive to European investors.

But when they come back home they drop the act…

End of comments.

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