Global disquiet over SA mining rights

[undesign]

Global disquiet over SA mining rights

THE attitude of the African National Congress Youth League (ANYCL) was “scary” and a “huge embarrassment” for South Africa, according to Michael Blakiston, partner in Australian law firm Blakiston & Crabb.

Blakiston was generally positive in his attitude towards the black economic empowerment (BEE) legislation in South Africa, but he raised concerns over the issue of BEE “morphing into nationalisation”.

Blakiston’s comments were made against a background of growing unease in the Australian and South African mining and investment communities over recent events in South Africa.

The developments at Kumba Iron Ore and Lonmin where prospecting licences have been granted to third party companies over parts of their operating mines has caused particular concern.

Blakiston did not refer specifically to Kumba or Lonmin but he commented, “it sends a cold shiver up everybody’s spine to know that title can be lost. That sort of thing is a real dampener on investment.”

...

I'm astounded at government's failure to understand that we need foreign investment and confidence to stimulate and accelerate economic growth. Growth that is needed to alleviate poverty and address past wrongs. Its worrisome that, in governments haste to accumulate as much personal wealth as possible, they can't see the wood for the trees - and cause untold long-term damage to our credibility and ability to sustain economic growth. Who suffers most - the typical previously-disadvantaged ANC supporter.

 

[grok]

Typical narcissistic behavior we see in other African countries as well .. emotional rather than rational, short-term benefits instead of long-term stability & growth, more about the 'self' than what's good for the country or fellow countrymen. What's scary is that a largely uneducated man like Malema is allowed to champion this according to his ideological beliefs with no regard to the actual real-life consequences.

THE attitude of the African National Congress Youth League (ANYCL) was “scary” and a “huge embarrassment” for South Africa,

Might I say that this holds for the ANC at large. We all had high hopes for them post 1994, yet the current crop of leaders turned out to be nothing more than self-serving corruptitians.

 

[undesign]

Typical narcissistic behavior we see in other African countries as well .. emotional rather than rational, short-term benefits instead of long-term stability & growth, more about the 'self' than what's good for the country or fellow countrymen. What's scary is that a largely uneducated man like Malema is allowed to champion this according to his ideological beliefs with no regard to the actual real-life consequences.



Might I say that this holds for the ANC at large. We all had high hopes for them post 1994, yet the current crop of leaders turned out to be nothing more than self-serving corruptitians.

I'm hoping that the next generation, the "more freely brought up" generation, will see the folly of short-term economic decisions and plundering that is killing their future. I hope everything doesn't have to go completely to shyte before that happens.