I call the shots - Malema

[boramk]

South Africa is dooooooooooooooooooooooooooooomed. Zomg. Oh Noez. Pew Pew LAZER gun

 

[antowan]

Mod note: Poll added

 

[klasvaakie]

I like his ideas for the 40% private ownership for only people who qualify for black empowerment. I have this nagging feeling I know who will be right at the top of the list of shareholders if this comes to pass.

 

[daveza]

You think he would know what 40% of anything is ?

( did he say anything about private shareholders being tax free ? )

 

[klasvaakie]

You think he would know what 40% of anything is ?

( did he say anything about private shareholders being tax free ? )

lol...ok m8...he spoke about 10% or 5%. You have any idea how much 5% of this nation's anual mining income is? Trust me...if this passes he will be a major shareholder...and there will be a LOT more than 5-10 percent going to the private investors.

 

[Picard]

I like his ideas for the 40% private ownership for only people who qualify for black empowerment. I have this nagging feeling I know who will be right at the top of the list of shareholders if this comes to pass.

Spot on.

Even an idiot can read Malema like book.

 

[Frankie]

Mantashe try to calm UK nationalisation fears

I don't see him make a statement that nationalisation is NOT on the cards.


Mantashe try to calm UK nationalisation fears

The nationalisation of mines could not willy-nilly become ANC policy by 2012, secretary-general Gwede Mantashe said in United Kingdom on Friday.

"The idea of nationalisation of the mines as raised by the ANCYL will have to go through the ANC's economic transformation committee, the national general council [to be held later this year] and the policy conference before even reaching the National Conference in 2012," he said.

"Every idea in the African National Congress goes through a rigorous process before it can become policy."

Mantashe was addressing the Progressive Business Forum of the ANC in London, United Kingdom. A copy of his speech was sent to Sapa. The forums seeks to promote contact between international business and the ANC.

Not a hope in hell of conning those folks you ANC scumbags.

 

[superfantasties]

"Logic should tell you" .... hmpffff, lol

 

[gregmcc]

Be careful you might get a warning

Yes- don't insult monkey's. At least they can be trained and are intelligent which is more than I can say for Julie-aas!

 

[Necuno]

I call the shots - Malema

of whiskey that is...

 

[HapticSimian]

Malema said "Logic should tell you..."

Well, that's just taking the piss.

 

[Ronjay]

Yes- don't insult monkey's. At least they can be trained and are intelligent which is more than I can say for Julie-aas!

Or the rest of the ANC.

 

[Lightscribe]

Malema's nationalised mines

Valid economic points undermined by fanciful political agenda, writes Brendan Boyle
May 30, 2010 12:00 AM | By Brendan Boyle

Julius Malema weaves a web of fact and fantasy to promote his plan for nationalisation of mines. At parliament's mineral resources committee, he said post-apartheid economic growth had bypassed 18 million South Africans.

No one argued about that.

Nor could anyone dispute his point that those who work the mines and live near them share little of the revenue that builds gleaming head offices abroad and funds the lifestyles of mining investors.

The answer, Malema said, was to unlock wealth below the ground on behalf of the people.

Citigroup's recent Global Markets survey, which ranked this the richest country in the world in terms of non-energy resources, gave him compelling support: platinum, on which the country holds a virtual monopoly, accounts for $2.2-trillion of the estimated $2.5-trillion value of resources still in the ground.

That potential wealth should accrue to South Africans not to foreign investors, Malema said.

"We need a proper economic intervention that will change the lives of the people practically. We need a state-owned mining company that will be obsessed with redistributing wealth among the communities that are mining - and whatever remains should be added to the national coffers."

This is his plan:
The state should own all the nation's mineral resources. It already does, but he ignored that;
There should be an immediate moratorium on new mining licences to prevent "looting" in anticipation of nationalisation legislation;
Existing state mining should be consolidated in one company that would invite private-sector partners to take up to 40% equity in new joint ventures;
The private-sector partners would provide the capital to develop new mines. Consortiums would have to comply with BEE rules and would pay taxes and royalties on their shares of the joint venture revenue;
Holders of existing licences would continue until their licences come up for renewal - typically after 20 years - at which point they would be allowed to continue only in a 60-40 partnership with the state;
Revenue accruing to the state would be applied first in the communities around the mines and anything left over would go to the state;
Minerals would be sold at discounted prices to investors who develop local manufacturing capacity. Coal would be sold cheaply to power stations so that South Africa could again make long-term cheap-power deals to lure major investors; and
The state mining company would be subject to a minister, not corporate governance rules.

Malema said foreign investors would be happy to settle for a 5%-10% share of revenue from joint ventures because the government would offer guarantees to minimise their risk.

He said mining companies' activities in countries at war proved they would do business with South Africa. He seemed to be saying their activities in dangerous areas, where rights can be had for a hand-out to politicians, somehow proved they would invest in a very regulated and restricted South African market.

Apparently unaware of Beijing's preference for government-to-government deals in thinly regulated markets - he said China would step in if Western investors pulled out.

Arguing that private companies collapsed more often than state-owned ones, Malema said the state would run companies more efficiently than the private sector as it would not focus on the bottom line and would not impose King-style conditions.

"We don't want a company where the CEO is going to speak a lot of English and tell us about corporate governance... It is politicians who are accountable. You don't stand for elections CEO, but you tell us how we must conduct our economy."

Setting the rules, Malema seemed to say, should be the job of politicians, not regulators.

http://www.timeslive.co.za/business/article476501.ece/Malemas-nationalised-mines

Well, he's got the majority of the anc/sacp/cosatu vote, with the genocide songs and nationalisation, with strictly no corporate governance. Business as usual.