South Africa rarely makes it into The Economist nowadays for anything other than scoring an own goal. And so it was yesterday, as the Western World’s most influential business magazine told the world about the country’s “confusing and contradictory” new Mining Charter.
The magazine didn’t mention what most South Africans well know – that mining minister Mosebenzi Zwane has no place writing such ruinous legislation. There is overwhelming evidence Zwane has channelled billions to crony capitalists. Indeed, for the rational mind it is only a matter of time before he follows dozens of his Brazilian counterparts into jail.
But for the moment this particular Gupta puppet is determined to push through legislation which will put another 100,000 mining jobs at risk. The Economist says SA “is already a tough sell”, quoting the Fraser Institute which has it ranking a lowly 74th of 104 mining jurisdictions. The Zuptas seem determined to take us even lower.
The country’s “Brazil Moment” can’t come quickly enough.
