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Johannesburg - Nationalisation of SA's mines needs to be debated and not dismissed, the head of Africa's top gold miner said on Wednesday as he warned about the damage such move could have on the country's economy.
In a letter published in Business Day financial daily, Mark Cutifani, the chief executive officer of AngloGold Ashanti [JSE:ANG], said the push for nationalisation of South Africa's mines, led by the Youth League of the ruling African National Congrees, was motivated by "something else" than a call for greater social change.
"Surely nationalisation cannot mean what it might be taken literally to mean: the acquisition by the state, with or without compensation, of all the country's mining assets," he wrote.
"If compensation is paid, it would destroy SA's fiscal stability."
In a letter published in Business Day financial daily, Mark Cutifani, the chief executive officer of AngloGold Ashanti [JSE:ANG], said the push for nationalisation of South Africa's mines, led by the Youth League of the ruling African National Congrees, was motivated by "something else" than a call for greater social change.
"Surely nationalisation cannot mean what it might be taken literally to mean: the acquisition by the state, with or without compensation, of all the country's mining assets," he wrote.
"If compensation is paid, it would destroy SA's fiscal stability."
