Johannesburg - South Africa's mining industry cannot
continue to make "huge profits" without benefiting the country's
citizens, President Jacob Zuma said on Monday.
While the mining industry had shaped the country, it had many shortcomings such as the migrant labour system, he said in an interview
on CNBC's Political Exchange.
He sought to allay investor fears about changes to resource
rents, mining royalties and taxes.
"People will always have some nervousness when we say
things... When Zimbabwe said indigenisation people jumped all over. Today
people go to Zimbabwe to be part of indigenisation."
However, things could not stay the same.
"(Mining) can't make huge profits with no benefits to
the people of the country... (if you are not) addressing the economic need of
the country you must know we are dealing with a problem."
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