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South Africa’s ANC Rejects Mine Nationalization for Taxes

South Africa’s ruling African National Congress rejected proposals to nationalize mines in favor of higher taxes in the world’s largest producer of platinum and chrome.

“The issue of nationalization as we’ve discussed it over the last few months is off the table,” Public Enterprises Minister Malusi Gigaba told reporters in the central city of Bloemfontein today. The party is considering a “resource rent” tax or higher royalties to extract more revenue from the industry, said Enoch Godongwana, head of the ANC’s economic transformation committee.