None of this is surprising for a country whose leaders refer to each other as comrade.
These days, South Africa ranks among the ten least attractive mining destinations.
“When the new administration took over, it decided to try to totally revamp mining law in South Africa and copy what other African nations did,” Major said.
“You can imagine. You put billions into projects for 100 years and are now threatened with state ownership. New investment just stopped. Exploration and expansion just stopped. Why put money in something the state owns?”
“They were also changing legislation non-stop. You first had to have a BEE partner that owned 25%, and that quickly increased to 30%. And then, they said 70% of the money you spend had to go to BEE suppliers.”
Shocker! South Africa sinking to the African mean under black leadership.
Let them starve.
I see dead people.
“Let Africa Sink” by Kim du Toit who grew up in SA but saw the writing on the wall and moved to the US:
https://www.kimdutoit.com/2017/05/05/let-africa-sink/
Money is the greatest coward… scroll down at the above Daily Investor link, how will S.A. provide funds to repair the water situation, the electrical infrastructure fiasco, the basic security failure of the entire country, the Marxism which has led to their unemployment..
Take everything they’ve done since Mandela was freed, and toss it in the bin, use it as an example for what not to do.
https://dailyinvestor.com/south-africa/72019/south-africas-richest-city-collapsing-in-front-of-everyones-eyes/
SA what a failure.
But look who is running it
What, those terrible white/pink people? Oh, the black people are destroying themselves. Oh well.
HAHAHAHA. See what you did.
How will SA provide the funds?
They won’t, WE WILL, through the great climate scam.
But communism has yet to be correctly implemented and Utopia is just around the corner… only kill a few more millions and it can be heaven. (sarcasm off).
What Hollywood and Dems are pushing as Wakanda is pure glittery BS: Pelosi, Schumer & co all posing with colorful scarves. Biden praising Angola and Africa in general. No no, all this is just for gullibles.
S Africa is the real Wakanda: all-Comunist, inflation, circling the drain in all aspects + as a bonus, if ur white, you may meet your maker in 1st 10 min when walking outside.
“These calls were also coupled with increasingly severe Black Economic Empowerment (BEE) requirements….”
As a fellow apartheid nation, Canada is in the process of inversion too, just more subtle than SA. Instead of mandated racial rent seeking benefits, the approval processes don’t seem to work without them. The major difference is that in SA, the new top of the apartheid pecking order are in the majority whereas in Canada it’s a racially diluted minority politically confined largely to collectivist ghettos of permanent poverty and dependency enabled by cultural Marxist institutional capture. Canada’s apartheid is a form of permanent negotiation where the relationship never changes and the taxpayers who essentially pay all the bills for both sides are represented by those suffering from Stockholm syndrome and legally constrained by a judiciary that favours group rights over individual rights.
PM Blackie and Reserve Indian Grifters despise independent people and private business involved in resource exploitation.
But Indians who are workers or business owners in mining and the O&G industry are bottom-rung deplorables.
Nope, nothing says BEE mining quite like the little black boys mining cobalt in The Congo …
https://www.npr.org/sections/goatsandsoda/2023/02/01/1152893248/red-cobalt-congo-drc-mining-siddharth-kara
Coming SOON to South Africa too!
China is now the world’s largest gold producer (330t). It’s like paying yourself to print USD. Russia is a close second at 320t.
https://www.mining.com/wp-content/uploads/2023/04/image-44.png
The situation in ZA further supports that communists are greedier than capitaists.
Capitalists earn their money and earning it is part of the reward of success.
Communists, on the other hand, do not earn their money, they somehow become wealthy by being part of a government.
In other words they steal from the people. Capitalists sell stuff to the people who buy willingly. See how that works. Which would you prefer to be?
What is interesting is, during the racist apartheid, that was a fact racist, there were more African doctors, engineers and other such than all of the rest of Africa put together.
They were obviously beaten down by the ideologists that are bent of killing one of the most, if not the most, industrialized countries in Africa.
Such are the conditions where hate takes over common sense.
Rhodesia went right down the toilet once it was handed over to the ‘chosen’.
From apartheid to apartheid+incompetence…
South Africa is following the path of that great economic mind, Robert Mugabe of Zimbabwe. South Africa is just moving a bit slower is all. I keep a 100 TRILLION DOLLAR Zim banknote in my wallet just to remind me of the greatness of Mugabe’s economic mind.
can l say it?
BEE as in BEE sting.
never nice. and some go into anaphylactic shock.
until now never knew that could happen to an ENTIRE NATION.
Previous commenters here have covered the situation … all I got is ….
Is anyone surprised?
Same thing happened previously in Rhodesia (now Zimbabwe) only worse.
Give it time……SA is up (down) to the task of outdoing Zimbabwe.
Mandela was a Commie. Lo and behold, SA is a broken Commie shithole. Let’s celebrate saint Mandela.
Coming soon to a canada near you!