south africa nationalisation threat eases

found this on the AFR website

Mining companies with assets in South Africa are likely to be relieved following an admission by firebrand African National Congress Youth League leader Julius Malema that his political career is over.

News reports said Mr Malema, the main force behind a push to nationalise South Africa’s mining industry, made the admission after he was suspended from the ANC for five years for breaking internal party rules.

The 30-year-old’s indiscretions included causing rifts in the party and undermining foreign policy by calling for the government of neighbouring Botswana to be overthrown.

It is unclear whether the ANC, South Africa’s ruling party, intends to continue to assess nationalisation.

In the wake of Mr Malema raising the issue, a “task team” was established for this purpose and was due to give a recommendation by the end of next year.

Mr Malema won legions of supporters from South Africa’s poor black majority for his calls to nationalise the mining and finance industries.

His argument was that it was the only way to rid the country of poverty.

BHP Billiton has coal, aluminium and mineral sands assets in South Africa, while Rio Tinto has mineral sands and copper assets.

Other Australian mining companies operating in South Africa include Continental Coal, Jupiter Mines, OM Holdings, Platinum Australia and Vantage Goldfields

http://www.afr.com/p/business/resources/south_africa_nationalisation_threat_iAKIKswUiGlMpddnvUDavL