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News & Press: Mining tax

Jobs bloodbath if mining tax proceeds

14 December 2012   (0 Comments)
Posted by: SAIT Technical
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By SAPA (News 24)

Executive summary (SAIT Technical)

The Chamber of Mines says that tens of thousands of jobs will be lost if the ANC imposes higher taxes on the mining sector. The ANC would probably adopt a proposed mineral resource rent tax of tax of 50% on profits above 15% of normal returns.

Full article

The Chamber of Mines says the mining sector will shed tens of thousands of jobs if ANC delegates decide to impose higher taxes on it, according to a report on Friday.

"It will mean a lot of marginal mines will need to be mothballed and, in terms of job losses, the probability is that it would run into the tens of thousands,” Chamber of Mines CEOBheki Sibiyatold the Business Day.

"Our engagement with the ANC will probably be more intense after Mangaung.”

The ANC elective conference in Mangaung, which starts on Sunday, will finalise decisions on policies that the government will then take on board.

The newspaper reported that the party would probably adopt a proposed mineral resource rent tax of 50% on profits above 15% of normal returns.

This year, the mining sector lost 15 000 jobs in the third quarter after months of wildcat strikes across mines.




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