South Africa Mine Union Supports Resource Tax, Business Day Says

The South African National Union of Mineworkers supports the ruling African National Congress’s proposal for a resource-rent tax for the mining industry as an alternative to nationalizing mines, Business Day reported, citing the union.

The additional taxes raised should be used for a sovereign wealth fund and a state-owned mining company, the union proposed at its national congress last week, according to the Johannesburg-based newspaper.

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net