Mining Companies of South Africa: Features of Development

 
PIIS032150750000868-6-1
DOI10.31857/S032150750000868-6
Publication type Article
Status Published
Authors
Affiliation: Institute for African Studies, Russian Academy of Sciences
Journal nameAsia and Africa Today
EditionIssue 10
Pages40-44
Abstract

The author researches the history of the appearance and features of the development of mining companies in South Africa, as well as the ownership structure of the mining industry before and after the democratically elected government came to power in 1994.   In 1990 the South African mining industry was overwhelmingly domestically based and was dominated by six mining houses: Rand Mines, Johannesburg Consolidated Investment Company, Anglo-American, Gold Fields, Union Corporation, General Mining and Finance Corporation. These corporations had their head offices in Johannesburg with their primary listings on the Johannesburg Stock Exchange (JSE). It is important to note that mining houses controlled not only the mining industry, but their activities extended to other sectors of the economy, in particular banking sector, services, agriculture.The article considers the changes in the mining industry after the refusal of companies from non-core business, the movement of head offices and primary listing to London. After 1994 white people have lost their political power. But they continue to maintain economic power - almost complete control over large and medium-sized businesses. Thus the leadership of the ANC, which was headed by Cyril Ramaphosa in December 2017, faces a difficult task - the elimination of economic injustice by redistribution of property rights.Today foreign-owned companies are still playing an important role in the mining industry and in general in the economy of South Africa. Whose interests in the activities of companies  prevail: national or global? Who is the main beneficiary: the people of South Africa or multinational corporations?

Keywordsmining companies, De Beers, Anglo-American, gold, diamonds, multinational corporations
Received19.10.2018
Publication date19.10.2018
Number of characters576
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