Business Services Industry

Miners in South Africa Face Reversal of Fortune.

Knight Ridder/Tribune Business News, March, 2003

Financial Mail on Sunday, London Knight Ridder/Tribune Business News

Mar. 23--It has been an eventful week for the world's biggest mining firms. Not only has the price of gold and other precious metals dropped sharply, but South Africa announced a new tax policy on the mining industry that will hit all major UK operators.

The tariffs, unveiled on Thursday by South African finance minister Trevor Manuel, will be levied on sales of minerals dug from South African soil. They range from a two per cent levy on coal to three per cent on gold, four per cent on platinum and a whopping eight per cent on diamonds.

The charges will be phased in by 2007 and are part of the Pretoria government's plans to compensate South Africa's black population...

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