ANC wants banks to be forced to fund SA coal mines | Fin24
, South Africa is heavily reliant on the fuel for power generation. The country has 66 billion metric tons of coal reserves, according to Godongwana. Eskom has said new mines aren’t being opened quickly enough to ensure supply for its power plants.
“Who determines policy? A government of the day determines policy,” Godongwana said. “You can’t therefore have individuals determine what is the policy of the country.” A move toward prescribed assets, while mentioned in the ANC’s election manifesto, would concern international investors and could destabilise South Africa’s R4trn pension industry.
“Most investors and local business leaders appear to think that prescribed assets will never end up happening,” said Peter Attard Montalto, head of capital markets research at Intellidex. “This interview seems to suggest otherwise and in a surprisingly specific way on coal.”
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