Tokollo Matsabu hit the nail on the head (Resource Nationalism doesn’t have to be a dirty word — ask Norway (https://www.businesslive.co.za/bd/opinion/2019-06-27-resource-nationalism-doesnt-have-to-be-a-dirty-word-just-ask-norway/), June 27 2019) when he said, “Taxation must incentivise investment but also ensure that super-profits (mineral rents) are higher rated and directed to the people.”

This was after he discussed failed examples such as Zambia and Tanzania of “the wrong kind of resource nationalism”. Export bans to encourage beneficiation and empowerment that “demands local capital ownership”, which mining firms fund in advance of profits — “instead of leading local entrepreneurs, we end up with profit-taking fat cats”.

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