[miningmx.com] – BRIDGETTE Radebe, a mining entrepreneur and founder of the South Africa Mining Development Association (SAMDA), identified transfer pricing as one of the reasons why the mining industry had failed to transform.
In an article by the Mail & Guardian, Radebe was quoted as saying the activities of offshore companies were hindering transformation in the sector. She also laid into foreign black CEOs asking why South African blacks had not been appointed.
Lonmin is led by Ben Magara, a Zimbabwean while Kumba Iron Ore has Zambian national, Norman Mbazima as its CEO. Radebe was addressing parliament’s portfolio committee on mineral resources on August 20.
“For as long as you have people owning your economy, they will dictate your destiny and the time has come for us to be charter compliant. We can’t continue to be sleeping on the job,’ said Radebe.
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