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Gold/Mining/Energy : Freeport McMoran (FCX)

FCX 41.70

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Oct 31 9:30 AM EST

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To: Yogizuna who wrote (57)	11/7/2000 7:12:54 PM
From: teevee	Read Replies (3) of 141

Yogi, How low do you think PDL and AU will go on this news? MPs reject objections to proposed minerals law CAPE TOWN The National Assembly on Friday approved the Abolition of Lebowa Minerals Trust Bill amid warnings that any future attempts by the African National Congress (ANC) to vest all mineral rights in the state would face massive constitutional challenges from mining houses. The ANC and its government partner, the Inkatha Freedom Party (IFP), voted together on the bill to defeat loud objections from opposition parties. The Democratic Party (DP) in particular objected to the legislation, saying the transfer of the assets, liabilities, rights, obligations and staff of the trust of the former homeland to the state was an infringement of the property rights provisions of the constitution, particularly as no compensation was to be paid. DP minerals spokesman Ian Davidson said the bill was in conflict with the key constitutional objective of restitution, so instead of the assets going to the state "they should be handed back to the people". He said the parliamentary committee on mineral and energy affairs had been warned by state law advisers that the bill could be susceptible to constitutional challenge. He also warned that plans to vest all SA mineral rights in the state would similarly face "heavyweight constitutional challenge". Deputy Minerals and Energy Minister Susan Shabangu said that the continued existence of the Lebowa Minerals Trust could not be justified. SA's mineral should be exploited for the benefit of all South Africans. The bill would guarantee security of tenure for existing prospecting and mining operations. There were also many submissions during public hearings on the bill which made this point. The bill was approved by 219 votes to 54. Nov 06 2000 12:00:00:000AM Wyndham Hartley Business Day 1st Edition

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