Minister calls for control of Africa’s mines

The growing trend toward nationalization of strategic mining resources in many countries has the right intentions:  keeping the majority of the profits from at home, but it inevitably becomes counterproductive, as it discourages private sector investment (after all: no profits, no investment).  Nationalizing mineral and oil extraction industries become uneconomic pursuits due to bureaucratic inefficiencies and corruption, as the profits are diverted to the government and are not recycled to its citizens.  Eventually, these formerly economically sound mines and fields become depleted resources with dwindling output.

Lower output means higher prices for everybody.

http://www.businessday.co.za/articles/Content.aspx?id=175516