Days before South African president Nelson Mandela lambasted “apartheid patterns of ownership” in a five hour speech to December’s ANC congress, the final nails went into the coffin of South Africa’s showpiece black empowerment deal.
The sale of Anglo-American’s controlling interest in the mining group, JCI, was meant to mark a decisive transfer of prime assets from white control to black.
In the event, the saga of JCI’s sale has ended with Anglo reacquiring the prize gold mining assets it sold in November 1996 while a rudderless JCI is seeking terms in a tie-up with UK-based Lonrho, once itself described as the “unacceptable face of capitalism”.
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