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Earnings in the South African and Zimbabwean mining industries have been severely impacted by these countries' socio-economic and political changes in the last decade. News reports and international research publications consistently rates Zimbabwe as a country with the highest political risks in the world. In South Africa (SA), the initial mining charter requiring 51% Black Economic Empowerment, was leaked to the press in 2002 before promulgation making international investors weary. The currency, the Rand (R) has strengthened from the US$ from R13.85 in 2002 to R 7.17 in 2007, significantly impacting on returns as investors to shift their portfolio to other sectors. The purpose of this research was to explore the implications of country risk and investor sentiment for Impala Platinum's valuation and provide strategy recommendations to improve its market rating whilst sustaining its competitive advantage as a platform for achieving its 2010 vision. In this study, a brief environmental scan of the mining industry was undertaken focusing on the platinum sector as well as a background review of the industry and a five year performance comparison between Impala and Anglo Platinum. It also reviewed corporate strategy literature as it relates to the research problem as well as theoretical models of investor sentiment and decision making processes. The specific research design was primarily exploratory in nature. The Implats valuation conundrum appears to be a phenomenon and the best way to achieve the main research objective was to identify any new ideas, preliminary explore some possible hypothesis and provide strategy recommendations to the board. The research adopted both quantitative and qualitative designs to focus on understanding the values, attitudes and perceptions of investors, which is interpretive and inductive in nature. A holistic case study was the specific vehicle used to conduct the research. The research population was made up of all investors in different regions of the world. Given that the study specifically related to the Implats valuation relative to Amplats, the sampling was tailored to their common investors. Data was collected using a questionnaire; the likert five scale was used to design the questionnaire. The following recommendations were made as a result of the research. Implats should implement measures to build its value chain and attempt to move to a cost quartile not easy to replicate without significant investment and time. In the short term Implats needs to continue improving on its fundamental values whilst crafting a take over defence strategy. It also needs to improve on its investor relations program to robustly communicate its political risk management strategy. / Thesis (MBA)-University of KwaZulu-Natal, 2006.

Thesis (MA)--University of Stellenbosch, 2011. / ENGLISH ABSTRACT: This thesis explores the relationship between the state and mining capital in South Africa since the beginning of gold mining. It provides a historical analysis centered around the notion that neither state nor capital have been able to dominate each other wholly but retained their respective relative strength and independence. By applying a qualitative approach, this thesis seeks to determine whether this notion still holds true today, how the relationship between the state and mining capital has evolved over time and by what factors was it determined. I suggest that structurally the nature of the state-capital relationship continues to endure fifteen years after apartheid. Accordingly the thesis is organized in terms of two critical junctures, one in the 1920s and one in the long 1970s when the balance of power between the state and mining capital experienced a number of shifts. Recent developments in post-apartheid South Africa seem, as of now at least, to represent more of a continuation of the shift that materialized in the long 1970s rather than a new conjuncture of its own or one in the making. Contrasting these findings with the adamant calls of the ANCYL for a nationalization of mines indicates that nationalization as the ANCYL foresees it does not seem to be informed by a historical understanding of the mining capital-state relations and that it is ceteris paribus unlikely to materialize. / AFRIKAANSE OPSOMMING: Die tesis ondersoek die verhouding tussen die staat en mynbou kapitaal in Suid-Afrika sedert die begin van die goudwedloop. Op grond van ’n historiese oorsig word daar aan die hand gedoen dat nòg die staat nóg mynbou kapitaal mekaar oorheers het en dat hierdie tendens vyftien jaar na apartheid steeds voortduur. Die magsbalans tussen die staat en kapitaal word egter gekenmerk deur twee uiteenlopende periodes, naamlik die Twintiger jare en die langdurige Sewentigs. Verwikkelinge in post-apartheid Suid-Afrika suggereer ’n voortsetting van die dinamika van die Sewentigs. Volgens onlangse uitlatings deur die ANC Jeugliga blyk dit asof die beweging nie bewus is van die kompleksiteit van hierdie historiese verhouding nie en dat dit dus hoogs onwaarskynlik is dat nasionalisering in terme van ANC Jeugliga beleid die lig sal sien.