BHP bombshell puts South African mining in a hole [Reuters]
BHP Group Limited American Depositary Shares (Each representing two Ordinary Shares) (BHP)
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Source: Reuters
LONDON, May 6 (Reuters Breakingviews) - BHP has put South Africa and its mining sector on the spot. The $140 billion Australian group's ambitious swoop on rival Anglo American would see one of the Rainbow Nation's most familiar companies largely withdraw from the country more than a hundred years after it was founded. The question is whether the government in Pretoria can stop the $39 billion transaction – and whether it should. South African officials have so far given BHP's proposal a mixed reception. Gwede Mantashe, the country's mining minister, told he “wouldn't support” the deal. But President Cyril Ramaphosa's spokesperson described the approach as “normal market activity”. In reality, Pretoria has a host of reasons to be awkward. South African mining is in decline: as a contribution of GDP it has fallen from 21% in to 7.5% in . The country's platinum, diamonds, coal and iron ore are not integral materials to the all-important energy transition. Corruption at state utility
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