Zuma launches new mining company

27 February 2011 Last updated at 14:11 GMT There has been a debate within the ruling ANC party over mine nationalisation South African President Jacob Zuma has launched a state-owned mining company, called the African Exploration Mining and Finance Corporation (AEMFC).

However the move is likely to cause concern amongst international investors, who may view it as a step towards the nationalisation of South Africa's mining industry.

Mining is one of South Africa's most important economic sectors.

Mr Zuma said the body would bring all state mining interests into its remit.

"The role of the state cannot merely be confined to that of a regulator. The state must actively participate in the mining industry to ensure that our national interest is protected and advanced," Mr Zuma said.

"Government policy on minerals and mining does not make provision for the nationalization of mining assets, but it does not prevent the state from participating actively in mining, competing with other companies," he said.

Small step?

Recently South African mining minister Susan Shabangu moved to reassure investors when she said the nationalisation of mines was "not the option."

However there has been a debate within the ruling African National Congress party as to whether the country's mining industry should be fully nationalised.

The South African Communist Party also supports the nationalisation of mining.

"What is worrying for mining investors is, where does it go from here?" said Alison Turner, an analyst with Panmure Gordon.

"Is this just a small step to a much broader transfer... to state ownership?" she added.

South Africa is a a leading producer of precious metals such as gold and platinum as well as a major supplier of coal.

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Former 'General Hospital' Star Launches Real Estate TV Show

After Stuart Damon's longtime character of Dr. Alan Quatermaine on General Hospital was killed off in 2008 after 31 years on the show, he turned to real estate, even taking the licensing exam alongside his son Christopher, as AOL Real Estate previously reported.

But you just can't keep this Emmy-award-winning actor and his TV show-producing son away from the screen. They've created a magazine-style TV show, Luxury Lifestyles, which bills itself as taking Southern California viewers on the ultimate open house tours of some of the finest real estate in the area.

Premiering Sunday, March 6 at 11 a.m. on KCOP Channel 13, the 30-minute-long, monthly series is not airing nationally -- not yet anyway.

"It was intended to be a local show but there could be a national interest in this," the younger Damon, who was a producer on the first Survivor, as well as MTV's Road Rules, told AOL Real Estate. "You can certainly make this a national show and even an international show. I don't think it has any particular limitations. We have just been so focused on getting this first season together and getting the show launched."

"The fascination with luxury homes and estates is tremendous," said the former soap opera star who lives in a 1922-built house in Hancock Park, an old part of Hollywood.

In fact, the $20 million-plus homes in the Los Angeles market saw a spike in sales from 2009 to

2010, says Christopher, who estimates it has jumped about 200 percent, while the $10 million-plus homes had a 64 percent increase. "I think people are back and are getting more comfortable with high-end real estate. They are making purchases right now that they were avoiding in the first part of the recession."

In the first episode of Luxury Lifestyles Stuart Damon, who says he loves horses, participates in a private polo game at a $19.5 million classic Mediterranean estate designed by Britt Jewitt. The 10,378-square-foot, six-bedroom, Italian villa-style residence sits on more than 22 acres and has a polo field, equestrian facilities and an infinity edge pool and spa.

In the same episode, which will show four properties, Christopher, goes surfing while visiting a $18.888 million Christian Light-designed two-story ocean front estate with a home spa, indoor gym, wine cellar, theater room and an infinity-edge pool. In Beverly Hills, he takes in a $10.895 million two-story contemporary with endless walls of glass designed by Ed Niles.

"The show is not really about us or any listings we have or are dealing with," says Christopher Damon, who lives by the beach in Pacific Palisades. "The show highlights a variety of homeowners, agents, architects, and designers." But mostly, he says, it is "just about seeing amazing real estate."

His dad adds, "We try to make the show just fun and entertaining, not too serious. Our sense of humor and sense of fun we both have with each other come in handy and it is natural to us."

Sheree R. Curry, who has owned three homes, including one walking distance to an ocean, is a three-time award-winning journalist who has covered real estate for six years. During her 20-year career, her articles have appeared regularly in the Wall Street Journal, TV Week, and Fortune. She's been writing for AOL Real Estate since 2009 from a Minneapolis-area rental. She seeks a book publisher -- or at least a lender who'll give a reasonable mortgage rate to a self-employed mom.

For more on mortgages and related topics see these AOL Real Estate guides:

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