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From Marikana to London the Anti-Blackness of Mining Finance

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From Marikana to London the Anti-Blackness of Mining Finance From Marikana to London The Anti-Blackness of Mining Finance Maria Dyveke Styve Thesis for the degree of Philosophiae Doctor (PhD) University of Bergen, Norway 2019 From Marikana to London The Anti-Blackness of Mining Finance Maria Dyveke Styve ThesisAvhandling for the for degree graden of philosophiaePhilosophiae doctorDoctor (ph.d (PhD). ) atved the Universitetet University of i BergenBergen Date of defense:2017 14.06.2019 Dato for disputas: 1111 © Copyright Maria Dyveke Styve The material in this publication is covered by the provisions of the Copyright Act. Year: 2019 Title: From Marikana to London Name: Maria Dyveke Styve Print: Skipnes Kommunikasjon / University of Bergen To Athi. Tusen takk. Table of Contents ABSTRACT ......................................................................................................................................................... I ACKNOWLEDGEMENTS .................................................................................................................................... V LIST OF ABBREVIATIONS AND ACRONYMS ..................................................................................................... VII LIST OF IMAGES, GRAPHS AND TABLES ........................................................................................................... IX INTRODUCTION ................................................................................................................................................ 1 CONSTRUCTING SITES ............................................................................................................................................. 15 METHODOLOGICAL CHOICES.................................................................................................................................... 19 MULTI-SITEDNESS AND HISTORICAL MATERIALS ........................................................................................................... 27 JOHANNESBURG, LONDON, CAPE TOWN AND ROUND AGAIN ......................................................................................... 29 CHAPTER OVERVIEW .............................................................................................................................................. 32 CHAPTER ONE: MARIKANA AS A LENS ............................................................................................................ 37 BRIEF OVERVIEW OF EVENTS .................................................................................................................................... 39 THE POLICE COVER-UP ........................................................................................................................................... 57 THE AFTERMATH ................................................................................................................................................... 58 THE STRIKING MINERS ............................................................................................................................................ 59 LONMIN .............................................................................................................................................................. 64 LONMIN: FROM RHODESIA TO BERMUDA .................................................................................................................. 67 THE MARIKANA COMMISSION OF INQUIRY ................................................................................................................. 69 SENZENI NA ......................................................................................................................................................... 71 MARIKANA MORE THAN 5 YEARS AFTER ..................................................................................................................... 72 AN ABERRATION? ................................................................................................................................................. 78 CHAPTER TWO: LONDON AND THE IMPERIAL LEGACIES OF MINING FINANCE ............................................... 83 MINING FINANCE SOMEWHERE BETWEEN SOUTH AFRICA AND THE SQUARE MILE IN LONDON .............................................. 86 FINANCIAL TIES THAT BIND ...................................................................................................................................... 90 TEMPORALITIES WITH ONLY CAPITAL COORDINATES ...................................................................................................... 94 LEGITIMACY ......................................................................................................................................................... 99 LONDON AS A CENTRE FOR MINING FINANCE ............................................................................................................. 102 LONDON AS A HUB INTO THE ‘REST OF AFRICA’ RATHER THAN SOUTH AFRICA.................................................................. 108 ‘THE WORLD IS YOUR OYSTER’ – THE GLOBAL EXPANSION OF APARTHEID-INFUSED CAPITAL ............................................... 111 MOVING BETWEEN SOUTH AFRICA AND LONDON ...................................................................................................... 119 THE GAME OF POLITICAL RISK AND ECONOMIC REWARDS ............................................................................................. 122 BLACK ECONOMIC EMPOWERMENT (BEE)............................................................................................................... 126 FAITH IN THE JUDICIAL SYSTEM ............................................................................................................................... 131 ‘WAKING UP IN THE MORNING AND NOT OWNING WHAT YOU OWN’. THE FEAR OF NATIONALISATION ................................. 133 MINEAFRICA 2017: POLITICAL JITTERS ................................................................................................................... 139 THE LOGICS OF MINING FINANCE ............................................................................................................................ 146 CHAPTER THREE: THE HISTORICAL CONNECTION – EXTRACTIVE TIES BETWEEN LONDON AND SOUTH AFRICA ..................................................................................................................................................................... 149 CYCLES OF ACCUMULATION ................................................................................................................................... 150 CITY OF LONDON IN THE 1870S-WW1: THE MOVE TOWARDS FINANCE ........................................................................ 153 WHY WAS THE SOUTH AFRICAN MINING INDUSTRY IMPORTANT TO THE CITY OF LONDON? ............................................... 156 WHY WAS THE CITY OF LONDON IMPORTANT FOR THE SOUTH AFRICAN GOLD MINING INDUSTRY? ...................................... 160 THE DIAMONDS OF KIMBERLEY .............................................................................................................................. 161 GOLD ON THE RAND ............................................................................................................................................ 163 CAPITAL AND STATE INTERDEPENDENCE ................................................................................................................... 165 THE MIGRANT LABOUR SYSTEM, COMPOUNDS, PASS LAWS AND THE RACIALISATION OF CAPITAL ACCUMULATION ................... 167 IMPERIAL RACISM AND CIVILIZATIONAL DISCOURSES ................................................................................................... 173 FINANCE AND RACIAL CAPITAL ACCUMULATION ......................................................................................................... 176 CHAPTER FOUR: THE POLITICAL ECONOMY OF MINING FINANCE SOMEWHERE BETWEEN LONDON AND SOUTH AFRICA ............................................................................................................................................. 181 NEW POLITICAL OPENINGS .................................................................................................................................... 183 THE POLITICS OF THE RAND ................................................................................................................................... 187 RATING AGENCIES AND THE THREAT OF JUNK STATUS .................................................................................................. 189 THE CITY OF LONDON TODAY ................................................................................................................................ 196 POLITICAL ECONOMY OF THE RELATIONSHIP BETWEEN THE CITY OF LONDON AND THE SOUTH AFRICAN MINING INDUSTRY....... 206 POLITICAL ECONOMY OF THE SOUTH AFRICAN MINING INDUSTRY AFTER 1994 ................................................................ 213 STATE, LABOUR AND CAPITAL INTERDEPENDENCE ....................................................................................................... 228 LONDON MEETS MARIKANA .................................................................................................................................. 235 WHITE MONOPOLY CAPITAL .................................................................................................................................. 238 FINANCE AND ANTI-BLACKNESS .............................................................................................................................
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