Johannesburg

SOUTH AFRICA ranks as one of the richest countries in natural resources from gold to iron ore. The problem: few companies want to deal with the headache of getting it.

Strikes, unreliable power supply, a mining code that's been under review for six years, and disputes over compulsory holdings by local black shareholders have dented investor confidence in the country. Many nations on the continent have similar problems. Companies are voting with their feet: BHP Billiton Ltd, the world's biggest miner, exited the nation last year, leaving only five of the 40 largest commodity producers with operations in South Africa.