Africa News
South Africa's Zuma says nationalization of mines off the agenda
Feb 10, 2012, 9:01 GMT
Johannesburg - South African President Jacob Zuma clearly rejected on Friday the prospect of nationalizing the country's mines.
Some voices within the ruling African National Congress (ANC) have been calling for the state to take over parts of the natural resources sector, in order to spread the country's wealth to the poor.
'Nationalisation is not ANC or government policy,' Zuma said according to local radio reports, in an apparent effort to give clarity to the business community.
He was speaking a day after his annual State of the Nation address, which focused largely on the economy and job creation. Zuma pledged to invest in a 'massive' infrastructure expansion programme and recommitted himself to the mining sector.
Unemployment in the fourth quarter 2011 stood at a 23.9 per cent which, while high, is the lowest rate since the global economic downturn caused South Africa to rapidly haemorrhage jobs.
In the coming weeks, the ANC is expected to unveil a fresh policy plan on the mining sector, which analysts say will reject nationalization but favour a 50-per-cent super-tax on the industry.
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