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South Africa's Zuma says nationalization of mines off the agenda
Published in Saudi Press Agency on 10 - 02 - 2012


South African President Jacob Zuma clearly
rejected on Friday the prospect of nationalizing the country's mines, dpa reported.
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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