ANCYL reassures Anglo after Malema’s comments

2011-03-07 14:33

The ANC Youth League (ANCYL) sought to reassure Anglo American today that it would not be the only mining company from which shares would be taken if nationalisation was implemented.

“The minimum of 60% of all privately owned mining companies will be taken by the state, not the ANCYL, and will be taken from all privately owned mining corporations, not only from Anglo American, as portrayed in the media,” said ANCYL spokesman Floyd Shivambu.

ANCYL president Julius Malema reportedly said at a dinner in Nelspruit on Friday that his organisation wanted 60% of Anglo American.

“What Anglo does with the other 40% is their business,” Malema said, according to a Sunday report in City Press.

“If we don’t do it (nationalisation), we’ll always stay poor. The Oppenheimers don’t need to worry because we only want 60% of Anglo American’s money,” he said.

Shivambu lashed back this morning, blaming “the mediocrity that defines South Africa’s print media”.

He said the various discussion documents and policy positions of the ANCYL on the nationalisation of mines were publicly available.

These documents showed that not only Anglo American would be targeted.

“In the proposed model for nationalisation of mines, the ANCYL said...it should entail that after its establishment, the state-owned mining company should take a minimum of 60% of the existing privately owned mining corporations,” Shivambu said.

Reacting to Malema’s reported comments, the Freedom Front Plus today warned that they “could cause serious damage to the economy by putting foreign investors off and undermining local business confidence”.

FF Plus finance spokesman Conrad Beyers said in a statement that, according to the newspaper Rapport, Malema’s comments at the Nelspruit dinner “boils down to all businesses in South Africa with white shareholding being a possible target for nationalisation”.

He said the ANCYL president’s comments were no longer just targeted at mines, but at the whole economy.

“Such steps will have a catastrophic effect on the economy, just as the case had been in Zimbabwe under the leadership of Malema’s hero, Mugabe,” Beyers said.

Shivambu today promised that the ANCYL would educate the media and society on its proposals.

“The ANCYL will, with patience, explain and educate the whole of society and the media on the models of nationalisation of mines and how it is going to benefit the majority of the people of South Africa.”

The matter will come up for discussion at the next ANC national conference in 2012.

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