Publications
Partners
Johannesburg - The Chamber of Mines (COM) says it will apply its mind to the content of a memorandum delivered on Thursday by marching ANC Youth League (ANCYL) members.
"We understand that the level of unemployment is too high and we agree with the youth league that the level of poverty is too high," the chamber's chief executive Bheki Sibiya told reporters.
"We will distribute it [the memorandum] to our 55 members."
He said the COM would engage with its members on the ANCYL's demands. The chamber had asked the ANCYL for a meeting four weeks before the march, but the league did not respond.
"It cannot be a monologue, it must be a dialogue," said Sibiya.
The league was demanding the nationalisation of mines and the introduction of probation programmes within companies to give youth skills in mining.
The memorandum calls for better wages for mineworkers and the active involvement of mining companies in the development of the industry.
The COM agreed with the ANCYL's objectives to reduce poverty and inequality.
However, it did not agree with nationalisation, saying this would severely damage the economy and leave the population in a worse state than before, said Sibiya.
Nationalisation of mines without compensation would destroy investor confidence.
It would fly in the face of bilateral investment protection guarantees South Africa had signed with several countries.
"Nationalisation is like the killing the goose that lays the golden egg," he said.
"The goose should be left to live so that it (can lay) more golden eggs which in turn would be distributed equally."
Nationalisation with or without compensation would always provoke questions.
"If the mines were nationalised with compensation, the question is where does the state source the funds when we know it is struggling to extend rail infrastructure," said Sibiya.
The youth league embarked on its so-called economic freedom youth mass action march on Thursday.
Members were marching from Beyers Naude Square to the COM, the Johannesburg Stock Exchange and the Union Buildings in Pretoria.
By 13:45, the march was heading towards Killarney in Johannesburg with Malema leading the way on foot.
"We understand that the level of unemployment is too high and we agree with the youth league that the level of poverty is too high," the chamber's chief executive Bheki Sibiya told reporters.
"We will distribute it [the memorandum] to our 55 members."
He said the COM would engage with its members on the ANCYL's demands. The chamber had asked the ANCYL for a meeting four weeks before the march, but the league did not respond.
"It cannot be a monologue, it must be a dialogue," said Sibiya.
The league was demanding the nationalisation of mines and the introduction of probation programmes within companies to give youth skills in mining.
The memorandum calls for better wages for mineworkers and the active involvement of mining companies in the development of the industry.
The COM agreed with the ANCYL's objectives to reduce poverty and inequality.
However, it did not agree with nationalisation, saying this would severely damage the economy and leave the population in a worse state than before, said Sibiya.
Nationalisation of mines without compensation would destroy investor confidence.
It would fly in the face of bilateral investment protection guarantees South Africa had signed with several countries.
"Nationalisation is like the killing the goose that lays the golden egg," he said.
"The goose should be left to live so that it (can lay) more golden eggs which in turn would be distributed equally."
Nationalisation with or without compensation would always provoke questions.
"If the mines were nationalised with compensation, the question is where does the state source the funds when we know it is struggling to extend rail infrastructure," said Sibiya.
The youth league embarked on its so-called economic freedom youth mass action march on Thursday.
Members were marching from Beyers Naude Square to the COM, the Johannesburg Stock Exchange and the Union Buildings in Pretoria.
By 13:45, the march was heading towards Killarney in Johannesburg with Malema leading the way on foot.
