All data is delayed
See More

Ramaphosa slates mine bosses

Aug 08 2011 07:32
Johannesburg - Business leaders must bear part of the blame for a call to nationalise South Africa's mines, according to National Planning Commission deputy chairperson Cyril Ramaphosa.

"The mining companies got together with the ministry and agreed on a transformation charter," Ramaphosa said in an address at the Gordon Institute of Business Science in Johannesburg.

"Nearly all of them have not lived up to that transformation agenda. They planted seeds of dissension for the future. It is only now that the mining industry is waking up and saying: 'Wow, maybe we should have done certain things to forestall this'," he was quoted as saying in the Business Report on Monday.

Calls for the government to seize mines, banks and land are being made by the ANC Youth League, saying South Africa's black majority still does not have an adequate stake in the country's economy.

The ANC agreed in November to an independent study of whether nationalisation is viable and to debate the findings of the study next year.

The nationalisation drive stemmed from "a measure of deep frustration by young people who are unemployed", Ramaphosa said.

"They see these big corporations raking in a lot of money, and they also see that these corporations are not transforming in the way that was agreed," he said.

cyril ramaphosa  |  nationalisation


Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


With infrastructure spending having been identified as one of the key focus areas of the National Development Plan, tradesmen will continue to play a critical role in growing the South African economy through their skills.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

A 30% a month return on investment is:

Previous results · Suggest a vote