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Business to be proactive on mines grab

Johannesburg - Business could have been more "proactive" in the debate around nationalisation of the country's mines and banks, Business Leadership SA (BLSA) CEO Michael Spicer said on Tuesday.

"What we are saying is we are going to be more proactive," Spicer told reporters. "Business has a responsibility in managing this debate. We are quite willing to say we could have done more."

The debate around nationalisation of the mining and banking sector reached a crescendo last week as its main proponent, the ANC Youth League (ANCYL), made resolutions on it at its national conference.

Led by its president, Julius Malema, the league resolved on drastic economic policy shifts in an attempt to address the country's widening inequality and unemployment problem.

BLSA chairperson Bobby Godsell said business remained "unconvinced" that nationalisation was the way to go in addressing these real and pressing challenges.

"We... are hugely unconvinced that nationalising the mining industry is in any way going to make progress in (addressing) unemployment," he said.

The BLSA was equally sceptical about nationalising the banks, which Malema argued was necessary to secure funding to put the mines in state hands.

Godsell said business was not taking on "personalities", but wanted to contribute to the debate in a meaningful way. "We are not going to join the personality fights, we are not a political party."

Spicer said the private sector would "articulate more clearly" its perspective on addressing the economy's problems.

It was in talks with the government on its new growth path, unveiled by Economic Development Minister Ebrahim Patel last year.

While all the economic policies had consequences, Spicer said it was too "soon to panic" about it. "There are reasons to be concerned. We are concerned. But it's too soon to panic."

The ANC resolved to research the state playing a bigger role in key sectors of the economy at its mid-term policy meeting last year. The party moved to allay fears after the ANCYL gathering, saying the government's policy had not changed.

The ANC's probe into the viability of nationalisation would be developed at its policy conference next year, and a decision on the way forward taken at its national elective conference thereafter.

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