/ 20 September 2010

Sexwale mulls mine nationalisation

President Jacob Zuma arrived at the ANC’s national general council in Durban at about 10am on Monday.

  • ANC national general council: A special report
  • He was accompanied by Minister of Justice Jeff Radebe and International Relations Minister Maite Nkoana-Mashabane.

    Surrounded by a few bodyguards, Zuma, dressed in a yellow T-shirt, black leather jacket and black trousers, walked on to the stage and began leading people in song.

    Earlier, delegates from Limpopo made a spirited entrance with a song about nationalisation of mines.

    A delegate said: “We are singing [that] when we nationalise the mines it will be good for South Africa”.

    Malema and its labour ally the Congress of South African Trade Unions have been pushing for mine nationalisation but analysts expect no major change in the mining industry, which accounts for about 6% to7% of GDP.

    ANC national executive committee member Tokyo Sexwale said South Africa would not be the first country to consider nationalisation.

    “We will not be the first to nationalise and not to nationalise. Many people have done well with it, others have failed,” he said on the sidelines of the mid-term policy review conference.

    Sexwale was coy about whether he backed the nationalisation proposal, but said the council would consider the “pros and cons”.

    Some delegates sang: “We will pray for Zuma” and “Msholozi, dumela,” greeting Zuma with his clan name.

    Police national commissioner Bheki Cele paced outside, chatting to senior ANC members and delegates, wearing his trademark cowboy hat.

    About 2 000 ANC delegates from all nine provinces were expected at the five-day national general council meeting.

    The ANC and Cosatu and the South African Communist Party had asked those attending the event to focus on policy issues and not leadership squabbles.

    Nationalisation not government policy
    Meanwhile, Finance Minister Pravin Gordhan said on Monday that the nationalisation of mines or financial institutions was not government policy.

    “Nationalisation is not government policy,” Gordhan told Reuters on the sidelines of the conference in the port city of Durban.

    Gordhan also said South Africa needed a stable currency.

    Cosatu has called for measures to weaken the rand which is currently trading at two-and-a-half year highs.

    “We want stable and competitive currencies,” Gordhan said.

    Gordhan said the uncertain global economic outlook and low economic growth in developed countries had an impact on the South African economy.

    “The global economy reflects a lot of uncertainty. The uncertainty plus the low growth amongst the developed economies certainly has an impact on South Africa’s economy”. – Reuters, Sapa