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(NEWZIMBABWE) Nationalise Anglo American: Malema

Nationalise Anglo American: Malema
by AFP
07/03/2011 00:00:00

JULIUS Malema, the fiery leader of the Youth League of South Africa's ruling African National Congress, said his organisation wants to nationalise a 60 percent share of mining giant Anglo American, a media report said Sunday.

Malema, who is pushing the ANC to adopt mine nationalisation as official policy, said Anglo American should "share that delicious piece of cake", the City Press newspaper reported on its web site.

"We just want a fair share. If we don't do it (nationalisation), we'll always stay poor," Malema told attendees at a gala dinner in the northeastern city of Nelspruit.
"We only want 60 percent of Anglo American's money," he added.

"What Anglo does with the other 40 percent is their business."

The ANC has repeatedly said nationalisation is not its policy, but Malema has helped push the politically divisive issue onto the national agenda.

The ruling party agreed last year to research nationalisation ahead of its national conference in 2012, when it will select its candidate for the 2014 presidential elections.

Anglo American's chief executive drew the ire of Malema's organisation last month by calling nationalisation "the road to ruin".

"Mining companies simply will not invest if they cannot be assured that the assets they create will be secure," Cynthia Carroll said at a mining conference in Cape Town.

"In ignoring this truth the false prophets who argue for nationalisation are advocating the road to ruin, a path we must not follow."

In a statement, the ANC Youth League referred to her comments as "the ranting of capitalists".

South Africa is among the world's largest producers of gold, platinum and chromium. The mining industry brought in 241.3 billion rand ($35 billion, 25 billion euros) in 2009 and is the country's largest export sector.

Anglo American, a London-based firm with key mining operations in South Africa, last year nearly tripled net profits to $6.54 billion, boosted by soaring commodity prices and emerging markets demand.

Labels: ANC, ANGLO-AMERICAN, JULIUS MALEMA, NATIONALISATION

posted by MrK @ 3:02 PM