Mine nationalisation unlikely to move at ANC summit

Leaders of the ruling ANC are unlikely to bow to presgold mining equipment for sale in south africasure from unions and within the party by agreeing to nationalise South Africa's mines during a policy review conference next week. Julius Malema, the outspoken leader of the African National Congress' Youth League, has argued mines in the world's biggest producer of platinum and the fourth-largest producer of gold should belong to the state to benefit the country and its people rather than foreign companies or a selected few.

But Minerals Minister Susan Shabangu, keen to calm investors weary of greater state involvement in the sector, has repeatedly said nationalisation was neither ANC nor government's policy, and she is unlikely to change her stance next week. "There is going to be a lot of hot air, but I don't think we are going to see anything material emerge from that meeting," said Gary van Staden, a political analyst at independent economists NKC. Finance Minister Pravin Gordhan said on Thursday he did not expect any changes in the nationalisation debate, but Stephen Roelofse, an analyst at Metropolitan Asset Managers, said the fact that it was up for discussion was worrying.