ANC YOUTH LEAGUE STATEMENT ON THE PRONOUNCEMENTS OF ANC LIMPOPO CHAIRPERSON ON NATIONALISATION OF MINES

2 May 2012

The ANC Youth League is very encouraged and inspired by pronouncements of ANC Limpopo Chairperson and Premieir Cassel Mathale during his address to the Freedom Day rally in Malamulele Stadium on the 27th of April 2012. In his address, Chairperson Mathale endorsed the ANC and ANC Youth League's call and greater consensus on Nationalisation of Mines in South Africa. He correctly and decisively used the Freedom Day address to dismiss the fallacy that Nationalisation will lead to Capital flight and disinvestment in the South African economy (see Sowetan report).

Cde Mathale, a fearless leader and economic freedom fighter is 100% correct that the story of capital flight and disinvestment that come as a result of Nationalisation of Mines is an urban legend. The greatest and biggest recipients of investments in the world today, like China, India, Brazil, and Russia have significant components of the economies under the ownership and control of the State.

For many years in South Africa, strategic sectors of the economy were owned and controlled by the State and investors never flew or left South Africa. Zimbabwe today continues to attract many investors in the middle of a decisive implementation of the Indigenisation and Empowerment Act, which obliges all businesses with the value of above 500 000 US Dollars to transfer a minimum of 51% to indigenous Zimbabweans.

The call for South Africa's Mines to be nationalized is a correct one as this will lead to massive socio-economic spin-offs, which will create millions of jobs and liberate many South Africans from poverty and starvation.

The ANC Youth League is inspired that the battle is now taken by ANC leaders and ANC structures as illustrated by the pronouncements of Cde Cassel Mathale. We are inspired and call on more leaders of the ANC to speak openly about Nationalisation of Mines because the ANC NGC reached greater consensus on Nationalisation of Mines and other strategic sectors of the economy.

Statement issued by the ANC Youth League, May 2 2012

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