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The Cape Chamber of Commerce has welcomed the statement by the Minister of Mineral Resources, Susan Shabangu, that South Africa "will definitely not nationalise the mines".
"Business is pleased that at last the Minister has put her foot down, but, unfortunately, a great deal of damage to investor confidence has already been done," said Mr Jeremy Wiley, President of the Chamber.
He said the ANC and Minister should have acted long ago, and in this instance, more promptly to reject the archaic and ill-informed call by the ANC's own Youth League.
"The mere suggestion that this particular matter should be seriously debated was reported by international news agencies and is enough to undermine confidence in the management of this country, more especially in the light of the latest official figures from STATS SA about the severity of the impact of the global economic crisis on the SA mining and manufacturing sectors."
Mr Wiley said it was clear that the Youth League and COSATU had little comprehension of what nationalisation would entail or the long term consequences for future generations, the SA economy and the entire workforce of South Africa. From a purely financial point of view informed analysts estimate the cost of nationalisation of SA's mines as the equivalent of ten years worth of the entire national education budget in compensation payments. Nationalisation without compensation would ensure the immediate diversion of all new foreign investment to other countries, trigger a massive flight of capital from South Africa and the wholesale retrenchment of hundreds of thousands of workers in all sectors.
"One cannot understand suggestions like this coming from even the most ill-informed and irresponsible so-called "youth leaders". Business is even more dismayed at the apparent endorsement of such outdated and short-sighted pronouncements from senior elements within the leadership of COSATU"
It is this high level of endorsement of irresponsible utterances which have however done the real damage to South Africa," Mr Wiley said.