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South Africa’s Mboweni Brands Mine-Grab Talk ‘Reckless,’ Business Day Says

Tito Mboweni, former governor of South Africa’s central bank, said a debate about nationalizing the country’s mines is being “handled recklessly,” undermining investor confidence in Africa’s biggest economy, Business Day reported.

The manner of the nationalization debate lacks an “appreciation for the consensus-building spirit which has informed the construction of new and ongoing agreement in our society,” the Johannesburg-based newspaper cited Mboweni as saying in a speech last week.

While miners in South Africa could have done more to increase the role of black workers in the industry, the global financial crisis has hampered their efforts, Mboweni said, according to Business Day.

Julius Malema, leader of the youth wing of the ruling African National Congress party, has called for nationalization of South Africa’s mines and the seizure of farms without compensation.

To contact the reporter on this story: Brian Latham in Johannesburg on at blatham@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin on at asguazzin@bloomberg.net

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