S. Africa to Buy $328 Million on Farmland, Bus. Day Says

May 22 (Bloomberg) -- The South African government plans to spend 2.7 billion rand ($328 million) buying more than 320,000 hectares of farmland to distribute to black farmers, Business Day said, citing Land Reform Minister Gugile Nkwinti.

An additional 1.2 billion rand will be spent on strategic support to 416 new farmers, targeting farms lying unused after being transferred to black farmers, the Johannesburg-based newspaper quoted Nkwinti saying.

-- Editors: Ana Monteiro, Ben Holland

To contact the reporter on this story: Sikonathi Mantshantsha in Johannesburg at smantshantsh@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net