The Democratic Alliance on Monday dismissed ANC Youth League leader Julius Malema's call to nationalise mines as unrealistic,saying the sector needed foreign capital to solve its woes.

"Regulatory burdens and a weakening infrastructure are inhibiting the efficient functioning of mines, which ultimately translates to fewer employment opportunities," the DA's Hendrik Schmidt said in a statement.

"These problems will continue to exist regardless of ownership. The global economic downturn would in fact require more effort in fostering an investor friendly environment, since foreign capital is necessary to develop new mining sites."

Schmidt said Malema's remarks were "reflective of a radical organisation that has far too much weight when it comes to influencing economic policy."

"The unrealistic proposal for nationalisation only proves the complete lack of intellectual depth of the ANCYL regarding the matter and the need to refocus attention on issues of actual importance," he said.

"The relatively simply goals of addressing these constraints in the mining sector in order to attract foreign capital should receive all of the attention in the ongoing debate."

Sapa

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