"The idea of nationalisation of the mines as raised by the ANCYL will have to go through the ANC's economic transformation committee, the national general council (to be held later this year) and the policy conference before even reaching the national conference in 2012," he said.
Mantashe was addressing the Progressive Business Forum of the ANC in London.
He told the audience that he met European Union ambassadors last week, who had raised concerns over talks of nationalisation.
The envoys claimed the issue worried investors, Mantashe said.
Earlier in the week, ANC Youth League president Julius Malema told parliament's mining portfolio committee that the ruling party would adopt a policy in 2012 to put all mining rights and resources in state hands.
He also urged an immediate moratorium on issuing mining licences, to prevent private companies from "looting" mines before they were nationalised, which he said was inevitable.
Mantashe told investors on Friday that the ruling party had proven it was a "practical and pragmatic" organisation, which was why all its policies were balanced.
"This track record must put investors at ease," he said.
Mantashe said the country and the ANC were politically stable.
Earlier, news agency Reuters quoted Mantashe as saying that Malema had to toe the party line or face expulsion.
"If anyone crosses the line he may have his membership summarily suspended ... That goes not just for Malema, but for everyone."
Source: Times Live
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