Gwede Mantashe, the secretary general of the African National Congress (ANC), has accused mining giant Anglo American of "stealing our money".
"They have stolen our money," Mantashe said in an interview on SAFM. "They are a British company now. They have a responsibility to talk to South Africa on the operations."
Anglo American owns 80 percent of Amplats, which is cutting 14,000 jobs, 13,000 of which will be in Rustenburg, as it seeks to slash costs.
Mantashe said South Africa needs to take "a bigger interest and control" of mines and claimed Anglo was closing shafts in the North West simply to push up platinum prices.
He said plenty of people would be happy to invest, including himself, and was sure others could make a profit with the shafts.
He also dismissed claims that Amplats was cutting production to save the company and said he thought there was an ulterior motive.
"What you are doing is reducing supply, and you can have only one objective, that of pushing the price through the roof."
Mantashe said SA was sitting on top of 80 percent of the world's known platinum reserves.
On January 15, Amplats released its platinum review, stating that it will reconfigure its Rustenburg operations into three mines, sell its Union mine and deliver R3.8 billion in cost savings by 2015.
The plans are the result of a review of its operations undertaken by parent company Anglo American in a bid to return the company to long-term profitability.
Last year South African mineworkers staged a series of wildcat strikes that led to more than 40 deaths.
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