THE ANC Youth League has hailed as successful its campaign for the nationalisation of South Africa's mines with no major mining company opposed to the proposal.

This week the league's campaign received a boost when mining mogul Patrice Motsepe said he would support nationalisation if it was in the interest of the country.

Motsepe was quoted as saying: "If nationalisation is what is in the best interests of South Africa, I'll support it, whether it's nationalisation, or whether it's socialism."

Motsepe's public support for nationalisation of mines was expected to earn him favour with the ANCYL following a demand by the National Union of Metal Workers of SA for all his assets to be nationalised.

The youth league wants the state to own a majority stake in the mining sector which has a market capitalisation of more than R2trillion at the Johannesburg Securities Exchange.

Its spokesperson Floyd Shivambu told Sowetan the proposed nationalisation would be in the interest of improving the lives of the poor.

"The ANCYL welcomes and appreciate the support for nationalisation from Patrice Motsepe.

"We once again assure the entire country that the kind of model for nationalisation we will conclude next year will be in the interest of South Africa's development and poverty reduction.

"The working class and poor will be the primary beneficiaries of nationalised mines."

Shivambu said those who were opposed to the nationalisation of mines had a "narrow view for South Africa's future".