The Young Communist League (YCL) on Saturday backed African National Congress Youth League (ANCYL) president Julius Malema's call for mine nationalisation.

"We agree with the ANCYL that mines and banks must be nationalised in line with the Freedom Charter," YCL David Masondo said at a South African Students Congress (Sasco) national general council meeting at North West University.

"Ownership of the economic resources by the people means we will be in a better position to decide how we use the economic resources."

On July 2, Malema was quoted in The Sowetan calling for nationalisation of mines, at the launch of the youth league's political school.

"At the moment, when the imperialist forces are accepting the failures of capitalism, we should ask whether the time has not arrived for the government to make sure that the State owns the mines and other means of production as called for in the Freedom Charter," said Malema.

On the same day, the ANC dismissed nationalisation, saying the policy was not on the table.

"It is not ANC policy to nationalise mines, but the ANC does provide for people to question if they need to do so," said spokesperson Jessie Duarte.

On Saturday, Masondo said many ANC leaders were too cowardly to embrace the idea.

"We understand the cowardice of many of the ANC leaders because the nationalisation of the mines will serve as a blow for their class interests.

"...There are many of our leaders and cadres [for whom it] is about who gets the mining rights, tenders etc."

Masondo said that instead of implementing the Freedom charter the ANC was "collaborating with white capitalists" to transfer wealth to the "black elite."

He said this elite included people like "Mzi Khumalo, Sakkie Macozoma, [Patrice] Motsepes of these [sic] world who have become vultures and bloodsuckers of the working class in the name of the black economic empowerment."

On Friday, the Congress of South African Trade Unions (Cosatu) also backed the call to nationalise the country's mines.

"The ANCYL makes the valid point that the nationalisation of the mines is particularly relevant in the light of the global financial crisis and the massive job losses in the mining sector," Cosatu spokesperson Patrick Craven said.

Masondo also said the YCL called on President Jacob Zuma to stand for a second term.

"There are people who are already discussing this matter in corners.

"It is therefore hypocritical for some of them to come out in public and claim that the issue is not being discussed and [that] opening up this issue will divide the movement."

Masondo said lack of clarity on succession could actually cause more problems for the movement,

"Laying this matter to rest as soon as now, will enable us to focus on issues of transformation of our country."

"Socialism is Cool! Capitalism Sucks," concluded Masondo.