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Mix-Ansicht- Südafrika erlaubt privaten Goldbesitz...(jetzt in allen Formen ;-))) - monopoly, 21.02.2003, 13:13
Südafrika erlaubt privaten Goldbesitz...(jetzt in allen Formen ;-)))
-->SA govt to revamp gold ownership law
By: David McKay
Posted: 2003/02/20 Thu 20:53 | © Mineweb 1997-2003
CAPE TOWN -- The South African government continued its swashbuckling revamp of its mining and beneficiation laws today with news that it would legalise the private ownership of gold in all its forms. Minerals and energy minister, Phumzile Mlambo-Ngcuka, said that the ministry’s new beneficiation bill would seek to extend ownership by South African citizens beyond coins.
The proposed legislation, formerly known as the precious metals bill, is primarily aimed at promoting the beneficiation of South Africa’s 59 different minerals. The ability for South Africans to own different forms of gold will help incentivise gold producers and the parastatal Rand Refinery to produce innovative gold products.
Market reaction has been generally positive. Ian Cockerill, chief executive of Gold Fields, said the abolition of the law would bring South African into line with international norms: “This is very positive and highly beneficial to the gold market. It will broaden the gold investment pool,” he said.
Former gold analyst and consultant to Durban Roodepoort Deep, Nick Goodwin, said that gold producers would have to bring the right product to the market. “You have to sell the right instrument into the market. What you want is something that represents the gold price plus 10 percent,” Goodwin said.
Steve Lenahan, spokesman for AngloGold, welcomed the prospect of new legislation on gold ownership. “There is currently an artificial constraint on the market,” he said.
The beneficiation bill is one of several documents changing the face of South African mining. Already, government has enacted the Minerals and Petroleum Development legisation which is changing the ownership of mineral rights. This will be followed by the Money Bill, legislation aimed at created a state royalty, possibly on gross revenue of South Africa’s mining companies. Mlambo-Ngcuka said earlier this week that details on the Money Bill would be released by finance minister, Trevor Manuel, in next week’s budget speech. However, it is understood that specific minerals will be differently ‘taxed’ with perhaps the highest loading placed on diamonds.
The beneficiation bill is being prepared in cooperation with the trade and industry department.
http://m1.mny.co.za/mgim03.nsf/Curr...1DC42256CD30067EF87?OpenDocument
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