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"South Africa's Mining Fiscal Regime: H1 2014" Published

New Materials market report from Timetric: "South Africa's Mining Fiscal Regime: H1 2014"

 
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Boston, MA -- (SBWIRE) -- 05/08/2014 -- South Africa's prolific mineral reserves include precious metals and minerals, energy minerals, non-ferrous metals and minerals, ferrous minerals, and industrial minerals. South Africa has significant mineral resource deposits such as platinum, chromium, coal, iron ore, manganese, nickel, phosphates, tin, diamonds, uranium and platinum. The Department of Mineral Resources is the primary body that formulates and implements mining policy for the exploration, development, utilization, processing and management of mineral resources in the country. The Department of Energy, the National Nuclear Regulator and the Mine Health and Safety Council are other governing bodies involved in the development of the country's mining industry.

Report Highlights

- The Department of Mineral Resources (DMR) formulates and implements mining policy, and also advises ministers on these matters. It ensures the exploration, development, utilization, processing and management of mineral resources in the country.
- The Council for Geosciences, introduced through the Geoscience Act 1993, No 100 of 1993 is the national agency expertise in providing earth science information, and is responsible for providing services for the proper management of natural resources and the methodical development and maintenance of the country's geoscience knowledge for South Africa's onshore and offshore environments.
- The Council for Mineral Technology (Mintek) was established in terms of the Mineral Technology Act (30 of 1989) provides research, development and technology transfers that promote the business development in the mineral and mineral products industries.
- The Mining Qualification Authority (MQA) was established as a result of the South African Qualifications Authority (SAQA) Act 1995, No 58 of 1995. It is the education training authority in the mining and minerals sector, accelerating the provision and administration of skills development for the mining and mineral sector. Act (No 97 of 1998).
- The South African Diamond and Precious Metals Regulator (SADPMR) regulate the diamond and precious metals and minerals industry, and promote beneficiation in the jewelry industry.

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Report Scope

The report outlines South Africa's governing bodies, governing laws, prospecting and mining rights, prospecting and mining obligations, key fiscal terms which includes royalties, depreciation, corporate tax, capital gains tax, dividend tax, real property tax, withholding tax, branch profits tax, loss carry forward, VAT and tax incentives.

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