ANNOUNCEMENT 01 Mar 2010In March 2010, the government of South Africa announced altered domestic business conditions for foreign investors.
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National Budget Review, National Budget 2009, Chapter 4 page 65, http://www.treasury.gov.za/documents/national%20budget/2009/review/chap4.pdf
Government Gazette, Republic of South Africa, No. 31635, http://www.info.gov.za/view/DownloadFileAction?id=92824
The Minerals and Petroleum Resources Royalty Act, 2008,is to take effect from 1 March 2010. The introduction of the new law was postponed for a year to give mining companies a rest from the global recession. The law requires all companies extracting minerals in the country to pay royalties at a minimum rate of 0.5% and a maximum rate of between 5% and 7% for refined and unrefined minerals, respectively. based on gross sales, less their allowable deductions.