Legislation
In September 2004, the Eritrean government ordered a halt to all mineral exploration activity in the country while it reviewed its Mining Act. The government suspension was lifted in January 2005. The government increased the maximum possible equity interest that it may hold in a project through an option agreement from 20% to 30%.
Effective February 28, 2005, platinum producers could no longer hold proceeds from Zimbabwean mining activity in foreign accounts to fund exploration and development in that country. The loss of direct access to these earnings may make it more difficult for foreign companies to fund exploration in Zimbabwe.
At the end of 2004, the government of Liberia passed legislation providing for controls on the export, import, and transit of rough diamond. In addition, the government suspended the issuance of all permits for diamond mining and placed a moratorium on alluvial diamond prospecting.
On December 15, 2005, the Parliament of Ghana passed a new Minerals and Mining Law (law number 703). The new law provides for access to mineral rights on a first-come, first-considered basis; a specific time frame within which all applications should be granted; the right for applicants to demand written reasons from the Minister if an application is rejected; the government’s right to acquire land or authorize its occupation and use if the land is required for mining purposes; the establishment of a cadastral system for the administration of mineral rights; the establishment of the permissible range of royalty rates at not less than 3% or more than 6% of total mining revenues; the government’s right to obtain a 10% free-carried interest in mining leases; and the establishment of the period of duration of a mining lease, which is not to exceed 30 years and which may be renewed once for a period not to exceed an additional 30 years.
In South Africa, the Government’s Black Economic Empowerment program required that black ownership of the mining industry reach 15% by 2009 and 26% by 2014. Recent actions to increase black ownership included the acquisition of 20% of Gold Fields by black-owned Mvelaphanda Resources Ltd. by 2009; the transfer of mines held by AngloGold Ashanti to black-owned African Rainbow Minerals; and the acquisition of 30% of Sallies Ltd. by African Renaissance Investments (Pty) Ltd.
Read more about this topic: Mining In Africa
Famous quotes containing the word legislation:
“Being offended is the natural consequence of leaving one’s home. I do not like after- shave lotion, adults who roller-skate, children who speak French, or anyone who is unduly tan. I do not, however, go around enacting legislation and putting up signs.”
—Fran Lebowitz (b. 1950)
“Strictly speaking, one cannot legislate love, but what one can do is legislate fairness and justice. If legislation does not prohibit our living side by side, sooner or later your child will fall on the pavement and I’ll be the one to pick her up. Or one of my children will not be able to get into the house and you’ll have to say, “Stop here until your mom comes here.” Legislation affords us the chance to see if we might love each other.”
—Maya Angelou (b. 1928)
“Coming out, all the way out, is offered more and more as the political solution to our oppression. The argument goes that, if people could see just how many of us there are, some in very important places, the negative stereotype would vanish overnight. ...It is far more realistic to suppose that, if the tenth of the population that is gay became visible tomorrow, the panic of the majority of people would inspire repressive legislation of a sort that would shock even the pessimists among us.”
—Jane Rule (b. 1931)