The implementation of the new Mining Charter in South Africa and the requirement to conform to a 51% Black Economic Empowermen (BEE) participation in the project has adversely affected the company's ability to continue with its exploration on the project. As reported previously, an application for a new prospecting permit over the project area was filed with the Department of Mines and Energy early in 2004 on the basis of the then Mining Charter requirement of an initial 15% BEE participation, rising to 26% over ten years. To date, the permit has not been renewed and consequently is currently reviewing its future involvement in the project given the revised BEE requirements.
December 31, 2004
The implementation of the new Mining Charter in South Africa and the requirement to conform to a 51% Black Economic Empowermen (BEE) participation in the project has adversely affected the company's ability to continue with its exploration on the project. As reported previously, an application for a new prospecting permit over the project area was filed with the Department of Mines and Energy early in 2004 on the basis of the then Mining Charter requirement of an initial 15% BEE participation, rising to 26% over ten years. To date, the permit has not been renewed and consequently is currently reviewing its future involvement in the project given the revised BEE requirements.
September 30, 2004
The company is still awaiting for renewal of the prospecting permit for the project submitted in January 2004.
Research - Professional or Research - Advanced Subscriber Access Required
