A dynamic shift in the ownership, management and development of the country’s mineral heritage took place after the inauguration of the new political dispensation in South Africa in 1994. This resulted in the enactment of the Mineral and Petroleum Resources Development Act (28/2002) (MPRDA) in 2002. In accordance with the MPRDA the country’s mineral and petroleum resources are the common heritage of the people of South Africa and the State acts as the custodian of these resources for the benefit of all people. In this capacity, the State may determine and levy a fee or consideration payable in respect of these resources. The Minerals and Petroleum Resources Royalty Act (28/2008) (MPRRA) was enacted on 24 November 2008 to impose a mineral royalty on the extraction of South Africa’s mineral resources to compensate the nation for the depletion of its mineral wealth. This legislation is likely to have a significant impact on the South African mining industry. The aim of this study was to review the development of this legislation to gain an understanding of the issues considered when it was developed and to identify certain aspects of the MPRRA that may require further research in order to be improved in future. The analysis consists of a qualitative comparison of the draft versions of the Mineral and Petroleum Resources Royalty Bill (MPRRB) and related commentary. The study recommends that legislators reconsider the level of royalties to be levied as well as the mechanism contained in the MPRRA to promote downstream beneficiation to ensure optimal benefits from extracting the nation’s mineral resources. Further research of these aspects could improve the South African mineral royalty regime in future. Copyright / Dissertation (MCom)--University of Pretoria, 2010. / Taxation / unrestricted

This thesis is about the use of trees for commemoration and the memory that they have anchored in the landscape. There has been little written on the use of trees for commemorative purposes despite its symbolic resonance over the last 150 years. To determine the extent to which commemorative trees have been employed, the social practice and context in which the trees were planted, field and archival work was undertaken in New Zealand and Australia. This has been supported with some comparative work using examples from Britain and the United States of America. The research also utilizes the new availabilities of records on-line and the community interests that placed historical and contemporary material on-line. The commemorative tree has been a popular commemorative marker for royal events, the marking of place and as memorial for war dead. It has been as effective an anchor of memory in the landscape as any other form. The memory ascribed to these trees must be understood in terms of the era in which the tree was planted and not just from a distance. Over time the memory represented by the trees and its prescribed meanings, has changed. For all its power and fragility, memory is not permanent but nor is it so ephemeral as to exhibit no robustness at all. Instead memory exists in a state of instability that leaves it open to challenge and to constant reassessment based on the needs of the viewing generation. This instability also allows the memory, and thus the tree, to fade and become part of the domestic landscape of treescape memories (Cloke and Pawson, 2008). However, in some circumstances trees are retrieved and reinscribed with specific memory and made relevant for a new generation. The landscape created by commemorative trees is, therefore, multifunctional, in which social relations support memory, remembrance, forgetting, silences, erasures, and memory slippage.

Memoria (licenciado en ciencias jurídicas y sociales) / No autorizada por el autor para ser publicada a texto completo

Le droit de suite est né en France à la suite de la prise de conscience de la difficile condition financière des artistes, qui pourtant connaissaient le succès. Ainsi, l’image s’était imposée de la famille de l’artiste qui voyait le prix de ses oeuvres s’envoler, sans pour autant bénéficier de ce gain financier. Les projets pour remédier à ces difficultés se sont multipliés au début du XXème siècle, afin de lutter contre cette injustice. Ce mouvement conduit à la consécration du droit de suite en droit français par la loi du 20 mai 1920, un modèle qui a rayonné à l’étranger. L’Union Européenne, par un intéressant processus de lobbying, a également consacré le droit de suite et le mouvement parait s’étendre. En dépit de cette diffusion et de ce mouvement louable, le droit de suite est toujours aussi critiqué, questionnant dès lors sa légitimité. Ce droit, dont le régime s’est très vite aménagé, est pourtant sans cesse à la recherche d’une réelle justification. / Resale royalty rights came into being in France with the growing awareness of the difficult financial conditions faced by otherwise successful artists. The prevailing image was one of the artist’s family watching the price of his works soar yet with no financial gain for itself. The early 20th century saw increasing numbers of initiatives taken to resolve the difficulties caused by this unfair situation, resale royalty rights becoming enshrined in French law with the law of 20 May, 1920, before subsequently spreading abroad. Through an interesting lobbying process, the European Union has also enshrined resale royalty rights, and the movement appears to be spreading. Despite this laudable movement and its spread, resale royalty rights continue to be criticised, thus bringing their very legitimacy into question. These rights, the system of which was rapidly established, are still in search of a true rationale.

Made available in DSpace on 2016-04-29T14:27:26Z (GMT). No. of bitstreams: 1 Fabiana de Sousa.pdf: 1173064 bytes, checksum: 63a47e3e8d1565652adf61d9133dae21 (MD5) Previous issue date: 2015-03-12 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The aim of this Master Thesis is to analyze, exegetical, the poem in 45 Psalm, especially its beauty literary, its historical context and theological dimensions. The chapters follow the poem in stanzas subdivision. Analyzing thus passage by passage, first giving attention to the Hebrew text, wherein, from the philological studies, is translated into Portuguese, in the most possible literal way. Then, studies are dedicated to stylistic elements observation, for example, the various parallels or the stanzas formation, and the latter are small literary units. Finally, the research that has been presented here focuses on the various elements of the likely historical context and theological dimensions transmitted by 45 Psalm. In particular, the study is concerned to accept the canonical exegesis principles, through parallelism observance present in Hebrew Bible, starting with the idea that the biblical texts explain themselves mutually / O objetivo da presente Dissertação de Mestrado é analisar, exegeticamente, o poema presente no Salmo 45, sobretudo sua beleza literária, seu contexto histórico e suas dimensões teológicas. Os capítulos seguem a subdivisão do poema em estrofes. Analisando dessa forma trecho por trecho, primeiramente, dá-se atenção ao texto hebraico, sendo que este, a partir dos estudos filológicos, é traduzido para o português da forma mais literal possível. Em seguida, os estudos se dedicam à observação dos elementos estilísticos, como, por exemplo, os diversos paralelismos ou a formação das estrofes, sendo que estas últimas constituem pequenas unidades literárias. Por fim, a pesquisa aqui apresentada concentra-se nos diversos elementos do provável contexto histórico e nas dimensões teológicas veiculadas pelo Salmo 45. De um modo especial, o estudo se preocupa em acolher os princípios da exegese canônica, através da observância dos paralelismos presentes na Bíblia Hebraica, partindo da ideia de que os textos bíblicos se explicam mutuamente

Queen Anne Boleyn (~1507-1536) failed to meet social norms during her time as Queen Consort to Henry VIII (1491-1548). By tracing concepts of queenship through the works of Chrétien de Troyes, Andreas Capellanus, Thomas Malory, and Juan Luis Vives this thesis demonstrates how Anne united the office of queen and mistress to bring her downfall and introduce a new construct of queenship.

Thesis (M.A. (African languages)) --University of Limpopo, 2009 / The purpose of this study is to investigate the issue of bestowing honour to royalty in the Mphaphuli dynasty.The investigation focuses on the origin of the Mphaphuli dynasty. The Chieftainship has been traced right from the beginning when they arrived in South Africa until the current era. According to sources that have been consulted, the chief’s subjects used to respect him/her. Instructions given by the chief used to be carried out in a more positive way than it is in the present era. The socio-economic activities are also covered in the study. It has been shown that chiefs in the Mphaphuli dynasty are no longer getting what they are entitled to. Many subjects no longer find it necessary to participate in traditional activities such as Tshikona and Domba. The money that is supposed to be given to the chief no longer goes to him as it used to be due to modern social and political factors. The study also focuses on the impact of politicians on the status of the Mphaphuli dynasty. The democratic era has brought many changes when it comes to the aspect of the chief’’s authority. The functions of the chief are not clearly defined in the Constitution. By the look of things, some of the chief’s functions have been stripped off. For instance, the Thulamela Municipality has the right to give people residential sites. The chief is not consulted when this is being done. Money collected from buyers of sites goes to the Municipality. Civic associations on the other hand are always at loggerheads with chiefs. The chief’s subjects are sometimes encouraged to defy his commands.The study highlights critical challenges chiefs in the Mphaphili dynasty are facing. It reveals the fact that subjects are confused as to who has the final authority, the chief or the municipality? Things will run smoothly in the dynasty when the chief’s roles are well spelt out in the Constitution

Magíster en Gestión y Dirección de Empresas / Desde el año 2006 en Chile existe un impuesto que grava específicamente a la gran minería privada del cobre. Este trabajo en una primera parte, revisó el origen de este royalty, cómo ha evolucionado durante el tiempo, de qué forma opera y luego se comparó con su símil en otros países en los cuales la minería tiene un rol preponderante en la economía. Una vez que se analizaron las características del royalty en Chile, el presente estudio buscó determinar cuál es la tasa de impuesto específico a la minería que maximiza el valor presente neto de las recaudaciones fiscales de Chile y de esta forma poder compararla con la situación actual. La metodología utilizada fue considerar la industria privada de la gran minería del cobre en Chile como una sola empresa. Luego, se construyó un flujo de caja para esta empresa para los próximos 25 años. Una vez construido el flujo de caja, se simuló un juego en donde el estado primero fija un royalty y según eso la empresa decide su nivel de producción anualmente durante los próximos 25 años. De este ejercicio se obtuvo una serie de resultados como el cobre fino producido anualmente, las inversiones realizadas durante cada año y también el valor de las recaudaciones fiscales producto de la tributación. Este proceso se realizó repetitivamente y así se pudo obtener para qué tasa de impuesto se obtiene el mayor valor de recaudación fiscal por el concepto de royalty minero. El ejercicio mencionado anteriormente se llevó a cabo para un escenario base de precio del cobre de 2,5 USD/Lb y luego se sensibilizó para un precio más alto (3,0 USD/Lb) y uno más bajo (2,0 USD/Lb). El actual mecanismo de tributación para la gran minería del cobre fija una banda posible de impuesto entre un 5% y un 14%, de las utilidades de la empresa, sin embargo, los resultados obtenidos indican que para obtener el mayor valor de la recaudación fiscal en los 25 años, es necesario, que las tasas varíen mucho más para cada escenario. En resumen, para los escenarios de 2,0 USD/Lb, 2,5 USD/Lb y 3,0 USD/Lb, los royalty óptimo son 3%, 18% y 29% respectivamente. Estos valores significan una mayor recaudación fiscal que la que se obtiene actualmente, sin embargo, también afectan considerablemente la inversión en minería y la producción de cobre de Chile, por lo tanto un cambio en la política tributaria debiera ser una decisión que se enmarque dentro de una estrategia que defina Chile con respecto a la explotación de sus recursos naturales.

The importance of the Hotelling Valuation Principle (HVP) in economic study lies in its ability to examine and drive the decision of how much of a non-renewable natural resource to produce now versus how much to conserve for future generations - the root of natural resource policy, conservation, regulation, and taxation. Hotelling (1931) assumes that net price (selling price less cost per unit of production) will grow at the discount rate, which in a deterministic setting implies that reserve value is equal to current net price. However, the application of this ideal theory to the oil and gas industry may be difficult.<p>The oil and gas industry is influenced by government regulation, potential monopolistic forces, and well production characteristics - each of which violate the assumptions of Hotellings (1931) basic theory. How these violations affect the HVP is an open question. Most have the effect of limiting current supply, and thus driving prices higher than they would be in a perfectly competitive market. On the other hand, at least in the Canadian context, government regulation tends to increase costs, whereas technological advancement tends to reduce costs. The net result of these effects on future net prices and their discounted value, and therefore the effect on the HVP, is not clear a priori.<p>Another problem relating Hotellings (1931) basic theory to the oil and gas industry lies in the stochastic nature of a firms future net prices and extraction quantities, the product of which gives the firms future cash flows. Correlation between quantity and net price may result from expanding production when prices are high and reducing production when prices are low. Of course such correlation will affect the expected cash flows, and therefore firm value. Or, in other words, the ability to adjust production quantity provides real options for oil and gas firms which may add value.<p>Previous tests of the HVP on oil and gas reserves have utilized data that may contain confounding information that results in unreliable conclusions. The two major deficiencies include using (1) acquisition values, which utilize basin-average rather than firm specific net price data, and (2) conventional oil and gas company market valuations, which incorporate additional management exploration expertise value beyond the reserves value.<p>This study contributes to the literature by providing a more definitive test of the HVP through the use of Canadian oil and gas royalty trusts. These pure play publicly traded entities are focused on production rather than exploration and essentially remediate the deficiencies found in previous literature. Additionally, I include an ancillary variable to proxy real option value and control variables for firm characteristics such as oil weighting (proportion of oil relative to natural gas reserves), reserve quality (proportion of proven producing reserves relative to proven non-producing reserves), and firm size (based on enterprise value). This gives the reader a better understanding of value drivers in the Canadian oil and gas royalty trust sector and how they relate to the HVP.<p>My study generally fails to find support for the HVP. In particular, the results indicate that the HVP overestimates reserve value. This suggests that market participants expect net prices to grow at a rate significantly lower than the fair cost of capital, and production constraints limiting the extraction rate are binding. I do find that the real option proxy explains a significant amount of the difference between the value observed and the value predicted by the HVP. This differs markedly from what previous literature on the HVP applied to market data for the oil and gas industry documents. Each of these papers fails to reject the HVP. The fact that I generally find the value to be lower than that predicted by the HVP is not surprising given the previous literature using market data to test it. Since these studies use conventional oil and gas companies, which likely overvalue reserves because of an exploration premium, finding support for the HVP likely means that royalty trusts will likely correspond to a value lower than that predicted. The difference could account for the exploration premium. On the other hand, when I use the log-linear specification over the second, more volatile sub-sample, I also fail to reject Hotellings theoretical value, which is consistent with previous literature using market data.

The importance of the Hotelling Valuation Principle (HVP) in economic study lies in its ability to examine and drive the decision of how much of a non-renewable natural resource to produce now versus how much to conserve for future generations - the root of natural resource policy, conservation, regulation, and taxation. Hotelling (1931) assumes that net price (selling price less cost per unit of production) will grow at the discount rate, which in a deterministic setting implies that reserve value is equal to current net price. However, the application of this ideal theory to the oil and gas industry may be difficult.<p>The oil and gas industry is influenced by government regulation, potential monopolistic forces, and well production characteristics - each of which violate the assumptions of Hotellings (1931) basic theory. How these violations affect the HVP is an open question. Most have the effect of limiting current supply, and thus driving prices higher than they would be in a perfectly competitive market. On the other hand, at least in the Canadian context, government regulation tends to increase costs, whereas technological advancement tends to reduce costs. The net result of these effects on future net prices and their discounted value, and therefore the effect on the HVP, is not clear a priori.<p>Another problem relating Hotellings (1931) basic theory to the oil and gas industry lies in the stochastic nature of a firms future net prices and extraction quantities, the product of which gives the firms future cash flows. Correlation between quantity and net price may result from expanding production when prices are high and reducing production when prices are low. Of course such correlation will affect the expected cash flows, and therefore firm value. Or, in other words, the ability to adjust production quantity provides real options for oil and gas firms which may add value.<p>Previous tests of the HVP on oil and gas reserves have utilized data that may contain confounding information that results in unreliable conclusions. The two major deficiencies include using (1) acquisition values, which utilize basin-average rather than firm specific net price data, and (2) conventional oil and gas company market valuations, which incorporate additional management exploration expertise value beyond the reserves value.<p>This study contributes to the literature by providing a more definitive test of the HVP through the use of Canadian oil and gas royalty trusts. These pure play publicly traded entities are focused on production rather than exploration and essentially remediate the deficiencies found in previous literature. Additionally, I include an ancillary variable to proxy real option value and control variables for firm characteristics such as oil weighting (proportion of oil relative to natural gas reserves), reserve quality (proportion of proven producing reserves relative to proven non-producing reserves), and firm size (based on enterprise value). This gives the reader a better understanding of value drivers in the Canadian oil and gas royalty trust sector and how they relate to the HVP.<p>My study generally fails to find support for the HVP. In particular, the results indicate that the HVP overestimates reserve value. This suggests that market participants expect net prices to grow at a rate significantly lower than the fair cost of capital, and production constraints limiting the extraction rate are binding. I do find that the real option proxy explains a significant amount of the difference between the value observed and the value predicted by the HVP. This differs markedly from what previous literature on the HVP applied to market data for the oil and gas industry documents. Each of these papers fails to reject the HVP. The fact that I generally find the value to be lower than that predicted by the HVP is not surprising given the previous literature using market data to test it. Since these studies use conventional oil and gas companies, which likely overvalue reserves because of an exploration premium, finding support for the HVP likely means that royalty trusts will likely correspond to a value lower than that predicted. The difference could account for the exploration premium. On the other hand, when I use the log-linear specification over the second, more volatile sub-sample, I also fail to reject Hotellings theoretical value, which is consistent with previous literature using market data.