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An analysis of actual cost data for surface mine rehabilitation projects in South Africa and comparison with guideline values published by the Department of Mineral ResourcesCornelissen, Hermanus Stephanus January 2018 (has links)
A research report submitted to the Faculty of Engineering, University of the Witwatersrand, Johannesburg, in partial fulfilment of the requirements for the degree of Master of Science, / In 2004, the Department of Minerals and Energy (DME, predecessor to the current Department of Mineral Resources - DMR) published a guideline to calculate the amount that a mining right holder would require for financial provision at mine closure. This research report reviews the guideline, specifically focussing on the “rules-based approach” for determining the quantum of financial provision. Some authors have recorded the misapplication of this guideline in practice and their research supports a conclusion that the guideline does not provide adequately for the real costs of mine closure.
This research report makes a comparison between the DME guideline master rates for mine closure costs and actual tendered prices for those same elements of mine closure in the period from 2009 – 2016. The analysis of the actual tender prices for the various master- and component rates in comparison with the DME guideline rates delivered mixed results. While the actual tender values exceeded the guideline master rates in most cases, there were notable exceptions where the actual tender results lagged the master rates. The data obtained from the actual tender prices for mine rehabilitation projects by a third party suggests that the use of CPI to escalate mine rehabilitation costs was very quickly overtaken in reality by higher annual costs and rate increases for most of the DME guideline master rates that relate to surface mining. It means that the DME guideline master rates were not reflective of actual rehabilitation costs by the time that the use of the DME guideline was superseded by the publication of new regulations by the Department of Environmental Affairs in November 2017. Whilst no perfectly linear and distinct relationship could be deduced, the results broadly support the findings of several authors that the actual costs to rehabilitate a mine are much more than the DME guideline document would lead a mine to provide for.
The application of a rules-based approach remains an exercise mired in controversy and with many potential inaccuracies. The new NEMA regulations for financial provision completely negate the need for a guideline and relevant State Departments and mining companies alike are consequently dependant on third parties to prepare closure cost estimates. / E.R. 2019
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A statistical approach to some mine valuation and allied problems on the WitwatersrandKrige, D G 18 June 2015 (has links)
Thesis (M.Sc.(Engineering))--University of the Witwatersrand, Faculty of Engineering, 1951.
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The impact of quasi taxes from mining on economic growth in South AfricaMiyambu, Musa January 2018 (has links)
A research report submitted to the Faculty of Engineering and Built Environment, University of the Witwatersrand, in fulfilment of the requirements for the degree of Master of Science in Engineering specialising in Mineral Economics, Johannesburg 2018 / South Africa‘s economic growth has been declining since 2009. Mining contributes to economic growth in various ways, including foreign earnings and taxes. It contributes to the economy through direct, indirect and quasi taxes. Quasi taxes are near taxes that are imposed on mining projects in the national interests of protecting the environment and the social, cultural and economic needs of local communities. They have implications on tax design, they are often significant and are regulated by various Acts. They include contribution to local communities, foreign exchange control, environmental taxes, performance bonds and government equity in mining projects. Because of their implication on tax design and related aspects, the research was conducted to assess the extent which they contribute to the economic growth of South Africa, to assess how the country can enhance the effectiveness of quasi taxes on economic growth, to assess whether the country has a good mining tax regime, to assess their impact on mining investments decisions and planning. The research involved a literature survey for qualitative and quantitative data from various sources. These were various books, journals and others publications. It used an internet-based method of data collection and hard copies from various institutions, including libraries.
Annual reports of three mining companies that are mining in South Africa and are listed on the Johannesburg Stock Exchange, were randomly sampled and assessed, to gain an understanding of the manner in which these taxes contribute to economic growth. The work also used a Discounted Cash Flow model to assess the impacts of quasi taxes on mine planning and mine investments. It further assessed the extent to which quasi taxes can be applied to the determinants of economic growth. The findings are that quasi taxes contributed 0,77 percent (%) in terms of mining exports earnings per unit of GDP created, between the years 2007 to 2016 and R2 billion to community development in the year 2015. It was found that transparency and lack of clarity are some of the impediments to the contribution of quasi taxes to economic growth. A good mining tax regime is required in order to reap maximum benefit from these taxes. The country must also use Community Engagement Plans to manage expectations, to explain the level of benefit from mining, for clarity and transparency between interested and affected parties. Quasi taxes affect mine planning and investment decisions. Quasi taxes must also be used for clustered and sustainable projects in the form of the Public Private Partnership approach, in line with the determinants of economic growth. / XL2019
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