These days, the government is trying a new way of incentivizing South Africa’s struggling junior mining sector.
The Finance Minister Pravin Gordhan in his Budget has really tried to keep this on the radar screen. The Treasury has been looking at some ways of incentivizing junior mining since 2006. They first looked at the Canadian flow-through scheme, which is a fantastic scheme.
The mining sector grows, because of the way they incentivize the junior mining. This is called a flow-through scheme, which means that the expenses that are created from exploration, flow through to the investor and the investor is able to get a tax-break on this.
In other words, the investor is able to subtract this from his taxable income and at the same time he holds on to the share. It has worked tremendously, but the Treasury in South Africa, in its wisdom in 2009, said that they will introduce something better than the Canadian flow-through scheme and they Gazette venture capital ideas on July 1, 2009 and it just went down like a lead-balloon. Not one person has actually availed themselves with this venture opportunity; Ultimately, I really think that most people especially the junior mining believe that they will have to go towards the Canadian flow-through scheme. But how can they risk of themselves without guarantees? No, they have—their high efficient equipment—crusher.
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