03/18 11:04
S. Africa to Release Mine Royalty Plans Tomorrow, Mineweb Says
By Antony Sguazzin
Johannesburg, March 18 (Bloomberg) -- South Africa's finance minister will tomorrow announce proposals to charge mining companies royalties, Mineweb said, citing an unidentified government official.
Finance Minister Trevor Manuel will make the announcement at a cabinet meeting, the Internet news site said. Draft legislation would then be released for public comment.
The royalties could trim profits at the world's biggest platinum, gold, coal and chrome miners, such as Anglo American Plc and BHP Billiton Group. President Thabo Mbeki's government says it plans to spend the money on developing communities close to the mines that pay the royalties.
Spokesmen at the finance and mines ministries weren't immediately available for comment when called by Bloomberg.
(Mineweb 3/18/2003)
http://www.mineweb.com for the Web site.
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