South Africa: Supreme Court of Appeal
(b) The assessments for the years 2007, 2008 and 2009 are referred back to the Commissioner for the South African Revenue Service to calculate the amounts added back in terms of s 23 F(2) of the Income Tax Act 58 of 1962 so as to exclude overheads, but to include on-mine operation costs, concentrating and smelting operation costs, royalty fees ...
The hidden costs when selling a house in South Africa
Costs for the seller include: Bond cancellation. Rates, taxes, and levies. Compliance certificates. Estate agent fees. Repairs and maintenance. Moving costs. Temporary accommodation. 1. Bond cancellation. Among the legal costs for selling a home in South Africa is the cost of bond cancellation, which is carried out by the bond attorney ...
1 Madeena Co. acquired the right to use 1,000 acres of land in South …
Madeena Co. acquired the right to use 1,000 acres of land in South Africa to mine for silver. The lease cost is $50,000, and the related exploration costs on the property are $100,000. Intangible development costs incurred in opening the mine are $850,000. Madeena Co. estimates that the mine will provide approximately 100,000 ounces of silver.
Gold Cost Curves
the South African gold industry cost curve on an all-in sustainable cost per milled tonne basis. From the first figure, at the 2017 average gold price of USD1,257/oz, 36% of the gold mines in South Africa were not profitable with all-in sustainable costs above the gold price. These unprofitable mines accounted for 28% of South Africa's
What is the cost of an employee? | RSM South Africa
Mining Professional Services Public Sector. Real Estate and Construction. Insights ... The first costs incurred by a business in hiring a new Employee are the recruiting expenses. These expenses may take the blatantly obvious form of an invoice if an agency is used or may take the more subtle form of expenses incurred in doing necessary ...
Sustainability and South Africa's mature mines: The …
Mining is the foundation of the South African economy, with mine life indicating how long opportunities for extraction will endure. Although the contribution of the mining sector to Gross Domestic Product (GDP) declined to an unprecedented 4% in the first quarter of 2024, the sector remains crucial for socioeconomic development through its 482,000 job opportunities …
Challenges and strategies of abandoned mine rehabilitation in South …
By 1981, foreign companies had withdrawn from active asbestos mining in South Africa, and a long series of mergers and acquisitions had reduced the number of major producers to two which are the Griqualand Exploration & Finance Company (Gefco) and Msauli Asbes (Hart, 1988). The last asbestos mine in South Africa closed in 2001.
MINING TAX
Accordingly, the Mining tax dispensation is both vital and challenging. Navigating Through the Mining Tax Maze . Throughout the world, specifically in developing countries such as South Africa, it has been acknowledged that the system of taxation plays pivotal role in attracting economic growth, job creation and reducing poverty.
ECONOMICS OF MINING
KEY COST DRIVERS IN MINING - AVERAGE ANNUAL RATE OF INCREASE IN COSTS 2013-2016 Source: Stats SA (2017) The mining sector's profitability is dependent on the selling …
Mining operational costs stabilise in South Africa …
The South African mining sector saw mining input costs settle to their lowest levels for 2024 in October and November. According to the latest data from the Minerals Council South Africa, mining input costs grew at a muted …
Mining industry in South Africa
Since then, the mining industry has become hugely important to the country, contributing roughly 202 billion South African Rand (roughly 10.9 billion U.S. dollars) in 2023 to South Africa's...
Improving South Africa's mining revenues and …
features of South Africa's generous tax regime are: South African mines (and multinational companies operating in South Africa) are allowed to write off against tax all their capital expenditures in the year of acquisition and can carry forward any losses indefinitely, also offsetting them against tax liability – common practice
Developing a website
However determining which costs can be capitalised and which costs should be expensed can be complicated without a proper understanding of IAS 38 ... Expenditure incurred in this stage should be recognised as an expense when it is incurred. ... RSM South Africa is a member of the RSM network and trades as RSM. RSM is the trading name used by ...
ESTIMATION OF CAPITAL COSTS FOR ESTABLISHING …
projects across the world, looking at publicly available capital costs. The study further recognised similarities between the South African and Indian coal mining sectors thereby enabling the …
Mine Rehabilitation Law in South Africa: A …
Mine rehabilitation law in South Africa is crucial in ensuring that mining operations are environmentally responsible and sustainable. Compliance with the legal requirements, coupled with the implementation of best practices, …
OPERATIONAL PROFILE 2017
incurred. On 28 June 2017, AngloGold Ashanti announced that it would restructure its South African operations to safely return the business to profitability, while mitigating job losses. Costs at some of the operations were making it uneconomical to continue mining, with the all-in sustaining costs incurred far exceeding the average gold price.
Costs Incurred By Mines In South Africa
Costs Incurred By Mines In South Africa. ... Most of the mine closures in South Africa over the past two to three decades have been in the gold mining industry. Employment in the industry dropped from 550 000 in 1985 to 110 000 in 2018 ( Sesele, 2020 ). ...
GUIDE – CONSTRUCTION CONTRACTS IN SOUTH AFRICA
BOWMANS Guide - Construction Contracts in South Africa CONTENTS PAGE 10 CONTENTS PAGE 11 The most commonly used standard forms in Africa are FIDIC, NEC and (in Sub-Saharan Africa) JBCC. Often employers will elect to use a standard form contract rather than preparing a bespoke contract because using an industry recognised set of terms makes
Trends in productivity in the South African gold mining …
that are still incurred, including ventilation, pumping costs, ... aver that the mining industry in South Africa directly adds about 7% to the country's gross domestic product (GDP). Also, the ...
From crisis to renewal: How private investment can turn South Africa…
South Africa's total rail volumes have dropped nearly 7% since 2019, while total mining production only decreased by 1.4% during the same period, indicating that the system is struggling to meet ...
South Africa: Tax Court
[1] Section 11(a) of the Income Tax Act provides: ' For the purpose of determining the taxable income derived by any person from carrying on any trade, there shall be allowed as deductions from the income of such person so derived-(a) expenditure and losses actually incurred in the production of the income, provided such expenditure and losses are not of a …
Analysing operational cost performance in selected gold …
Gold mines are essential for the economic well-being of South Africa. It is a job creator and contributes billions of Rands in taxes. South Africa has always been the leader in gold …
Activity Based Costing: Challenging the way we cost …
indirect costs, e.g. the mine's security function on the overall Activity Based Costing: Challenging the way we cost underground coal The Journal of The South African Institute of Mining and Metallurgy MARCH/APRIL 2001 79 Figure 1—Simplified example of the Activity Based Costing (ABC) approach Products/Services Ton of Coal Produced Output ...
Gold Cost Curves
the South African gold industry cost curve on an all-in sustainable cost per milled tonne basis. From the first figure, at the 2017 average gold price of USD1,257/oz, 36% of the gold mines in …
Tax Incentives Are Essential For Getting South African Mining
In April 2022, the Fraser Institute published the "Survey of Mining Companies 2021", where investors weighed in on what mineral endowments and public policy factors, such as regulatory uncertainty and taxation, impacted their decision to invest in exploration in a region.Respondents indicated that 40% of their investment decision is determined by policy …
An algorithm to construct industry cost curves used in …
Several indicators can be used to analyse the financial performance of mining operations and companies. However, the focus in this paper is on cash cost performance, for four main reasons.
Mining Industry Beware: Inflation Is Eroding Project Economics
About Sherpa Reclamation Built on industry standard engineering estimating procedures from top minds in the field, like Scott Stebbins, combined with the robust and comprehensive dataset of the Mining Cost Service, SHERPA gives you the tools you need to quickly and accurately determine capital and operating costs for every aspect of your project …
End of coal in South Africa: what 100,000 workers will need …
Coal mining on its own only accounts for 0.5% of total employment in South Africa. But coal-fired power generation and manufacturing industries account for a lot more jobs in the coal value chain.
costs incurred by mines in south africa
ECONOMICS OF MINING - Minerals Council South … The mining sector continued to provide significant employment in South Africa. Total employment for 2016 is estimated at 455,109 people, 5% lower than in 2015. s of people employed in the mining sector enjoy a relatively high standard of living as wages and salaries are generally higher than the economy-wide average.
Spotlight: quantifying damages claims in South Africa
The general rule in South Africa is that, in the absence of special circumstances, a successful litigant is entitled to his or her costs. 52 This rule applies in respect of an award of damages as ...