Trans Hex Group PRESENTATION TO THE PARLIAMENTARY PORTFOLIO COMMITTEE REGARDING NAMAQUALAND DIAMOND FUND TRUST 27 OCTOBER 2010.

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Presentation transcript:

Trans Hex Group PRESENTATION TO THE PARLIAMENTARY PORTFOLIO COMMITTEE REGARDING NAMAQUALAND DIAMOND FUND TRUST 27 OCTOBER 2010

Contents History of state royalty Why are we paying? How do we determine payment due? How much paid to date?

Historical Background

Historical background 1990 TH and State entered into a Notarial Lease Agreement - Precious Stones Act (Sec 21 of Act 73 of 1964) Clause 8 of the lease provided for payment of royalty of 5% of gross income of the sale of diamonds to the following entities: State (0.5%) Small Business Development Corporation (4.5%)

Historical background 1991 The Department of Minerals and Energy Affairs directed that the 4.5% portion of the royalty then payable to SBDC be paid to the House of Representatives 1993 The Department of Minerals and Energy Affairs decided in terms of section 47(1)(d) that the 0.5% portion of the royalty then payable to the State should cease 1994 The Department of Minerals and Energy Affairs decreed that the royalty then payable to the House of Representatives be paid to the Namaqualand Diamond Fund Trust

Authority / Basis for payment

Why are we paying? Legal obligation Notarial mineral lease of 1990 (clause 8) Terms and conditions of the lease carried over to the Minerals Act dispensation (section 47) Terms and conditions of the lease carried over to the MPRDA dispensation (item 9(7) Schedule II)

Payment calculation

Payment calculation Until Feb 2010 4.5% of the gross income of the sale of diamonds (revenue) Since 1 Mar 2010 Calculation done to the new legislated formula

How much paid to date?

Paid to date R370 million

Questions?