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Precious Metals Act, 2005 (Act No. 37 of 2005)

8. Issue and renewal of precious metal beneficiation licence

 

 

(1) The Regulator may issue to any person, in the prescribed form and for a period not exceeding 10 years, a precious metal beneficiation licence entitling the holder to do such of the following, as may be specified in the licence, namely—
(a) to buy or receive unwrought or semi-fabricated precious metal in any form from any person authorised under this Act to sell, deal in or dispose of unwrought or semi-fabricated precious metal;
(b) to make up, change the form or add value in any other manner to any unwrought or semi-fabricated precious metal in his or her lawful possession; or
(c) to dispose of any unwrought or semi-fabricated precious metal in his or her lawful possession.

 

(2) Any person who is refused a precious metal beneficiation licence may, within 30 days after having been notified by the Regulator of the refusal, appeal in the prescribed manner to the Minister who may—
(a) dismiss the appeal;
(b) direct the Regulator to issue such a licence to that person, subject to the succeeding provisions of this section; or
(c) make any other order he or she deems fit.

 

(3) Before the Regulator issues a precious metal beneficiation licence the applicant for the licence must pay the prescribed fee.

 

(4) The holder of a precious metal beneficiation licence must keep proper books of account in accordance with generally accepted accounting practice and must submit such information as may be prescribed to the Regulator annually by not later than 90 days after the end of his or her business’ financial year.

 

(5) A precious metal beneficiation licence terminates in accordance with the terms and conditions under which it was issued.

 

(6) The holder of a precious metal beneficiation licence may not carry on any activity authorised by the licence elsewhere than on the premises or at the place described on the licence or described in any endorsement of that licence in terms of subsection (7), and the holder may not be in possession of unwrought or semi-fabricated precious metal at any place elsewhere than on the premises or at the place so described unless he or she is transporting such unwrought or semi-fabricated precious metal in accordance with section 13.

 

(7)        

(a) If at any time it becomes necessary for the holder of a precious metal beneficiation licence to transfer or extend the activities referred to in subsection (6) to any premises or place not described on his or her licence the Regulator may endorse on the licence the situation of such new or additional premises or place and must forthwith in writing notify the National Commissioner;
(b) An endorsement contemplated in paragraph (a) does not allow the holder of the precious metal beneficiation licence to conduct business from the additional premises or place under a name that differs from the name used on the existing premises or place;
(c) If the holder of the precious metal beneficiation licence wishes to conduct business from any other premises or place under a name that differs from the name used on the existing premises or place, he or she must apply for a new licence in respect of the additional premises or place.

 

(8)        

(a) The Regulator may renew a precious metal beneficiation licence for further periods not exceeding 10 years each upon payment of the prescribed fee if an application for such renewal is made at least 30 days before the expiration of the licence;
(b) Subsection (2) applies with the necessary changes in connection with the refusal by the Regulator of any application in terms of paragraph (a).

 

(9)        Whenever—

(a) any application under subsection (7) for the renewal of a refining licence is refused by the Regulator and no review of or appeal against such refusal is lodged or any review or appeal so lodged is dismissed;
(b) any refining licence has expired and no application for its renewal has been made by the holder thereof;
(c) any refining licence has been cancelled under this Act; or
(d) the activities authorised by such licence are discontinued permanently, the person who held the licence must forthwith submit to the Regulator a solemn declaration of the mass of any unwrought precious metal in his or her possession at the date such licence expired or was refused or cancelled or such activities were discontinued, and must dispose of such unwrought precious metal in accordance with this Act within 30 days after the date of such declaration or within such longer period as the Regulator may allow.

 

(10) The holder of a precious metal beneficiation licence issued in terms of this section must forthwith and in writing advise the Regulator of any unlawful conduct relating to precious metals in which he was asked or approached to participate in, or which he was asked to facilitate.