Precious Metals Act, 2005 (Act No. 37 of 2005)RegulationsPrecious Metals Regulations5. Issuing of refining licence |
| (1) | The Regulator may, subject to subregulation (2), within 60 days of the lodgement of an application, issue or renew a refining licence if — |
| (a) | the applicant has complied with the objectives of the broad-based socio-economic empowerment charter developed in terms of section 100 of the Mineral and Petroleum Resources Development Act, 2002 (Act No. 28 of 2002); |
| (b) | the applicant is not in contravention of any provisions of the Act; |
| (c) | the applicant has access to financial resources and appropriate technical expertise to conduct the proposed refining operation; and |
| (d) | the business plan is compatible with the intended refining operations and the duration thereof. |
| (2) | The Regulator may refuse the issuing or renewal of a refining licence if — |
| (a) | the issuing of such licence will— |
| (i) | result in an exclusionary act; or |
| (ii) | prevent fair competition; or |
| (b) | conditions do not support further refining operations. |