| (1) | Subject to such terms and conditions as may be stipulated on a licence, the holder of a refining licence may do the following: |
| (a) | Buy and receive unwrought precious metals in any form from the South African Mint or a holder of a refining licence, authorized dealer, producer, holder of a certificate or holder of a precious metal beneficiation licence; |
| (b) | buy or receive semi-fabricated precious metal from the South African Mint, a holder of a refining licence, authorized dealer, producer, holder of a certificate or holder of a precious metal beneficiation licence; |
| (c) | smelt, refine or change the form of unwrought precious metal in his or her possession and thereafter dispose of such precious metal in semifabricated form to — |
| (i) | the South African Mint or a holder of a refining licence, authorized dealer, holder of a certificate contemplated in section 4(1)(d) or 5(1)(d) of the Act, holder of a special permit contemplated in section 4(1)(e) or 5(1)(e) of the Act or of a precious metal beneficiation licence; or |
| (ii) | a holder of a refining licence, authorized dealer, holder of a certificate, holder of a special permit, holder of a precious metal beneficiation licence or holder of a jeweller's permit; |
| (d) | extract precious metal from any material, substance or solution in his or her lawful possession and dispose of such precious metal in accordance with the provisions of the Act; |
| (e) | buy or receive from the holder of a refining licence or precious metal beneficiation licence, an authorized dealer or a producer, any material, substance or solution in the lawful possession of that holder, authorized dealer or producer containing precious metal, and extract from such material, substance or solution the precious metal and dispose thereof in accordance with the provisions of the Act; and |
| (f) | import any unwrought or semi-fabricated precious metal into South Africa subject to the terms and conditions stipulated on such holder's licence. |
| (2) | Subject to such terms and conditions as may be stipulated on a licence, the holder of a refining licence must do the following: |
| (a) | Conduct any activity authorized by the licence on the premises or at the place described on the licence or an endorsement of such licence in terms of section 7(6) of the Act; |
| (b) | advise the Regulator forthwith and in writing of any unlawful conduct relating to precious metals in which such holder has been asked or approached to participate or which he has been asked to facilitate; |
| (c) | keep proper books of accounts in accordance with generally accepted accounting practice and submit such information to the Regulator annually by not later than 90 days after the end of his or her business' financial year; and |
| (d) | keep a true and correct register of all unwrought and semi-fabricated precious metals deposited for safekeeping, received, dispatched or otherwise disposed of by the holder of the refining licence. |
[Regulation 6(2)(d) amended by regulation 1 of Notice No. R. 387 dated 4 April 2008]
