An investigation of the potential impact of the new South African Mineral and Petroleum Resources Royalty Act

Transcription

1 x:ml Jul 8/8/11 11:47 g 443 Sy A vg f h l m f h w Suh Af Ml d lum Ru Ryly A by F.. Cwd* h w ml yly gm f Suh Af w gd lw Nvmb 2008, wh m bjv bg m h S f h dl f ubl ml hugh yly hg ybl fm 1 Mh h m f h blh h l m f mg yl S vu, duy ffdbly, d xl whh h dul fmul ym lkly ug m bm f. I l mu h yly d g m x dd m mk judgm h quy f h w ym. h gu h m khld huld b mfbl wh m f h qum f h A f m f h m. Hwv, h w gm ulkly mv m bm f, h bf f h dud fd ml b uff jufy h ddl f h ml u h bd f bf. Kywd Mg yl, ml yl, yly m, mg x, Ryly A, u, -wbl u, m fbly, yly fmul, l d, mg y lm, ml v, mg jb, x dd, vlu-dd, ml u, dul fmul ym, fd yly, ufd yly. Idu Af fv-y f ul d db, whh ludd h l f fu Df Ryly Bll, h Ml d lum Ru Ryly A w flly mulgd Nvmb 2008 (MRRA, 2008). h m u f h Ryly A ll mg yl fm Suh Af m hldg mg gh gd m f h Ml d lum Ru Dvlm A (MRDA, 2004). h m h S f udh v Suh Af wbl ml u wh h xld by mg m f h w bf. h m fu f h yly gm f, h f w fmul ud lul h f ym; d, h h f fmul qu m fm; d hd, bh fmul ybl b f g l. h Ryly A mk v f h yly fluu wh m fbly xd by EBI1 d h dg f fm. h u f h ldg-l ym f yl ld b f g ml l w dud by Cwd (2010). h f fd d ufd ml luld ug h fllwg fmul: Rfd (Y) = [EBI/(Aggg g l x 12.5)] x 100 Ufd (Yu) = [EBI/(Aggg g l x 9)] x 100) h luld by ug h fmul, whh ld f lfyg h ml u h fd ufd. h mmum ( f h fmul) 0.5% f bh fd d ufd ml. F 12.5 d 9.0 dm h mxmum f 5% d 7% f fd d ufd ml vly. h h mulld by h l vu d lul h yly mu. Bf blhg wh h A m khld, d h vll mg f vg wbl (ul) l wbl (dubl) l. h mg f ml u -ff uy bu h wlh f y. h bu wh ul bdy wh 1EBI Eg Bf I d x lly mbl f d/ f bf x df. * Shl f Mg Egg, Uvy f h Wwd. h Suh Af Iu f Mg d Mllugy, SA ISSN X/ h w f d h, Ml j Vlu Shl, July 2011, Nw Chmb f M Buldg, h Uvy f h Wwd. h Jul f h Suh Af Iu f Mg d Mllugy VOLUME 111 JULY

2 x:ml Jul 8/8/11 11:47 g 444 A vg f h l m f h w Suh Af MRRA Fgu 1 B h flw d wh h mg bu uqu m h uh h, z, quly, d d mk (Fgu 1). h bdy f ll vlu h gud d, f bm vlubl, mu b d (dvld), mvd fm h h k whh u (md); h vlubl mu b d fm h f mg (uhg, g, mlg, d fg) d flly, b mvd h mk l wh my u (d). h lghy qu vm h fm f l d wkg, d my k my y f xl d dvlm uk bf h fl du b xhgd f my. Wh h v vully u, h gu h h mg my wll mk u h juf h k k. h duy, hf, ully ky, whh qu gvm udd h d f bly f m, uy f u, d g x. O h vm md, h l v, lvg m h my f gvm. f luld ully f h xbl m lul d wh h mu v, gvm m x ggd. Ml yl ff h mg w wy. h f h f h bdy lzd d wll v b md bu h u-ff gd d ul f h yly lg hgh y lm f h m. h d h h ul h flw dud by h yly mu h d v h S, whh lv h my wh l dbl m. f ml du d lv d f dg bu h uy. Fgu 2 llu h m u f x vu lld by h Suh Af gvm. I hw h h bu f dvdul bu 30% hugh l m x (I); vu fm my m x (CI) gw dly fm 18% % 2009, whl h bl m fm h x. Exml f h x dy x m, x m fud, vlu-ddd x, um du, ful lv, x du, h kll dvlm lvy, d h hg. I lyg h mg duy bu h l CI, Fgu 3 llu h mg x u f 16.8% f l my x (ld l) whl h bu GD vgd 7.8%. h lul bd h f h fv y. h bk d h l hw hw h Ryly A wuld hv md h ul umb hd b f. If buld h w yly gm h ublhd by S Suh Af (S SA), fd h h ml bu bm v m m h l my. h g bw h h d bk l d f h ly h lbl wh ml h l m f mg yl h fu h vg h l m f h Ryly A gvm vu lld fm h Suh Af mg duy. h vg f ml wh, Suh Af udh, ly m gvm Nl Svgy v Nl Ru d hw ml mu b ud u h wd ubl gd. h yly u f vu f h gvm d bm f lg l f fud ud f ug h uy. h z f h yly m l h gvm fud dly ld f uh ml bud, z f h duy, Su: Nl uy & SARS2 Fgu 2 l d my m x lv l x 2Nl uy & SARS, 2008/9x S d Budg Rvw 2009/10 d SARS Aul R /9. Avlbl fm d JULY 2011 VOLUME 111 h Jul f h Suh Af Iu f Mg d Mllugy

3 x:ml Jul 8/8/11 11:47 g 445 A vg f h l m f h w Suh Af MRRA Su: SSA Fgu 3 Im f h w yly mg x Su: SSA Fgu 4 l m f h Ryly A mg duy fbly bfd h lvl uld h Ryly A. Suh udy huld l lud m ly mg h vlu-dd wh h dff yly mu wh h lw yly f fd ml ld h lg b du hgh. h vg h yly ym mu b md wh h y bg h ml h fd. Fgu 3 hw h h xd m f h Ryly A bu 8% mg bu my x, lvly d, bm m mg x xd by bu 50% f mlm f h A h A l m, hf, gf. Idubbly, mg wll ly v bgg h l my f fuu Suh Af. I hf m h h ubl bu. Suh wll vd u h ll-fmd, bu ul, ll m lz d vd bf. h l m f mg yl h mg duy l m fbly Wh m h mg f h A v, h dff bw h f l d ll v mml. Alhugh mg m mfbl wh yg ml yl, hy v h m f uh yl fbly d hy ly d w fqu hg h h b h. hy wuld l w h j b bl ffd h yly,.. h yly ym mu mlly jdz j bu f h hgh y lm. h g f h b d qu qubl bl. Wh h mu lld lw, h ubl bu f vd dv f bf. Wh h yly mu hgh, v wll k lv, ulg l flw mg d. h l m f h Ryly A fbly llud Fgu 4, whh m h ul fbly (ld l) f ll Suh Af ml du g wh h mxmum m wuld hv b hd h Ryly A b f (bk l ud by ug h ufd fmul) dug h fw y. h gh llu h fllwg : h m vy dfful d bu f hgg mk d h fbly gd gfly (bw 14% d 41%), whh dv f h yl u f ml d h d d l h duy h Jul f h Suh Af Iu f Mg d Mllugy VOLUME 111 JULY

4 x:ml Jul 8/8/11 11:47 g 446 A vg f h l m f h w Suh Af MRRA h m f h yly, mud by h g bw h l, dff dg h lvl f fbly, whh h f h fmul. Adg Fgu 4, h m, mud by h dwwd djum, gf (4%) dug m f hgh fbly, whl l gf (1%) dug m f lw fbly. l m mmd I l uful kw whh ub- f h mg duy wll bu m h l f ml yl. h fm w luld fm SSA fm, d ugly w fud h l, h h lum (h bgg bu x g), wuld hv b h hgh bu yl. Hd h yly gm b ffv 2009, l wuld hv bud 28%, lum gu ml 25%, d mg 11% (Fgu 5). Gld, h f h Suh Af my, wuld hv bud ly 8%. h d mu b ud h h lkly hg fm y y d uh vlly wll dd fluu d du uu. l m h gg Suh Af gld m h dd h w yly gm h ul quly fm d by h gld-m mmb f h Chmb f M (COM) f Suh Af. h l vg h m Suh Af gg, hgh- gld mg duy. I dm h m h Ryly A wuld hv hd f h gm hd b f v h 15 y, whh d ludd bh hghly fbl d l-mkg yl h gld mk. I u d fm whu y b,, f mg, f du, y h u vbl. I dd lyg h m f h Ryly A, h lud quv m wh h h gld l d ym. h gld l d ym h ud h ly ybl f (ml ug xbl m) f y% = 15 90/X, wh y h l, 15 h mxmum l, d x h f vu xd g. F mhv vw h uu d l f h l fmul, V Blk. fbly gd fm mu 6% lu 38% v h 15-y d, whh llu h yl u f h ub-. bl I vd ml lul hwg 1996 d d vlu h l m f h w gm md wh h l d f h. Quly ly ully uful f lyg h mgl m lf f h Ryly A d h z l f h l d ym wh h X-f dd blw 6%. l m h yly mu (gld m) h yly mu luld f h h hm v h 15-y d blh h quly mu d h flxbly f h gm d hgg mk d d, m flly, ffy ug m. Fgu 6 llu h m, whh vl h fllwg gh d wk f h gl l fmul d h w hm: h l d h m ff f llg dug bm m, bu ll yly vu f gvm dug bd m h Ryly A d ll my h l d, bu gvm ly uu m f vu dug mk dwwg. h vg yly v h 15-y d w luld 1.41% f uv vu. l m gld duy fbly h h f dmg h m f h yly fbly ml h k l f h m. h l m llud Fgu 7, h f f whh m h ul (mbd) fbly (ld l) f COM gld mmb g wh h fbly wuld hv b hd h Ryly A b f (bk l) f h 15 y. h dff, gg fm 0.5 4% fbly, b bud dly h Ryly A. h d f h fgu hw lgm f h mgl z,.. wh fbly gd fm mu 5% lu 5%. Fv w ld bu f h m x fmul v, whh llw f x-f ul f 5%. h m h wh gld m fbly d blw 5%, d hv y m x d bg mglly fbl. h gh llu h fllwg : fbly wuld hv gd fm mu 6% lu 38% v h d, whh yl f h yl u f h duy Su: S SA (2001) Fgu 5 l m f h Ryly A mg mmd 446 JULY 2011 VOLUME 111 h Jul f h Suh Af Iu f Mg d Mllugy

5 x:ml Jul 8/8/11 11:47 g 447 A vg f h l m f h w Suh Af MRRA bl I Sml lul f h yly mu f 1996 Sml f lul (1996 D) COM d (ul d) Aggg wkg /kg (R) Kg dud l vu (R) l wkg (R) Cl (R) Avg gd (g/) Cluld fm COM d l (R) l () f (Rd) f/vu (X%) EBIDA/vu (%) l / (R/) /gm (R/g) Cluld y lm ludg f mg (g/) Mg gd (g/) Ml l fmul (-1992) L (Y = 15-90/X)% L ym (R) f (R) , l / (R/) /gm (R/g) Cluld y lm (g/) Im gd (g/) Gld l ul f l ym (g) Rv l ul f l ym () Ryly A Rvu Ryly (Y = X/12.5) Ryly ym f (R) l / (R/) /gm (R/g) Cluld vy y lm llwg f yly (g/) Im gd (g/) Gld l ul f djud fmul (g) Rv l ul f yly () f vu (%) Bf Ryly A Nw f vu (%) Su: COM4 Su: COM Fgu 6 Im f h Ryly A l h hm 3Eg bf m x, d, d mz 4COM, Chmb f M Gld M Quly Aly ( ). Avlbl fm h Jul f h Suh Af Iu f Mg d Mllugy VOLUME 111 JULY

6 x:ml Jul 8/8/11 11:47 g 448 A vg f h l m f h w Suh Af MRRA Su: COM Fgu 7 Im f h Ryly A gld fbly A xd, h m f h yly wuld hv b gf dug m f hgh fbly (4%), whl l gf dug m f lw fbly (0.5%) h l m mml f mgl gld m. N v h 15-y d hd h yly ud v bm gv I bl f h yly ym u h fbly d blw h 5% mg. h d wll u h m x bm z f h qu d wll du h vll m f h yly h l x k. D h bv bv h dm ffdbly, gld m m lbu-v md m h m, d m h qud h m f h Ryly A dvdul m. fully udd h u m fuh ly qud lly f lw gd mgl m d hw h A ff mlym. h udy huld lud mhv -m udy. l m h gld y lm Dmg h m u-ff gd wh h lul f h m y lm, whh dfd by S (1981) h vlu whh md h b md whu f l. F gld m Suh Af, h y lm luld fllw: Rvy y lm g/ = C SA d mlld SA d gm f gld Fm h d quly fm, vy y lm w luld ug S h. O h qud y lm f vd ml h gld l kw, h f mg d hl mg f d b dd h m f h gld gd h mg f. A flwh lul ud u f l ff, mg ff, udgud dlu, d l dug.h u h h ff h h ul mg gd hgh h h luld y lm gd (Fgu 8). h x f l-mkg d, whh du h ly f uly lw h h u (.g. 1997/98 d 2004/05). Fgu 8 l hw h h u d h lg u d h xd m lg u fbly mg (dd by h g bw h w l) vy gfly v m. h vg f mg gd v h 15-y d w fud b 0.48 g/. A fm kw ly f uly u, h mll mg hw mmm by h mg m vd h-m hgh-gdg g d wllg wh bd m lg m lv d mlym. Fgu 9 llu wh m h w Ryly A wuld hv hd h luld y lm f w f v h 15 y. I hw h wuld u h y lm, hu ug fll du. h vg m h y lm f 0.06 g/ b gf bu qu fuh d dvdul vg f lw gd gld m. 448 JULY 2011 VOLUME 111 h Jul f h Suh Af Iu f Mg d Mllugy

7 x:ml Jul 8/8/11 11:47 g 449 A vg f h l m f h w Suh Af MRRA Su: COM Fgu 8 Cluld y lm gd vu ul gd md Su: COM Fgu 9 Chg vy y lm ud by Ryly A l m gld v Rv dfd h SAMREC Cd (2000) h mlly mbl ml dvd fm mud d/ dd ml u. I luv f dlug ml d llw f l [d] mdf by, llly umd mg, mllugl, m, mkg, lgl, vml, l d gvm f. h w ml yly x b gdd f h gvm mdfyg f fd h bv df. O mu h y x m gvly h m y lm d h v; d SAMREC qu g f y hg h mlly flu h v m d h vlu. Mly, dg h Cd, hvd wh A ubl R ll h lv fm h v d h fl dv wuld bly qu, d x fd, f h u f mkg d d bld judgm gdg h Exl Rul, Ml Ru d Ml Rv bg d. h h b d f mud v, wh h h uy lk bk m, h f v h h b md dug h vw d, whh ml h ll lgl, m, d hl f hv ldy b dd. Suh x, mbd wh h w yly, ud h mg y lm by 0.06 g/. By m, h l d wuld hv ud h y lm f 0.04 g/. h qu f h h y lm h umulv m f kg f gld wuld lly hv b md bw 1994 d h d f 2009 bu h v wuld hv b luld um. Cdg h kg hd b md dug h d, h h y lm wuld hv ud v du f ly 1.4%. I m, h l d wuld hv ud d v f 1.3%. Alhugh h g m gf d mml, ud du f vlu h u f R7.1 bll. By m, h l d wuld hv uld l f R5.0 bll vlu bu f lzd v. Alhugh h l ud lk h, mu b md h, h l x, h vg luld yly f 1.4% wuld b dd bl h gu. h gld vg qu h quy f h w Ryly A. h umulv vlu f h yly v h d R6.5 bll, d f h f h yly dd m f vu l, h l h Jul f h Suh Af Iu f Mg d Mllugy VOLUME 111 JULY

8 x:ml Jul 8/8/11 11:47 g 450 A vg f h l m f h w Suh Af MRRA f h uy f R0.6 bll. h lul ugg h h vlu dyd vd by h bf f h yly gg h fu. Ah h lhugh h y lm l f ldy dvld hgh-gd m, h m wuld b gf f m h ldy g l h vg gd f h v. F m h d hv dy-dvld hgh gd v k, wuld m mu lu. l m vlu dd I l l vg whh h ly f mvg ml du dd uff vlu du, h h l du uld m h Ryly A df f fd ml u, wuld b hvd. A wd f h dg vlu dd, du wll y dg h fmul h wll u h yly b dud mxmum f 5%. h xl mhd judg whh h dud uffly v. Bdly dfd h fllwg u h d b dd wh dvlg yly um h m vlu-dd ml: Dff ml qu dff mu f g bf l h vlu ddd u h m f ll ml h yly d du mu g mhd vlu, whh uld b luld by ubg g fm h vlu blhd h f l (.. bk N Sml Ru lul) A lv bk lul, hdul f dg dff lvl f g b fd. h W Aul yly ym u h h. I bd h um h xm vlu 25%, x-uhg-d-g 33%, d 50% f fd vlu. h vlu luld fm vg u ( vlu ddd) by g f g. h h ld yly h ld dwwd wh uv g f g ul h fd g hvd. Bdly hm llud Fgu 10, whh d h u wh yl d h fd g, h wh h Ryly A. h bm l h lw yly f fd ml (.g. 2.5%) yld h m yly m hgh ld mhd vlu (.g. 10%). h ul gv lh bw h yly d u. Vlu-dd jufd wh h u l yly vg ul f h dud g h h ddl (C ) ud fg h du. h vlu ddd h h dff bw h vd d h l qud bg du dd f bf. h ly bjv hvd wh h ufd hf dw h fd. I mlly bfl h my wh f, h bw h l jg h fd d ufd yly, d d, uh u mwh bw u d (C h llu). I d ly Bdly h f hvg fxd yly vu fd lvl f bf h Suh Af ym, vl blm d b vm. h m m f h h m f EBI d h dul fmul ym, whh u h l h mmum yly wh mxmum ddd (.. dx f 100). h llud Fgu 13. Bu h l lll, h Fgu 11, h v bf dud. h mll vlbl f l ud by h mll dff (ly 2%) bw h mxmum f h w fmul. h fmul ym, hf, hllg h h l lg hzl d mk hg w, mll vlbl f h bu f h vlu ddd. h dffuly f hvg l du h v f vlu dd. h fmul h, hf, qu lg dff mmum d mxmum bf m wll Su: Bdly (1986) Fgu 10 Rlh bw yly d vlu-ddd Fgu 11 Rlh bw yly d l 450 JULY 2011 VOLUME 111 h Jul f h Suh Af Iu f Mg d Mllugy

9 x:ml Jul 8/8/11 11:47 g 451 A vg f h l m f h w Suh Af MRRA k u h ff d dd uff vlu m h df f fd ml u. A b b hvd by g h F-f h yly fmul, f xml fm h , whh dmd Fgu 11. Ah u f m d h m f vlu dd h g lvl f fbly. Fgu 12 d 13 ly Bdly hm h Suh Af gm. h llu gv h lh bw (xd dx wh h fd vlu 100) d g EBI. h d l h l u lvl, whh lud lu g EBI mg. h gy blw h h um f h dmd g EBI d h f bfg h m du lvl. h bv h d l md u, by h dd f h fm d h vlu ddd f dg h yly hm (g ). h bm llu xl wh Bdly gh wuld lk lk ud h um. I hw yly g l m f l. A gl ul, h v d h ddl fg (C) bm l g fm lf gh h gh. h gh-hd d f h gh llw f fw u. Ufuly, fd lf h wg d f h gh, whh ugg h h g bw h fd d ufd yly uffly wd mv m wh ll w du bm f. h lu fm Fgu 12 d 13 : Wh fm m h 20% f h l, vy ll vlu ddd d h bbly jufd Wh fm 10% f h l, gf vlu ddd d h jufd h bly g l uy blm f h d whh d h ddl l d bf fm h wh fm h ufd h fd fmul I wuld h b m ffv hv fmul d llw h f fm b ddud fm l vu. Alvly, f f h fd fmul b d h h mxmum gfly dud. h ly bv ly xhuv. M dh ly ug ul d m-f fm qud bf u h bv-md lu wh fd. Hwv, f m h W Aul um h fm u f bu 50% f h l wh h fdg bv, h h mv f Suh Af du dmh wh fm u f m h 20% f h l, h ddl dg vlu dd wll bbly b jufd ud h um. h lmy m, hf, d h ulkly h h ly bjv f vlu dd wll b hvd ud h u w fmul. Mug h g dd m l Em hv dvld l dd vlu x gm. O bvd h h l f mug h quy f x gm ly qully ml yl,.. h yly huld b ff, ul, bl, f, l, d llw f ubl dvlm f ml u. h l dl, d ll u mxmz x vu mk ulkly h y x wll m ll. bl II ummz h ul f h x. h vll fdg h h m v h gv d wh h w ml yly gm. A dud gu m v wll b mfbl wh m f h qum f h A f m f h m. h y h hy wll fd Fgu 12 Rlh bw fg f 20% d vlu ddd Fgu 13 Rlh bw fg f 10% d vlu ddd h Jul f h Suh Af Iu f Mg d Mllugy VOLUME 111 JULY

10 x:ml Jul 8/8/11 11:47 g 452 A vg f h l m f h w Suh Af MRRA bl II Sgh d wk f h Ryly A C Fdg Cmm Effy Sm d f EBI. I b mml - v f mgl d l-mkg m Nuly h yly b g l, whh uld b fuh djud m mmum fd qum Equy Equbl ll f yly bud mg ml y, dd lf mu Sbly v f fmul ( d f gul djum) d FSA (f xdy j) Cly Dfful judg B d l d lw, bu ml uld b uly hgh Subly v f xm dug g, lf mgl d mll m d ym f d bl, bu m f h ul, uh djum g l vlu, wll uly h f ml. Em ffy A ff x h ll vu f h gvm whu gfly ffg h bhvu f h m dg m vy. Suh x h hgh h wll du h lvl f vy xvly gu. Bdly (1986) ud h mu b k vd m d ud by g l yl, d bvd h h yly bm ff wh m h ml du fl. h vu ludd h h gf d f EBI d h y lm f h yly gm ddd d ul, whh mk ff ug Bdly. Effy fuh llud Fgu 14, whh xl h lh bw EBI bf d f h yly. h fgu hw h ffy f llg m vu hgh EBI. h h gh hd d lgm f h lh bw h w EBI mgl d lmkg. I dm h h Ryly A u mgl -yly EBI f 1.4% b dud 0.7%. F l-mkg, EBI wll b dud by h mmum f 0.5%. D h gv m, wuld b uf blm h Ryly A h u f m bmg ufbl. Nuly Wh x ul, wll ff d whh j wh h duy udk d whh. I huld l ff m dg m. A x fly ul wh md m, whh wll l mk h x m ff. Hwv, ll u mxmz vu d vgy v ul u, d fl um ll du u gvm dg -ul gm. ll u du g l yl uhd h Ryly A wy fm x uly. h vubd yly d h gf llwbl ddu h mu f g l uld v blm h fuu lly f g l djud uwd f mgl d l-mkg m. Equy Equy m f, whh mu k u bh bly y d bf-ld l. h f uly mxmz, x h gv g f lg umb f, h bm h m f mum u. h llu h m ml du wuld b bl ffd h yly d h h qul bud f dff ml du h duy. I h uh vw, f bl h Ryly A m f quy x bh f blg gvm d v d lyg h m fmul ly ll ml y d du. Fgu 14 D f EBI ul f h Ryly A Sbly h dd m vg fqu djum h yly d b. h lklhd h fl gm wll m uhgd dd w f,.. h bly f gvm ly d h flxbly f h gm mmd udd d uxd hg j m. h bl bw bly d flxbly ully m dug j ybk d. S hv bly by dug h ldg-l um Fl Sbly Agm (FSA). FSA vlbl u uh Chl, Id, NG, d u, d b uful f uud fvubly bh 452 JULY 2011 VOLUME 111 h Jul f h Suh Af Iu f Mg d Mllugy

11 x:ml Jul 8/8/11 11:47 g 453 A vg f h l m f h w Suh Af MRRA h S d h v. Sbly l b hvd by dfg Lw, bu h lw-mkg lw d fly dly hgg mk d. h Ryly A bh h mu, d lhugh h wll hg ully, h m f h fmul bl y f f u. Cly h dd f ly qu -by dmv ul h lly udd by bh gvm dm d v, whh l h f dmg h yly d h y f h yly gm. Smh (1776) d f ly ll lv dy, mly...h x whh h dvdul bud y ugh b, d by. h m f ym, h m f ym, h quy b d, ugh ll b l d l h bu. Whl h ml uu f h fmul m h dm huld b y, h mlx wdg f h A d h v f djum by SARS wll uly ml f m. Subly h dd qu mu b u l u h bu. h mu uld b mlmd hugh umb f v, f xml by mkg bl v f fud x (d f x vd) d llw ddu f xl x fudd fm mg f. h lud gu v f h m f xl,.g. ulf, mmd ddu f w l gmm, d lg g f. h Ryly A llw f xl b ddud f h u f EBI, whl h IA llw f h ddu f xl h m x lul. h llw f g h yly gm, hf, dd dqu. I dd, h Ryly A mk v f xm, lf, d d f h u f dug wvg h yly du h S. h xm h mll bu xm (Ryly A S 7), xm f mlg (Ryly A S 8), d llv lf u dl (Ryly A S 9). Clu d h udy fm h h Ryly A h h l gfly m gvm k fm h mg duy ( uy bf fm mg my bu). h m b ummzd fllw: Mg x xd by bu 50% f mlm f h A 2010, d h m f h yly wll b m gf dug m f hgh fbly, bu l gf dug m f lw fbly Cl d lum m xd b h mj bu h yly l h fu h vg yly f gld m v h 15 y d w luld 1.4%. h wuld hv ud h mg y lm by vg f 0.06 g/. h h y lm wuld hv ld v du f 1.4%, whh mml fm g v. SAMREC qu my mk h y djum wh d hg. Alhugh dld wll b y, gl mm h xl h dwwd djum wuld b h Cm. h l h vd m f h l m f h w Suh Af Ryly A. Af dg h u, h uh h: h S wll v f h f vu - h m h f h Iduy ffd h yly gm f h A, bu m h qud h m mgl m M khld wll b bly mfbl wh m f h qum f h A f m f h m h A mu u wh m m dd, x f uly d h ly d h dul fmul ym ulkly ug vlu dd, dg h mll g bw fd d ufd yly. Hwv, m h qud vl mmd dff g f vlu dd d lf f m. Rf BRADLEY,.G. R f h ml vu quy gd h udy ml (ludg lum) vu W Aul, CAWOOD, F.. Rdg bw h l f h w Suh Af Ml d lum Ru Ryly A: bkgud, hy d fudml l. Ru ly 35, MRDA. Ml d lum Ru Dvlm A 28 f 2002, 3 Ob Gvm Gz, vl. 448 N , mdd. D f mmm 1 Al MRRA. Ml d lum Ru Ryly A 28 f 2008, GG N 31636, vl. 521 Ad 17/11/2008 d gd lw 24/11/2008, mdd. Ml d lum Ru Ryly (Adm) A 29 f 2008, GG vl. 521, f 26 Nvmb 2008, mdd. OO, J.M. Glbl Mg x Cmv Sudy. Iu f Glbl Ru ly d Mgm, Cld Shl f M, Gld, Cld, USA, Smb 1997 SAMREC. Suh Af Cd f g f ml u d ml v. h Suh Af Iu f Mg d Mllugy, Jhbug, Mh 2000, vd d mdd. SMIH, A. A Iquy h Nu d Cu f h Wlh f N. Oxfd Uvy, Ld, vu d ( ). SORRAR, C.D. Suh Af M Vlu. Chmb f M f Suh Af, Jhbug, VAN BLERCK, M.C. Suh Af d Mg Ryl A Cqu. h Suh Af Iu f Mg d Mllugy Cllquum h Ml d lum Ryly Bll, Jhbug, 16 Al h Jul f h Suh Af Iu f Mg d Mllugy VOLUME 111 JULY