G'day Goldbear. Well, Zwane's changes up the ante some (26% to...

G'day Goldbear. Well, Zwane's changes up the ante some (26% to 30%), but everyone's been working with the BEE (Black Economic Empowerment) rules over there for the past decade, and really I think it's just more of the same.

The project economics at Gravelotte look to be extremely robust, and South Africa at least has this advantage among African nations, that it is governed by a strong tradition of rule of law - I'd expect strong legal challenges from the mining industry to the changing landscape.

Politically too, with unemployment rife, it may prove counterproductive for the Government to keep sniping at mining.

Meanwhile, the rule changes might slow down permitting as their implications are digested by the Mines Department over there (Department of Mineral Resources), but much of that is actually already well-progressed here.