Artikel 3(1) en (2) van die Mineral and Petroleum Resources Development Act 28 van 2002: 'n herbeskouing

Sections 3(1) and 3(2) of the Mineral and Petroleum Resources Development Act 28 of 2002
This contribution entails a discussion of the impact of section 3 of the Mineral and Petroleum Resources Development Act on various aspects of the new mineral and petroleum law. At the core of the discussion is the question of how this section is interpreted by various commentators, and the implications of the different opinions on the application of the section. The initial discussion highlights problems with the new definition of a "mineral": Soil, including topsoil is at present included in die definition of a "mineral" in the act. The definition should be rectified by the legislature as it has far-reaching consequences in respect of the extent of the state's power in terms of section 3(2) of the act to grant entitlements in respect of minerals, including topsoil. The implications of section 3 for the control and management of minerals are discussed and placed in the context of the question about the constitutionality of the act. It is argued that legislative guidance is urgently needed to clarify continuing uncertainty, caused by sloppy drafting and different opinions about the connection between private law and public law in relation to minerals and the actual position of existing right holders.

Assessing the efficacy and standardization potential of five competing venture capital investment evaluation approaches

The research objective behind this article was to perform a critical evaluation and comparison of five representative business plan evaluation aids (BPEAs) to facilitate constructive discussion of the proposition that greater standardization of venture capital decision-making might be both desirable and possible. The five BPEAs were systematically compared using a structured, taxonomic process. The evidence of this investigation suggests a clear superiority of BPEAs that are based on the researched attributes of successful ventures and use actuarial modeling. Discussion centered on the importance of using BPEAs in a quest for greater consistency during venture capital investment decision-making.

Japanese investment on the Gold Coast : the interface of globalization and locality

This study explored the interface between the forces of globalization and a given place, at a given time, the Gold Coast during the 1980s. The global economic boom of the 1980s was one in which the role of Japan was particularly important. In less than half a decade capital flows from Japan surged to make it the world's largest investor. Locations in the Pacific Basin were favoured destinations for Japanese investment, one of the most significant was the Gold Coast. Japanese capital and tourism helped transform its urban area from a national resort to an international tourist destination and resort centre, The surge of capital arriving to the Gold Coast was a function of economic conditions in Japan, as was its steep reduction after November 1989, Thus the Gold Coast became integrated into global capital flows and so dependent on decisions made in Tokyo, one of the main financial centres of the world. However this study has also sought to explore a more complex reality; namely, that this place also became the interface of complex cultural forces and perceptions. The wealth of the Japanese investors on the Gold Coast enabled them to realize their dream of developing projects in the most fashionable global styles. These styles were essentially Western, and it was onto these that their Japanese owners ascribed their own meanings; meanings that reflected the cultural baggage that they had brought from Japan, and through which were filtered the economic and environmental realities of the Gold Coast. The Gold Coast as locality also included residents. Hence it became an interface between two different groups of people, the Japanese and the strongly Anglo-Celtic local community. Some in the local community perceived the Japanese presence as a threat to their perception of the Gold Coast, in fact, a threat to their perception of Australia's national identity. A campaign based on the politics of memory of the Japanese developed on the Gold Coast. Within weeks it became a national debate in which isolationalist, if not xenophobic traditionalists, concentrated on the Gold Coast challenged the economic rationalism and multicultural tolerance of the self-interested and ideologically convinced advocates of globalization. Governments at all levels sought to arbitrate, to legitimize standpoints, but more often than not were seen to move into positions of ineffectual flexibility. The forces of globalization on the Gold Coast were catalysts for change that in turn provoked local opposition which rapidly became a debate about national identity and direction. It is in the exploration of the complex and contradictory economic, cultural and political forces engendered by globalization that this study has sought to make a distinctive contribution.

Dividend policy choice : do earnings or investment opportunities matter?

The aim of this paper is to analyse the influence of a company's level of earnings and growth opportunities in determining the dividend policy choice of Malaysian-listed firms. The analysis is based on a sample of 136 firms listed on the Bursa Malaysia Index over a period of six years, from 1990 to 1996. The evidence suggests that the payers are more profitable than non-payers. Likewise, investment opportunity, which is measured by (∂At /At-1) and (Vt /At), differed for both payers and non-payers. The regression estimates from Logit model suggest that the average coefficient for EATA is a significant determinant for firm's dividend policy choice in Malaysia. This is consistent with the supposition that profitable firms are more likely to pay dividends than less profitable firms. Although investment opportunities, the firm's size and leverage were not found to be statistically significant, they provided some explanation for the dividend policy choice.