The gazette defines a junior-mining company as any unlisted company or a JSE-listed AltX company, resident in South Africa and engaged solely in mining exploration or in mining production. The company may not be part of a group and must have its tax affairs in order. From 1 July 2009 individual taxpayers and listed companies qualify for the 100% write-off of their investment against income.
A natural person may deduct R750 000 in a year of assessment and a total of R2 250 000-. A listed company and any company held 70% directly or indirectly by that listed company can deduct a maximum of the cost of up to 10% of the total equity interest in the venture capital company. “As a junior exploration company at the bottom end of the scale, this new incentive comes at the right time and we hope to be one of the first companies to benefit from it. As a registered public company our corporate structure is in place to immediately accommodate investments under this scheme.
Funding at this stage will give us the necessary support to launch our West Coast marine operations before looking at a stock exchange listing”. PANDA MARINE CEO Mr.Kobus Pansegrouw. PANDA MARINE Mining and Exploration is a marine diamond mining company and the owners of prospecting rights and intellectual property relating to submersible robotics and equipment for the harvesting of marine diamonds.
Contact information:Panda Marine www.pandamarine.co.zaTEL +27 (11) 672 1652FAX +27 (11) 086 652 7670 Panda Marine Mining and Exploration Limited Corporate Headquarters Public and Corporate Affairs Florida Hills, Gauteng, South Africa P.O.BOX 35630 Northcliff 2115