Falls jemand "Metallon Gold"-Shareholder ist, hier ist mal ein 'aufschlußreicher' Artikel darüber: Khumalo wants to list Metallon Gold in London November 11, 2005 By Nicky Smith Johannesburg - Metallon Gold, a wholly owned subsidiary of Metallon Corporation, might decide to list on the Alternative Investment Market in London instead of the JSE, Mzi Khumalo, Metallon Gold's chairman said this week. Metallon Gold had been expected to list on the JSE in April this year. Money raised from the listing, estimated to be R650 million, was to be directed towards mine expansion and Khumalo's cash-hungry luxury Zimbali Coastal Resort development in KwaZulu-Natal. However, Metallon has run into a tangle of red tape with the Reserve Bank and consequently missed its second deadline for a September listing. The net effect of these snarl-ups has meant that construction at Zimbali has ground to a halt. The cranes have stood motionless for months. Khumalo said the Reserve Bank had told him the dispute would be resolved by the end of this month, but "as a betting man I don't think so". The hold-up has been caused by the calculation of a penalty on the value of the assets Khumalo is trying to bring into South Africa. The principal assets are five Zimbabwean gold mines. However, Greg Hunter, Metallon Gold's chief executive, explained that the matter was complicated by a number of other investments and assets that were held offshore. In terms of a circular D405 any assets held offshore that are brought back into the country must have a penalty of 5 percent of their value imposed on them. Any offshore assets that remain offshore must have a 10 percent penalty applied to them. Khumalo said in the listing prospectus that a value of $200 million (R1.35 billion) had been placed on the assets, and that the Reserve Bank now wanted 10 percent of that value. However, Khumalo said he believed it should be a lower number because profits as well as losses offshore should be recognised by the Reserve Bank. "We are not that far apart," he said regarding settling on an amount, adding that the engagement with the Reserve Bank was not hostile nor adversarial. Nonkqubela Maliza, Metallon's corporate affairs executive, explained that circular D405 was not an amnesty application for contravention of foreign exchange controls. "Mzi never applied for amnesty ... No foreign exchange laws had been broken," she said. She explained that changes to the tax regime three years ago meant Khumalo needed to register his offshore assets, which were funded by offshore funds, with the Reserve Bank. Three years ago the government decided to broaden its tax net to include earnings generated by South African residents not exclusively from South African sources. The process has been ongoing since February 2003. Maliza said Metallon had taken legal advice on whether it was necessary to apply for amnesty at the time and had been advised that it was not. A full disclosure of all the offshore holdings, the structures and how the financing had been done had been given to the Reserve Bank.