Section 18: Subsection (2) of section 148 of the Mines and Minerals

Act, 2009 is amended by repealing and replacing that subsection with the following new subsection– “(2) Royalty payable under subsection (1) shall be the following percentages of market value as defined in subsection (3) below– (a) 6.5 % for precious stones obtained under a large scale mining licence and small scale mining licence; of section148 (2) Act No. 12 of 2009. of Third Schedule of 2009. No. 15 Finance Act 2014 No. 15 Finance Act 201410 (b) 3% for precious stones obtained under an artisanal mining licence; (c) 5% for precious metals obtained under a large scale mining licence and small scale mining licence; (d) 3% for precious metals obtained under an artisanal mining licence; and (e) 3% for other minerals.” Customs Act 2011