The South African finance minister, Trevor Manuel, has said that the money bill providing for the royalties envisaged in the Mineral and Petroleum Products Act is unlikely to be tabled before February, following his decision to extend the deadline for submission of capital gains tax valuations by a year.

More than 150 meetings have been held with companies, unions and other interest groups over the controversial bill, he said, and research has been performed to see how other countries have transferred mining rights to the state.

It is unlikely, though, that the bill, which may potentially see a four per cent royalty levied on platinum, will become effective before 2008, nor will it be presented to parliament before February's budget.

Arguments still rage as to whether royalties should be paid on turnover or profit, whether marginal mines should be exempted and how much should directly be paid to tribal groups.

With the timetable for implementation so extensive, and a debate on the new bill in parliament not likely for another five months, the picture is still unclear.