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Fortunately we were incorrect on the time frame--the decline has played out over 20 years rather than five years.Taken together, these two factors would improve returns by (14/11) x (100/74) = 1.72 thatNattrass, N (1995) The crisis in South African gold mining', World Development 23(5).Chamber of Mines (2008) 'Note on mining taxation in South Africa, World Mining Congress', London, Media...

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