The Precious Metals Act, 2005 repealed the Mining Rights Act, 1967, and is now the principal Act governing the precious metals industry in South Africa. In term of the Act precious metals includes gold and platinum group metals. The objects of the Regulator with regard to precious metals are to: (a)    ensure that the precious metal resources of the Republic are exploited and developed in the best interest of the people         of South Africa; (b)    promote equitable access to, and local beneficiation of, the Republic's precious metals; (c)    promote the sound development of precious metal enterprises in the Republic; and (d)    advance broad-based socio-economic empowerment. The Regulator’s functions with regard to precious metals include: Implementing, administering and controlling all matters relating to acquisition, possession, smelting, refining, fabrication, use and disposal of precious metals. This means that the Regulator now handles applications for the following precious metal licences and permits: (a)    Refining Licence (for smelting and refining). (b)    Precious Metal Beneficiation Licence (for fabrication). (c)    Jeweller’s permit (for manufacture of jewellery) (d)    Special Permit (for jewellery manufacture, fabrication, and for scientific purposes) (e)    Certificate (to buy OR sell precious metals)