08 Jun

MEMORANDUM

TO: ALL MEMBERS OF UASA-THE UNION KOORNFONTEIN MINES

FROM: ADVOCATE NICK VAN ROOYEN

DIVISIONAL MANAGER: LEGAL AND SPECIALIST SERVICES

DATE: TUESDAY AUGUST 4, 2020

SUBJECT: BUSINESS RESCUE PROCESS: KOORNFONTEIN MINE

________________________________________________________________________________

Dear Members

Our attorney-of-record has queried the Business Rescue Practitioner as to the progress in certain legal formalities and processes that remain outstanding.

The following milestones were queried:

       1.  Progress in regard to the transfer of the mineral rights in terms of Section 11 of the Minerals and Petroleum Resources Development Act 28 of 2002 (as amended) Department of Mineral Resources (“DMR”): despite the                      meeting held between the Business Rescue Practitioners and officials of the DMR in mid-June 2020, the transfer of the mineral rights has not been finalised;

  1. The Competition Commission has approved the purchase of Koornfontein Mines In Business Rescue by Black Royalty Minerals (Pty.) Limited (“BRM”);
  2. The BRPs are yet to provide a response as to the tax liability to employees when submitting their Tax Returns for 2019.

Yours faithfully

ADVOCATE NICK VAN ROOYEN DIVISIONAL MANAGER: LEGAL AND SPECIALIST SERVICES

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