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BUSINESS RESCUE PROCESS: KOORNFONTEIN MINE & OPTIMUM MINE

MEMORANDUM

 

 

TO:                 ALL MEMBERS OF UASA-THE UNION AT OPTIMUM- AND KOORNFONTEIN MINES                                                           

FROM:            ADV. NICK VAN ROOYEN

DIVISIONAL MANAGER: LEGAL AND SPECIALIST SERVICES 

DATE:             August 2, 2019

 

SUBJECT:     BUSINESS RESCUE PROCESS: KOORNFONTEIN MINE   & OPTIMUM MINE

Following a Meeting held yesterday between the Business Rescue Practitioner represented by Juanito Damons and Denver Brikkels, and Messrs. Janek Wilimiec of UASA-The Union’s Legal Department and Gordon Nokhanda our business rescue expert. The current status of the business rescue process is as follows:

  1. There were three (3) bidders in respect of Optimum Mine and five (5) in respect of Koornfontein Mines;
  2. The vetting process regarding the bidders is ongoing at this stage;
  3. The BR advised at yesterday’s meeting that the original timetable issued was overly-optimistic and that the vetting process will require more time and attention than originally anticipated by them.

The advising B R expert of UASA-The Union, Mr. Nokhanda will check at regular intervals in the forthcoming weeks with the B R s and will request a meeting as soon as necessary. It will also require interaction between the B R Ps with the two large creditors of the two mines: Eskom and Centaur Ventures.

Members will be provided with further information after the next meeting with the B R Practitioners or when formal information is received from the B R Ps.

Yours faithfully

Nick van Rooyen

Divisional Manager: Legal & Specialist Services


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