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BUSINESS RESCUE PROCESS: KOORNFONTEIN MINE

MEMORANDUM

TO: ALL MEMBERS OF UASA-THE UNION KOORNFONTEIN MINES

FROM: ADVOCATE NICK VAN ROOYEN

DIVISIONAL MANAGER: LEGAL AND SPECIALIST SERVICES

DATE: Friday June 12,202

SUBJECT: BUSINESS RESCUE PROCESS:

KOORNFONTEIN MINE

___________________________________________________________________________________

Dear Members

A meeting was held on Thursday June 11 with the Business Rescue Practitioner. The Business Rescue Practitioners advised that a meeting with the Department of Mineral

Resources was imminent and that an undertaking had been given to speed the process of the finalisation of the transfer of the mining rights to the successful bidder Black Royalty Minerals

(Pty.) Limited (“BRM”).

 

BRM was successful in its bid for Koornfontein Mines. The other two unsuccessful bidders LURCO and IZM failed to provide the necessary financing for their bids. BRM’s bid made

provision for the payment of 35 cents in the Rand and will apply to the retrenchment packages payable to the members. Other amounts payable will be dependent on the success of the financial

progress of BRM commences mining operations. UASA-The Union will request a bilateral meeting with the Senior Management of BRM for a bilateral meeting in order to discuss the process ahead. 

 

Yours faithfully

 

ADVOCATE NICK VAN ROOYEN

DIVISIONAL MANAGER: LEGAL AND SPECIALIST SERVICES


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