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BUSINESS RESCUE PROCESS: OPTIMUM COAL MINE (“OCM”)

MEMORANDUM

TO: ALL MEMBERS OF UASA-THE UNION: OPTIMUM COAL MINE

FROM: ADVOCATE NICK VAN ROOYEN

DIVISIONAL MANAGER: LEGAL AND SPECIALIST SERVICES

DATE: Monday June 15, 2020

SUBJECT: BUSINESS RESCUE PROCESS: OPTIMUM COAL MINE (“OCM”)

 __________________________________________________________________________________________________________________________________________________

A meeting was held on Thursday June 11 with the Business Rescue Practitioner. The Business Rescue Practitioners advised that there were no successful bids for Optimum Coal Mine (“OCM”). The BRPs will have to commence a slow ramping up of mining operations at OCM. There has been removal of assets and an assessment will have to be done as to the loss/damage

to the mine’s assets. The option of “mini-pits” will also be considered by the BRPs. The positives that exist are the size and extent of OCM’s coal reserves. Members of UASA-The

Union will be advised as to developments as and when they occur.

 

Yours faithfully

 

ADVOCATE NICK VAN ROOYEN

DIVISIONAL MANAGER: LEGAL AND SPECIALIST SERVICES


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