BUSINESS RESCUE STATUS QUO / KOORNFONTEIN / OPTIMUM MINE AND OPTIMUM COAL TERMINAL: CORRECTION OF MEMORANDUM DATED MARCH 5, 2019

It is evident from the information provided by the Business Rescue Practitioners (“BRPs”) that Koornfontein Mine employees would be paid two (2) month’s salary was both pre-emptive and irresponsible.

At this stage the payment of the one (1) month’s salary to employees at Optimum Mine was effected by the BRPs due to the sale of capital equipment to another mining company.

At this stage the BRPs have to reassess the situation in regard to the business process and it is not clear as to the status of the PCF in respect of Koornfontein Mine. (Post Commencement Finance is a written agreement signed between Business Rescue Practitioners and another company which is intended to endeavour to save the company from continued business rescue.)

It is also prudent to point out that there are apparently bilateral processes between other trade unions in the workplace and third parties but these processes do not form part of the formal and legal processes that fall under the auspices of the business rescue process.

At the time of compilation of this memorandum the information contained in this memorandum was accurate at the time that the BRP’s conveyed information to UASA-The Union.

Yours faithfully

Nick van Rooyen

Divisional Manager: Legal & Specialist Services