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:
- There were three (3) bidders in respect of Optimum Mine and five (5) in respect of Koornfontein Mines;
- The vetting process regarding the bidders is ongoing at this stage;
- 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.
Nick van Rooyen
Divisional Manager: Legal & Specialist Services