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Response to Sunday World article dated 13 February 2022
WESCOAL HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 2005/006913/06)
Share code: WSL
ISIN: ZAE000069639
(“Wescoal”)
Response to Sunday World article dated 13 February 2022
Wescoal has noted an article published in the business section of Sunday World on 13
February 2022, which article makes several claims and allegations involving Arnot Opco (Pty)
Ltd (“Arnot Opco”), key executives and employees. Wescoal, through its mining division, holds
an indirect interest of 50% in Arnot Opco.
The alleged matter relating to mismanagement at Arnot Opco is currently under investigation,
and until such time the investigation is concluded, Wescoal will not be making any further
media statements on this matter.
Wescoal has invested a significant amount into the re-establishment of the Arnot mine. As a
listed entity, Wescoal is committed to the strictest principles of good governance and holds
Arnot Opco to the same standards. Any breach of these principles and standards is taken very
seriously.
The acquisition of Arnot mine was heralded as ‘one-of-its-kind’ by the mining community at
large, including regulatory authorities. The current management and operational teams have
achieved a significant milestone of successfully re-commissioning the mine with the first coal
delivery via conveyor belts into the Arnot power station being imminent.
Wescoal remains committed to the re-establishment of the Arnot mine and ensuring that the
mine meets its obligations to supply coal into the Arnot power station as contemplated in the
ten-year coal supply agreement awarded by Eskom Holdings SOC Ltd (“Eskom”) in August
2021. Key stakeholders and the media will be invited in due course to witness the momentous
supply of coal to Eskom’s Arnot power station through a conveyor belt.
The success of Arnot will be a positive example of what a public and private company,
employees and the community can achieve through collaboration.
Please direct any queries to our investor relations desk, Singular IR, at IR@singular.co.za
14 February 2022
Sponsor
Nedbank Corporate and Investment Banking a division of Nedbank Limited
IR Advisor
Singular IR
Date: 14-02-2022 04:00:00
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