Wrap Text
Reviewed Condensed Consolidated Interim Financial Information for the Six Months Ended 30 June 2016
WESIZWE PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2003/020161/06)
JSE code: WEZ ISIN: ZAE000075859
(the “Company” or “Wesizwe” or the “Group”)
REVIEWED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 30 JUNE 2016
Highlights
- Commenced with Main shaft commissioning and 9 900m of pipes
installed by the end of the reporting period.
- Completed the Phase 1 Main Shaft Headgear changeover to permanent
functionality.
- Main Shaft steel installation commenced with 41 sets installed or
280m below sub bank.
- Connected the two shafts on 81L and 82L and left few metres of
plugs for ventilation control.
- Temporary ore handling system commissioned between 77L and 81L.
- The bulk sampling test work programme has been completed and the
findings will be included in the process design criteria with the
intention to reduce capital and operational cost.
- Unrestricted cash on hand as of 30 June 2016 is R984 million.
- Ordered first fleet of Yellow Metal equipment 2x LHDs and 2x Rigs
for multi-level development.
- Housing subsidy from SHRA approved and Phase 1 housing project
approved by the Board.
- Investigated and implemented business strategy and project capital
deferment exercises in response to the prevailing market
conditions.
- Continued with various Social Labour Plan (SLP) projects as per
2016 work plan.
- Phase 2 power supply program with Eskom is on track to be
commissioned in November 2016.
- The water programme for permanent supply well underway with
completion of the 50Ml reservoir scheduled in October 2016.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note Six Six Year
months months ended
ended ended December
June 2016 June 2015 2015
Reviewed Reviewed Audited
R’000 R’000 R’000
ASSETS
Non-current assets 6 396 455 5 441 573 6 163 535
Property, plant and
6
equipment 5 828 182 4 644 680 5 395 023
Intangible assets 4 782 7 252 5 871
Available-for-sale
7
financial asset 428 850 628 000 628 000
Restricted cash 8 134 641 161 641 134 641
Current assets 1 049 340 694 381 1 463 008
Other receivables 35 489 58 351 32 269
Taxation receivable 3 097 6 676 4 916
Restricted cash 8 27 000 5 700 27 000
Cash and cash equivalents 983 754 623 654 1 398 823
TOTAL ASSETS 7 445 795 6 135 954 7 626 543
EQUITY AND LIABILITIES
Capital and reserves 2 803 803 3 257 780 2 804 441
Stated capital 9 3 425 544 3 425 544 3 425 544
Available-for-sale
financial asset reserve - (108 152) -
Accumulated loss (621 741) (59 612) (621 103)
Non-current liabilities 4 550 489 2 740 334 4 726 695
Deferred tax liability 193 126 334 238 157 763
Interest-bearing
borrowings 4 303 897 2 364 931 4 548 772
Mine closure and
environmental 14
rehabilitation obligation 46 850 41 165 16 620
Provision 6 616 - 3 540
Current liabilities 91 503 137 840 95 407
Trade and other payables 91 503 137 840 95 407
TOTAL EQUITY AND
7 445 795 6 135 954 7 626 543
LIABILITIES
CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER
COMPREHENSIVE INCOME
Note Six Six Year ended
months months December
ended ended 2015
June 2016 June 2015 Audited
Reviewed Reviewed
R’000 R’000 R'000
Administration expenditure (109 147) (100 125) (216 224)
Project related expenses
capitalised 95 904 84 919 186 300
Loss on scrapping of
property, plant and
equipment - - (13)
Net operating costs (13 243) (15 206) (29 937)
Impairment of available-
for-sale financial asset
reclassified from other
comprehensive income - - (133 000)
Impairment of available-
for-sale financial asset (199 150) - -
Finance income 42 764 32 080 83 153
Finance expense (108 573) (49 495) (142 889)
Net foreign exchange
gain/(loss) 222 294 (134 867) (1 087 759)
Finance costs capitalised 93 801 174 978 554 311
Net finance income 250 286 22 696 (593 184)
Profit/(loss) before tax 37 893 7 490 (756 121)
Income tax (expense)/income 10 (38 531) (2 784) 199 336
(Loss)/profit for the
period (638) 4 706 (556 785)
Other comprehensive income
Items that are or may be
reclassified subsequently
to profit or loss
Loss on fair value
movements of available-for-
sale financial asset 7 - (160 700) (160 700)
Tax on other comprehensive
income - 29 967 29 967
Reclassification of
available-for-sale
financial asset to profit
or loss - - 133 000
Related tax - - (24 848)
Total other comprehensive
income - (130 733) (22 581)
Total comprehensive
(loss)/income for the
period (638) (126 027) (579 366)
Basic and diluted
(loss)/earnings per share
(cents) 17 (0.04) 0.29 (34.20)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Stated Available Accumu- Total
/ share -for-sale lated loss
capital reserves
R’000 R’000 R’000 R’000
Balance at 1 January
2015 3 425 544 22 581 (64 318) 3 383 807
Other comprehensive
- (130 733) - (130 733)
income
Profit for the
- - 4 706 4 706
period
- (130 733) 4 706 (126 027)
Balance at 30 June
2015 3 425 544 (108 152) (59 612) 3 257 780
Other comprehensive
- 108 152 - 108 152
income
Loss for the period - - (561 491) (561 491)
- 108 152 (561 491) (453 339)
Balance at 31
December 2015 3 425 544 - (621 103) 2 804 441
Loss for the period - - (638) (638)
- - (638) (638)
Balance at 30 June
2016 3 425 544 - (621 741) 2 803 803
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Six Six Year
months months ended
ended ended December
June 2016 June 2015
2015
Reviewed Reviewed Audited
R’000 R’000 R’000
Cash flows utilised by operating
activities (10 622) (45 675) (9 104)
Finance income 35 569 21 840 33 601
Finance expense (2) (158) (86 825)
Taxation paid (3 156) (3 203) (3 109)
Taxation received 1 806 62 2 556
Cash generated/(utilised) in
operations 23 595 (27 134) (62 881)
Cash flows utilised by investing
activities
Acquisition of property, plant
and equipment (431 829) (392 842) (859 811)
Acquisition of intangible assets (46) (939) (693)
Net cash outflow from investing
activities (431 875) (393 781) (860 504)
Cash flows from financing
activities
Interest-bearing borrowings
raised - - 1 238 500
Payment of transaction cost - (24 300) -
Net cash (outflow)/inflow from
financing activities - (24 300) 1 238 500
Net (decrease)/increase in cash
and cash equivalents (408 280) (445 215) 315 115
Cash and cash equivalents at the
beginning of the period 1 544 788 1 229 673 1 229 673
Cash and cash equivalents at the
end of the period 1 136 508 784 458 1 544 788
Cash at end of year comprises:
Cash balances 983 754 623 654 1 398 823
Less: Interest accrued (8 887) (6 537) (15 676)
Cash and cash equivalents 974 867 617 117 1 383 147
Restricted cash 161 641 167 341 161 641
Cash at the end of the period 1 136 508 784 458 1 544 788
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
For the six months ended 30 June 2016
1. Reporting entity
Wesizwe is a company domiciled in the Republic of South Africa.
The condensed consolidated interim financial information of the
Company as at 30 June 2016 comprises the Company and its
subsidiaries (together referred to as the “Group”). The
consolidated financial statements of the Group for the year ended
31 December 2015 are available at www.wesizwe.com.
2. Statement of compliance
The condensed consolidated interim financial statements are
prepared in accordance with International Financial Reporting
Standards (IAS) 34 Interim Financial Reporting, the SAICA
Financial Reporting Guides as issued by the Accounting Practices
Committee and Financial Reporting Pronouncements as issued by
Financial Reporting Standards Council and the requirements of the
Companies Act of South Africa. The condensed consolidated interim
financial statements were approved by the Board on
23 September 2016. The financial statements have been prepared by
Ms. J Speckman, CA(SA) under the supervision of Mr Gao as the
acting Finance Director.
3. Significant accounting policies
The accounting policies applied in the preparation of these
condensed consolidated interim financial statements are in terms
of International Financial Reporting Standards and are consistent
with those applied in the previous annual financial statements.
4. Estimates
The preparation of the interim financial information requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, as well as income and expense.
Actual results may differ from these estimates.
Except as described below, in preparing the condensed consolidated
interim financial information, the significant judgements made by
management in applying the Group’s accounting policies and the key
sources of estimation are consistent with those that applied to
the consolidated financial statements for the year ended 31
December 2015.
5. Going concern
The Group’s cash resources at the reporting date of R984 million
(June 2015: R624 million) together with the available drawdown
facility from the loan funding secured from China Development Bank
(“CDB”) are sufficient, based on current budgets, to conduct
operations and develop the Bakubung Platinum Mine Project (“BPM”)
up to the second quarter of 2018.
6. Property, plant and equipment
During the period under review an amount of R437 million was
capitalised to property, plant and equipment as part of the
activities to develop the mine and related construction
activities.
At the reporting date, property, plant and equipment consisted of
the following categories of assets:
Property, Construct Mineral TOTAL
plant and ion Rights
equipment Work-in-
progress
R’000 R’000 R’000 R’000
Opening balance 66 647 4 270 647 1 057 729 5 395 023
Acquisitions during
the period 6 157 430 768 - 436 925
Depreciation (3 766) - - (3 766)
Closing balance 69 038 4 701 415 1 057 729 5 828 182
No additions have been made in respect of mineral rights during
the period under review.
7. Available-for-sale financial asset
Six Six Year
months months ended
ended ended December
June June 2015 2015
2016 Reviewed Audited
Reviewed
R’000 R’000 R’000
Opening Balance 628 000 788 700 788 700
Impairment/fair value
adjustment (199 150) (160 700) (160 700)
Closing balance 428 850 628 000 628 000
The group currently holds 17.1% of Maseve Investments 11 (Pty) Ltd
(“Maseve”). The available-for-sale financial asset is classified
as a level 3 fair value as the fair value is determined on inputs
not based on observable market data. The fair value of the unlisted
equity securities is based on the discounted cash flows method.
The valuation model considers the present value of estimated
future cash flows, discounted using a risk-adjusted discount rate.
The significant unobservable inputs are:
Six months Year ended
ended December
June 2016 2015
Reviewed Audited
US$ exchange rate (ZAR) up to 13.61 –
2020/2025 15.17 13.10 – 16.30
US$ exchange rate (ZAR) long-
term 13.93 14.85
Pt price (US$/oz) up to 1 017 – 1
2020/2025 216 843 – 1 514
Pt price (US$/oz) long-term 1 488 1 526
Pd price (US$/oz) up to
2020/2025 598 - 694 566 – 1 043
Pd price (US$/oz) long-term 738 1 046
Rh price (US$/oz) up to 718 – 1
2020/2025 164 739 – 2 239
Rh price (US$/oz) long-term 1 339 3 069
Au price (US$/oz) up to 1 186 – 1
2020/2025 316 1 125
Au price (US$/oz) long-term 1 211 1 125
Pre-tax Discount
rate/Weighted Average Cost of 15.08 -
Capital (%) (Real) 15.82 14.94
A 10% increase/(decrease) in either the US$ exchange rate or the
platinum price will result in the following increases/(decreases)
to the carrying amount of R428.85 million:
Six months Year ended
ended December
June 2016 2015
Reviewed Audited
R’000 R’000
10% increase in the US$
exchange rate 111 800 211 500
10% decrease in the US$
exchange rate (115 500) (214 400)
10% increase in the platinum
price 78 450 137 600
10% decrease in the platinum
price (79 550) (139 600)
8. Restricted cash
Restricted cash covers the following guarantees:
Non-current:
- R77.6 million (December 2015: R77.6 million) in favour of Eskom
for phase 1 and phase 2 bulk power supply to the BPM; and
- R57 million (December 2015: R57 million) guaranteed to Aveng
Mining Ltd for the mine shaft sinking project.
Current:
- R27 million (December 2015: R27 million current) in favour of
the Department of Mineral Resources for environmental
obligation.
9. Stated capital
Six Six Year
months months ended
ended ended December
June 2016 June 2015
Reviewed 2015 Audited
R’000 Reviewed R’000
R’000
Authorised
2 000 000 000 no par value
ordinary shares (2015:
2 000 000 000 no par value
ordinary shares) - - -
Issued
1 627 827 058 no par value
ordinary shares (2015:
1 627 827 058 no par value
ordinary shares) 3 425 544 3 425 544 3 425 544
10. Taxation
Six Six Year
months months ended
ended ended December
June June 2015 2015
2016 Reviewed Audited
Reviewed
R’000 R’000 R’000
Current year - normal
taxation (3 168) (796) -
Current year - deferred
taxation (35 363) (1 988) 199 336
Total (38 531) (2 784) 199 336
Reconciliation of effective
tax rate % % %
Standard tax rate 28.0 28.0 28.0
Non-deductible expenses 4.9 8.0 (0.3)
Deferred tax asset not
raised 0.4 1.2 -
Deferred tax asset reversed - - 0.3
Fair value gain/loss on
available-for-sale
financial asset at CGT rate
in the subsidiary 29.4 - (1.6)
Change in CGT inclusion
rate in the subsidiary 39.0 - -
Effective rate 101.7 37.2 26.4
11. Review report
These interim condensed consolidated financial statements for the
period ended at 30 June 2016 have been reviewed by KPMG Inc, who
expressed an unmodified review conclusion.
The auditor’s review report does not necessarily report on all
of the information contained in these condensed financial
results. Shareholders are therefore advised that in order to
obtain a full understanding of the nature of the auditor’s
engagement they should obtain a copy of the auditor’s report
together with the accompanying financial information from the
issuer’s registered office.
12. Segment reporting
No segmental report has been produced as the Group is conducting
activities in one geological location which represents its only
business activity.
An operating segment is a component of the Group that engages in
business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to
transactions with any of the Group’s other components. The
operating results for the Group as a whole are reviewed regularly
by the Group’s CEO to make decisions about resources to be
allocated and to assess its performance.
13. Mineral resources
There were no changes to the mineral resources for the six months
ended 30 June 2016.
14. Mine closure and environmental rehabilitation obligation
The change in the obligation is due to an increase in the current
cost rehabilitation of R3.6 million. The remainder of the
additional obligation recognised resulted from an increase in the
inflation rate, a decrease in the discount rate and additional
finance costs of R0.8 million.
15. Subsequent events
The Group has concluded an amicable agreement with the shaft
sinker contractor for an early termination, after an agreed
handover period which ends in May 2017 when Phase 1 Main Shaft
commissioning will be completed. The Group is satisfied that this
termination will have no significant adverse effect in the Group’s
operations.
16. Commitments
At 30 June 2016 the Group had commitments to the value of R746
million (December 2015: R763 million). This amount includes the
commitment in respect of the shaft sinking agreement, which
amounts to R431 million (58% of the total commitments). This
amount will be incurred over the next 2 years until June 2018,
and payments are to be made on physical progress.
17.(Loss)/earnings per share
Six months Six months Year ended
ended ended December
June 2016 June 2015 2015
Reviewed Reviewed Audited
The basis of
calculation of basic
(loss)/earnings per
share is:
Attributable
(loss)/earnings to
ordinary shareholders
(Rand) (637 639) 4 706 456 (556 784 945)
Weighted average
number of ordinary
shares in issue 1 627 827
(shares) 058 1 627 827 058 1 627 827 058
Basic (loss)/earnings
share (cents) (0.04) 0.29 (34.20)
The basis of
calculation of diluted
(loss)/earnings per
share is:
Attributable
(loss)/earnings to
ordinary shareholders
(Rand) (637 639) 4 706 456 (556 784 945)
Weighted average
number of ordinary
shares in issue 1 627 827
(shares) 058 1 627 827 058 1 627 827 058
Diluted
(loss)/earnings per
share (cents) (0.04) 0.29 (34.20)
The basis of
calculation of
headline
earnings/(loss) per
share is:
Attributable
(loss)/earnings to
ordinary shareholders
(Rand) (637 639) 4 706 456 (556 784 945)
Adjustments: 169 307 928 - 108 160 935
Profit on disposal of
property, plant and
equipment - - 9 311
Loss on fair value
adjustment of
available-for-sale
financial asset net of
tax 1 69 307 928 - 108 151 624
Headline
earnings/(loss) (Rand) 1 68 670 289 4 706 456 (448 624 010)
Weighted average
number of ordinary
shares in issue
(shares) 1 627 827058 1 627 827 058 1 627 827 058
Headline and diluted
headline
earnings/(loss) per
10.36 0.29 (27.56)
share (cents)
Commentary
1. Financial overview
As the Group is currently in development phase of the BPM, it will
not earn revenue until 2019, when the concentrator plant is brought
into production.
The loss for the six months under review is R0.6 million (compared
to a profit of R4.7 million for the same period in 2015) as set out
in the condensed consolidated statement of profit and loss and other
comprehensive income.
Administration expenses of R109.1 million (June 2015: R100.1
million) include the following:
- Depreciation and amortisation – R4.9 million
(June 2015: R4.2 million);
- Professional fees – R33.1 million (June 2015: R27.4 million);
- Directors’ expenses – R5.9 million (June 2015: R7.1 million);
- Salaries and payroll related expenses – R46.0 million
(June 2015: R43.7 million);
- Marketing expenses and investor relations – R0.8 million
(June 2015: R1.4 million);
- Electricity and water – R10.3 million (June 2015: R10.3 million);
and
- Other administrative overheads – R8.0 million
(June 2015: R6.0 million).
During the six months under review the administration expenses
increased by 9.0% compared to the corresponding period in 2015 as a
result of the ramp up of the construction of BPM.
The basic loss per share for the period was 0.04 cents per share
(2015: 0.29 cents earnings per share for the same period). The
headline earnings per share was 10.36 cents per share (2015: 0.29
cents per share for the same period).
2. Project funding
As previously reported, Wesizwe concluded and signed all Project
Financing Agreements for the US$650 million loan facility with CDB.
As at the 30th of June 2016, drawdowns amounting to $300 million have
occurred.
3. Project update – Bakubung Platinum mine
The BPM project continues to achieve the set milestones and the main
activity on critical path is that of Main Shaft Commissioning. The
process is 50% complete with all pipes installed to surface and
Phase 1 headgear changeover completed, now going down with steel
work as planned, it is to be completed in September 2017. The flat
development through the services shaft is well underway and the ends
are getting into reef position of the UG2 on 77 & 81 Levels, the
planned milestone is to start full reef development in 2017 Q2.
Feasibility studies and inquiry process for the process plant have
also been completed and procurement is planned to commence in 2017.
All services projects are well underway and the key one being the
Phase 1 mine employee housing has been approved by the board. The
company’s business management systems of SAP, PRISM, Prima-Vera and
Isometric have been implemented. The mine operational readiness
program is also underway and continuously being reviewed to adapt
to the project schedule and strategy.
3.1 Safety and Health
Wesizwe has had a significant improvement in our safety
performance over the past 6 months to the reporting period with
a total of 56 injuries, 53 minor injuries and 3 lost time
injuries were reported. The LTIFR for 2016 is 0.60 against a
target of 1.04. To date 252 391 fatality free shifts have been
recorded.
3.2 Production shaft
The Phase 1 headgear change-over has been completed and handed
over back to the shaft sinker. This modification of sinking
conveyances was in preparation to start equipping the shaft with
permanent steel work. Shaft equipping from sub-bank to 69L
commenced. The equipping entails installation of buntons and
guides for permanent conveyances with 41 sets having been
installed. Steelwork installation planned to be completed in
February 2017.
3.3 Service shaft
The piloting of the 72L-81L temporary ore pass system was
successfully completed along with the reaming. The 77L-81L
temporary waste pass system was commissioned. This culminated
in the commencement of multi-level development between the two
levels. Construction of the second 72L-81L temporary waste pass
system commenced. The 81L-82L ramp development reached its
battery limit to the Main shaft.
A 10m pillar was left in situ to be holed later once water in
the Production shaft has been dealt with. Another milestone
achieved was that a 3m pillar on 81L was completed. Current
focus is to continue with the development of the critical path
leading to holing of the Services shaft with the Production
shaft on all levels by end of 2016.
3.4 Concentrator plant
The bulk sampling program was completed in June 2016. The test
work indicated an opportunity to reduce capital and operational
costs. These opportunities will be adopted into the process
design criteria.
The procurement process to acquire the EPC for the process plant
will commence in the 4th quarter of 2016 and the order is
envisaged for 1st quarter 2017 when the final bulk sampling
results are received.
3.5 Services
Mine services such as power, water and housing are critical to
the overall success of the developing project. Wesizwe is running
parallel projects in these areas to ensure the availability of
these services well within the critical path of the developing
project.
3.5.1 Bulk power supply
The BPM currently has a 20MVa supply from Eskom. The current
forecast for energizing the Bakubung Substation (Phase 2) on
the 132/33 KV from Ngwedi is forecasted for the end of
September 2016.
The shutdown for the Matimba units commenced on 3 August 2016
ahead of schedule which will allow the powering up of the
overpass to admit 400 KV on Ngwedi on one Busbar and liven up
the 500 MVA transformer.
The Second Shutdown is planned for 15 September 2016 which
will isolate the Midas-Marang which will allow the powering
up on the Ngwedi-Bakubung line.
Wesizwe is confident that power delivery will not be a limiting
factor to the commissioning of operations.
3.5.2 Bulk water supply
We are progressing as per plan on the 50 ML reservoir for
completion in the month of October 2016.
Wesizwe remains confident that the current rate of delivery
on the Water related projects will not pose any threat to the
commissioning timing of the BPM.
3.5.3 Housing project
The Wesizwe board has approved the construction of an initial
801 housing units. Wesizwe has forged a partnership with the
Social Housing Regulatory Authority (SHRA) and has received a
grant approval of R100 million for development of the homes.
Discussions with the North West Human Settlements Provincial
Department have advanced and approval of provincial funding
is awaited. The following activities have been completed:
- Environmental impact assessment approval
- Appointment of bulk civils and electrical contractor
- Township development approval
- Funding for 801 units
- Site establishment scheduled for September 2016.
3.6 Business Optimization
The Board approved business review strategy exercise with focus
on capital preservation and moving out some non-critical path
work packages, resulting in added available capital for critical
path scopes. The company has embarked on systemic strategic
exercise and real option analysis to continuously revise the
project strategy in response to the market conditions.
The project management consulting model was converted to that
of outsourced Engineering and Design whilst keeping the
procurement and managing construction in house. The conversion
aligns with the Company’s intent to build capacity and ensure
readiness for taking over of the project management and control
by the Wesizwe and BPM management team.
Management investigated the mining philosophy of Owner Operated
vs Contract Mining looking at global companies through an
extensive due diligence. The Wesizwe senior management team
conducted a due diligence visit to China as part of the global
strategy in order to lower capital costs and be more competitive
in getting value for money for certain key products and services.
3.7 Project expenditure and commitments to date
Total direct project capital expenditure to the end of June 2016
was R2.8 billion. Commitments remaining as at the end of the
period were R 0.7 billion. The project is 29.7% complete relative
to a planned completion of 31.1%.
3.8 Stakeholder Relations Management
Wesizwe’s corporate philosophy centers on effective stakeholder
engagement, which plays an important role in the success of the
company. Strategies are implemented and monitored both
internally and externally, to ensure good relations. As brand
ambassadors, employees are encouraged and motivated through
employee engagement strategies aimed at getting their support
in growing the company. This then translates into how the brand
is regarded externally by shareholders, potential investors and
other interested parties.
We have continued to provide feedback to all stakeholders through
various communication channels, such as meetings with the
community and its leadership, the company website, brochure,
industry specific events and the integrated report, on the
company growth and the role played by the company in socio-
economic development of the local host community.
We have focused on integrating our communication strategies in
a way that is aligned with the development of employee engagement
and good stakeholder relations so that each can reinforce and
even amplify the other. During the period under review, industry
specific publications and internal publications shared
information on the BPM project as well as our SLP projects.
We continue to have a proactive approach to sustainability and
to employ continuous improvement where necessary. The SLP, with
its intent for local economic development, continues to be
successfully implemented with healthy and appropriate
engagements and partnerships.
During the period under review, the following projects have had
an impact on local economic development:
- Agricultural farming projects
- Ablution blocks in Phatsima schools.
4. Dividends
No dividends were declared in the current period.
Board changes
Mr Jikang Li has resigned from his position as non-executive director
with effect from 28 January 2016. Mr Liliang Teng has resigned from
his position as non-executive director with effect from 13 September
2016. Mr Wenliang Ma has resigned from his position as financial
director with effect from 15 September 2016. Mr Li Pengfei and Ms
Zhou Xiaoyin, have been appointed to the board as non-executive
directors on 21 September 2016.
Johannesburg
29 September 2016
Sponsor:
PSG Capital Proprietary Limited
By order of the board:
Dawn Mokhobo (Chairman) Jianke Gao (Chief Executive Officer)
Wesizwe Platinum Limited
Directors: DNM Mokhobo (Chairman)*, D Chen (Deputy Chairman)*?,
J Gao (Chief Executive Officer)?, L Pengfei*", Z Xiaoyin*",
LV Ngculu*, TV Mabuza*, K Mokoka*
*Non-Executive ?Chinese
Company Secretary: V Mhlongo
Transfer Secretaries:
Trifecta Capital Services (Proprietary) Limited
31 Beacon Road, Florida North, Roodepoort, 1709
Registered address: Wesizwe House, Devcon Park, 9 Autumn Road Rivonia
Ext 3, 2128, South Africa
Date: 29/09/2016 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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