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Boteti project update
eXtract Group Limited
(previously Eqstra Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1998/011672/06)
Share code: EXG ISIN: ZAE000223202
(“eXtract” or “the Company”)
BOTETI PROJECT UPDATE
The Company, through its Eqstra Botswana (Proprietary) Limited
(“Eqstra Botswana”) operations commenced, in December 2014, a five
year opencast mining contract with Boteti Mining Proprietary Limited
(“Boteti”), through its holding company, Lucara Diamond Corporation
(listed on the Toronto Stock Exchange: LUC).
Shareholders are advised that Boteti has, on 29 November 2016,
advised Eqstra Botswana of its intention to terminate the opencast
mining contract and to cease mining operations on 13 December 2016.
Boteti further intends to withhold payment due to Eqstra Botswana for
work performed in October and November, as a result of irreconcilable
differences with regards to volumes mined.
The company categorically denies and refutes any allegations of
improper conduct relating to the performance of its contractual
obligations.
The Company can assure its shareholders that it made all reasonable
efforts to resolve the issue in order to progress the partnership in
a mutually beneficial way.
Eqstra Botswana will seek to recoup its damages, in terms of the
contract, which was to endure to December 2020. Discussions are
ongoing to minimise job losses in Botswana. The contract value for
Eqstra Botswana is approximately R500 million per annum of revenue
and contributed R8.5 million profit after taxation per annum.
eXtract’s Botswana operations are ring-fenced to the local entity and
will not affect eXtract’s plans in bringing efficiencies to its
balance sheet and operating model. The board of directors of eXtract
will continue to assess all contracts to ensure the delivery of
appropriate returns to achieve the Company’s strategy.
Kempton Park
5 December 2016
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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