Wrap Text
Condensed Consolidated Interim Financial Information for the Six Months Ended 30 June 2017
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”)
CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 30 JUNE 2017
Highlights
- The flat development operations were successfully taken-over
from Aveng Mining, with minimal disruptions of only one month of
no production.
- During the six months in review, 753m of flat development was
achieved on 69, 72, 77 and 81 levels.
- Completion of main shaft equipping in the barrel.
- Structural completion of the headgear to permanent conditions.
- Civil/structural completion of the main entrance building,
control room and two ablution blocks has been achieved.
- The ventilation fans purchase order was placed.
- The purchase order for the supply and installation of control
systems, including third party underground cables and
instrumentation was finalized.
- The water pumping system to surface was commissioned, enabling
more rock hoisting.
- The sewage treatment plant for the mine and the employees’
housing estate was completed on schedule.
- The main control room construction was completed.
- All rope handling equipment was delivered and installed.
- All sheaves, ropes and conveyances were delivered for
installation.
- Unrestricted cash on hand as of 30 June 2017 is R622 million.
- Housing project bulk infrastructure program is underway and
scheduled for completion end October 2017.
- Continued with various Social Labour Plan (SLP) projects as per
2017 work plan as summarised in 3.9 below.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note Six months Six months Year ended
ended ended 31
30 June 30 June December
2017 2016 2016
Reviewed Reviewed Audited
R’000 R’000 R'000
ASSETS
Non-current assets 7 413 248 6 396 455 6 983 038
Property, plant and
5
equipment 6 974 025 5 828 182 6 389 880
Intangible assets 2 466 4 782 3 601
Available-for-sale
6
financial asset 331 100 428 850 510 900
Restricted cash 7 105 657 134 641 78 657
Current assets 758 233 1 049 340 596 175
Other receivables 69 051 35 489 56 723
Inventories 10 258 - -
Taxation receivable - 3 097 -
Restricted cash 7 57 000 27 000 84 000
Cash and cash equivalents 621 924 983 754 455 452
TOTAL ASSETS 8 171 481 7 445 795 7 579 213
EQUITY AND LIABILITIES
Capital and reserves 3 126 168 2 803 803 3 107 125
Stated capital 8 3 425 544 3 425 544 3 425 544
Available-for-sale
financial asset reserve - - -
Accumulated loss (299 376) (621 741) (318 419)
Non-current liabilities 4 936 346 4 550 489 4 358 031
Deferred tax liability 322 612 193 126 302 135
Interest-bearing
borrowings 4 550 522 4 303 897 3 996 061
Mine closure and
environmental 13
rehabilitation obligation 56 239 46 850 53 889
Provision 6 973 6 616 5 946
Current liabilities 108 967 91 503 114 057
Trade and other payables 108 668 91 503 112 499
Taxation 299 - 1 558
TOTAL EQUITY AND
8 171 481 7 445 795 7 579 213
LIABILITIES
CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER
COMPREHENSIVE INCOME
Not Six months Six months Year
e ended ended ended 31
30 June 30 June December
2017 2016 2016
Reviewed Reviewed Audited
R’000 R’000 R'000
Administration expenditure (174 440) (109 147) (214 179)
Project related expenses
capitalised 168 525 95 904 193 519
Loss on scrapping of
property, plant and
equipment (5) - (1 497)
Net operating costs (5 920) (13 243) (22 157)
Impairment of available-for-
sale financial asset
reclassified from other
comprehensive income (179 800) (199 150) (117 100)
Financial income/(expense)
Finance income 29 754 42 764 76 493
Finance expense (120 443) (108 573) (208 692)
Net foreign exchange gain 210 736 222 294 535 373
Finance costs capitalised 106 937 93 801 190 332
Net finance income 226 984 250 286 593 506
Profit before tax 41 264 37 893 454 249
Income tax expense 9 (22 221) (38 531) (151 565)
Profit/(loss) for the period 19 043 (638) 302 684
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 6 (179 800) (199 150) (117 100)
Tax on other comprehensive
income 40 275 29 842 11 463
Reclassification of
available-for-sale financial
asset to profit or loss 179 800 199 150 117 100
Related tax (40 275) (29 842) (11 463)
Total other comprehensive
income - - -
Total comprehensive
income/(loss) for the period 19 043 (638) 302 684
Basic and diluted
earnings/(loss) per share
(cents) 16 1.17 (0.04) 18.59
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Stated Accumu- Total
/ share lated loss
capital
R’000 R’000 R’000
Balance at 1 January 2016 3 425 544 (621 103) 2 804 441
- (638) (638)
Loss for the period
- (638) (638)
Balance at 30 June 2016 3 425 544 (621 741) 2 803 803
Profit for the period - 303 322 303 322
- 303 322 303 322
Balance at 31 December 2016 3 425 544 (318 419) 3 107 125
Profit for the period - 19 043 19 043
- 19 043 19 043
Balance at 30 June 2017 3 425 544 (299 376) 3 126 168
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Six months Six months Year
ended ended ended 31
30 June 30 June December
2017 2016 2016
Reviewed Reviewed Audited
R’000 R’000 R'000
Cash flows utilised by operating
activities (54 124) (10 622) (8 915)
Finance income 17 235 35 569 72 682
Finance expense (2) (2) (17 267)
Taxation paid (3 003) (3 156) (5 636)
Taxation received - 1 806 4 916
Cash (utilised)/generated in
operations (39 894) 23 595 45 780
Cash flows utilised by investing
activities
Acquisition of property, plant
and equipment (576 032) (431 829) (975 200)
Acquisition of intangible assets - (46) -
Net cash outflow from investing
activities (576 032) (431 875) (975 200)
Cash flows from financing
activities
Interest-bearing borrowings
raised 781 034 - -
Net cash inflow from financing
activities 781 034 - -
Net increase/(decrease) in cash
and cash equivalents 165 108 (408 280) (929 420)
Cash and cash equivalents at the
beginning of the period 615 368 1 544 788 1 544 788
Cash and cash equivalents at the
end of the period 780 476 1 136 508 615 368
Cash at end of the period
comprises:
Cash balances 621 924 983 754 455 452
Less: Interest accrued (4 105) (8 887) (2 741)
Cash and cash equivalents 617 819 974 867 452 711
Restricted cash 162 657 161 641 162 657
Cash at the end of the period 780 476 1 136 508 615 368
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
For the six months ended 30 June 2017
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 2017 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 2016 are available at www.wesizwe.com.
2. Basis of preparation
The condensed consolidated interim financial statements are
prepared in accordance with International Financial Reporting
Standard,(IAS) 34 Interim Financial Reporting, the SAICA
Financial Reporting Guides as issued by the Accounting Practices
Committee and Financial Pronouncements as issued by Financial
Reporting Standards Council and the requirements of the
Companies Act of South Africa. The accounting policies applied
in the preparation of these interim financial statements are in
terms of International Financial Reporting Standards and are
consistent with those applied in the previous annual financial
statements. The financial statements have been prepared under
the supervision of the Finance Director, Mr F Tao.
3. 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 2016.
4. Going concern
The Group’s cash resources at the reporting date of R622 million
(June 2016: R984 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 fourth quarter of 2018.
5. Property, plant and equipment
During the period under review an amount of R589 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, Constructi Mineral TOTAL
plant and on Rights
equipment Work-in-
progress
R’000 R’000 R'000 R'000
Opening balance 67 899 5 264 252 1 057 729 6 389 880
Acquisitions during
the period 5 790 583 243 - 589 033
Disposals (5) - - (5)
Depreciation (4 879) (4) - (4 883)
Closing balance 68 805 5 847 491 1 057 729 6 974 025
No additions have been made in respect of mineral rights during
the period under review.
6. Available-for-sale financial asset
Six months Six months Year
ended ended ended
30 June 30 June 31
2017 2016 December
Reviewed Reviewed 2016
Audited
R’000 R’000 R'000
Opening Balance 510 900 628 000 628 000
Impairment (179 800) (199 150) (117 100)
Closing balance 331 100 428 850 510 900
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 31 December
30 June 2016
2017 Audited
Reviewed
US$ exchange rate (ZAR) up to 13.10 - 13.10 –
2020/2025 13.90 14.21
US$ exchange rate (ZAR) long-
term 13.42 14.64
Pt price (US$/oz) up to
2020/2025 976 - 1 321 978 – 1 236
Pt price (US$/oz) long-term 1 222 1 326
Pd price (US$/oz) up to
2020/2025 771 - 973 711 – 930
Pd price (US$/oz) long-term 941 981
Rh price (US$/oz) up to
2020/2025 906 - 1 192 767 - 898
Rh price (US$/oz) long-term 1 269 1 227
Au price (US$/oz) up to 1 237 - 1 1 234 – 1
2020/2025 284 226
Au price (US$/oz) long-term 1 293 1 309
Pre-tax Discount rate (%)
(Real) 15.22 14.80
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 R331.1 million:
Six months Year ended
ended 31 December
30 June 2016
2017 Audited
Reviewed
R’000 R’000
10% increase in the US$
exchange rate 204 500 233 800
10% decrease in the US$
exchange rate (206 200) (235 800)
10% increase in the platinum
price 128 300 147 700
10% decrease in the platinum
price (128 500) (148 000)
7. Restricted cash
Restricted cash covers the following guarantees:
Non-current:
• R77.6 million (December 2016: R77.6 million) in favour of
Eskom for phase 1 and phase 2 bulk power supply to the BPM;
and
• R28 million (December 2016: R1 million non-current and R27
million current) in favour of the Department of Mineral
Resources for environmental obligation.
Current:
• R57 million (December 2016: R57 million) guaranteed to Aveng
Mining Ltd for the mine shaft sinking project.
8. Stated capital
Six months Six months Year
ended ended ended 31
30 June 30 June December
2017 2016 2016
Reviewed Reviewed Audited
R’000 R’000 R’000
Authorised
2 000 000 000 no par value
ordinary shares (2016:
2 000 000 000 no par value
ordinary shares) - - -
Issued
1 627 827 058 no par value
ordinary shares (2016:
1 627 827 058 no par value
ordinary shares) 3 425 544 3 425 544 3 425 544
9. Taxation
Six months Six months Year
ended ended ended
30 June 30 June 31
2017 2016 December
Reviewed Reviewed 2016
Audited
R’000 R’000 R'000
Current year - normal
taxation (1 745) (3 168) (7 193)
Current year - deferred
taxation (20 476) (35 363) (144 372)
Total (22 221) (38 531) (151 565)
Reconciliation of effective
tax rate % % %
Standard tax rate 28.0 28.0 28.0
Non-deductible expenses 1.1 4.9 (6.9)
Deferred tax asset not
raised 0.4 0.4 7.6
Fair value loss on
available-for-sale
financial asset at CGT rate
in the subsidiary 24.4 29.4 4.7
Change in CGT inclusion
rate in the subsidiary - 39.0 -
Effective rate 53.9 101.7 33.4
10. Independent Auditor Review report
The condensed consolidated interim financial statements for the
six months ended 30 June 2017 have been reviewed by KPMG Inc.,
who expressed an unmodified review conclusion.
The auditor’s report does not necessarily report on all of the
information contained in these 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.
11. Segment reporting
No segment reporting has been produced as the group is
conducting construction activities in one geological location
which represents it’s only business activity with no revenue
yet.
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.
12. Mineral resources
There were no changes to the mineral resources for the six
months ended 30 June 2017.
13. Mine closure and environmental rehabilitation obligation
The change in the obligation is due to the time value of money
adjustment for the period of R2.3 million being recognised.
14. Subsequent events
Refer to note 6, the group holds 17.1% of Maseve and Platinum
Group Metals (“PTM”) holds the remaining 82.9% shareholding. PTM
announced on 6 September 2017 that it has entered into a term
sheet to sell Maseve to Royal Bafokeng Platinum Limited in a
transaction valued at approximately US$74.0 million.
15. Commitments
At 30 June 2017 the Group had commitments to the value of R296
million (December 2016: R399 million). This amount includes
capital commitments amounting to R295 million (December 2016:
R397 million).
16. Earnings/(loss) per share
Six months Six months Year ended
ended ended 31 December
30 June 2017 30 June 2016 2016
Reviewed Reviewed Audited
The basis of calculation
of basic earnings/(loss)
per share is:
Attributable
earnings/(loss) to
ordinary shareholders
(Rand) 19 043 281 (637 639) 302 683 874
Weighted average number
of ordinary shares in
issue (shares) 1 627 827 058 1 627 827 058 1 627 827 058
Basic earnings/(loss)
share (cents) 1.17 (0.04) 18.59
The basis of calculation
of diluted
earnings/(loss) per share
is:
Attributable
earnings/(loss) to
ordinary shareholders
(Rand) 19 043 281 (637 639) 302 683 874
Weighted average number
of ordinary shares in
issue (shares) 1 627 827 058 1 627 827 058 1 627 827 058
Diluted earnings/(loss)
per share (cents) 1.17 (0.04) 18.59
The basis of calculation
of headline
earnings/(loss) per share
is:
Attributable
earnings/(loss) to
ordinary shareholders
(Rand) 19 043 281 (637 639) 302 683 874
Adjustments: 139 528 148 169 307 928 106 715 352
Profit on disposal of
property, plant and
equipment 3 348 - 1 078 224
Loss on fair value
adjustment of available-
for-sale financial asset
net of tax 139 524 800 169 307 928 105 637 128
Headline earnings/(loss)
158 571 429 168 670 289 409 399 226
(Rand)
Weighted average number
of ordinary shares in 1 627 827 058 1 627 827 058 1 627 827 058
issue (shares)
Headline and diluted
headline earnings per 9.74 10.36 25.15
share (cents)
Commentary
1. Financial overview
As the Group is currently in development phase of the BPM, it will
not earn revenue until saleable concentrate is ready for sale.
The profit for the six months under review is R19.0 million
(compared to a loss of R0.6 million for the same period in 2016) as
set out in the condensed consolidated statement of profit and loss
and other comprehensive income.
Administration expenses of R174.4 million (June 2016: R109.1
million) include the following:
• Depreciation and amortisation – R6.0 million (June 2016: R4.9
million);
• Professional fees – R57.5 million (June 2016: R33.1 million);
• Directors’ expenses – R4.8 million (June 2016: R5.9 million);
• Salaries and payroll related expenses – R67.2 million (June
2016: R46.0 million);
• Marketing expenses and investor relations – R0.8 million (June
2016: R0.8 million);
• Electricity and water – R13.6 million (June 2016: R10.3
million);
• Consumables utilised – R13.3 million (June 2016: R0.5 million);
and
• Other administrative overheads – R11.2 million (June 2016: R7.5
million).
During the six months under review, the administration expenses
increased by 59.9% compared to the corresponding period in 2016 as
a result of the ramp up of the construction of BPM.
The basic earnings per share for the period was 1.17 cents per
share (2016: 0.04 cents loss per share for the same period). The
headline earnings per share was 9.74 cents per share (2016: 10.36
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 2017, drawdowns amounting to $358.4 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 almost complete with the first two conveyances
installed in the shaft barrel. One of the conveyances had been
commissioned with the other busy in commissioning. The next
critical activity is installing the rock skips and commissioning
the hoisting system which will happen by end 2017.The inquiry
process for the process plant have also been completed and order
placement is planned to commence in 2018.
3.1. Safety and Health
Wesizwe has had a significant improvement in our safety performance
since our initial suspected smoke inhalation incident on 24
February 2017, which resulted in the recording of 102 minor
injuries as a result of a precautionary measure. For the period
under review, a total of 119 injuries were reported, 115 of which,
being minor injuries, 2 serious injuries and 2 lost time injuries.
The LTIFR for 2017 is 0.39 against a target of 0.86. To date 465
673 fatality free shifts have been recorded.
3.2. Shaft Equipping
The Phase 1 commissioning strategy involves two parts: Part A and
Part B. Part A is the commissioning of the hoisting system and Part
B is the commissioning of the ground handling system from 69 to 72
to 77 level and onto the loading box feed conveyor. Each system is
explained in detail as follows:
Part A: Shaft Hoisting System.
This system involves the following sub-systems:
• 77 Level tail end conveyor loading arrangement
• 77 Level Conveyor CV-002
• 77 Level Loading Box
• Skips installed and roped up
• Surface Rock Silo
• Surface Conveyor CV-001
Commissioning of this system will allow hoisting of rock from 77
level to surface and is currently forecast to be 13 September 2017.
Part B: 69/72 Leave Ore Transport System
This system involves the following sub-systems:
• Ore Pass from 72 to 77 level raisebored
• Ore Pass from 69 to 72 level raisebored
• Tip and rock breaker on 69 level
• Tip and rock breaker on 72 level
• Box front on 77 level ore pass.
• 77 level conveyor CV-001 (feeding CV-002)
Commissioning of Part B will allow hoisting of rock from 69 and 72
level out the main shaft and will allow a total production of 50
000 tonnes per month when the system is fully proven. This is
currently forecast for 23 March 2018 due to access restrictions on
72 level prohibiting the raise boring contractor starting prior to
15 September 2017.
3.3. Concentrator plant
The adjudication for the concentrator process plant EPC has been
finalized and has been submitted for board approval in September
2017.
The ratified Environmental Impact Assessment amendment document was
received on 26 July 2017.
The Department of Water and Sanitation (DWS) has accepted the
proposed stockpad liner with conditions. The amendment to the Water
Use Licence Agreement is still awaited with only department
officials signatures pending.
3.4. 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 capacitor bank for the first 40MVA transformer has been
commissioned and energised.
The second 40 MVA transformer has been commissioned and energized
from Eskom side. BPM has not yet closed the breaker to start taking
load on the second transformer. The Company will wait until it has
have fully commissioned the second capacitor bank before admitting
load on the second transformer to reduce power wastage. The second
capacitor bank is planned to be commissioned and energised on 24
September 2017.
The substation is at full capacity for the final supply except for
the standby substation, which is awaiting approval of the budget
quotation from Eskom for them to progress with procurement and
project commencement.
The designs for the plant substation have advanced steadily and all
the documentation will be handed over to Wesizwe on completion of
the design.
3.5.2 Bulk water supply
The 50ML reservoir project has been completed and the close out has
been agreed with the construction contractor who is busy finalising
the close out of the contract.
3.5.3 Housing project
Phase 1 of the project has commenced with bulk civils and
infrastructure and is scheduled for completion in October 2017.
Partnerships with SHRA and NWGHS have been sealed with signed
agreements. Gabonewe has also made the first draw down on the SHRA
facility. Tenders for top structure were adjudicated and completed
however due to market escalations the project costs were too high.
Currently busy with a cost optimisation exercise.
3.6 Business Optimization
Investigations to reduce the underground scope and production build
up have started in an attempt to curb assets dilution due to the
current platinum price.
The strategy relating to the process plant build-up and
consideration to a modular approach is being investigated in an
attempt to defer capital.
The continuation of bi-weekly optimization meetings with the focus
on critical work packages are under way for example the loading
arrangement and change house.
3.7. Project expenditure and commitments to date
Total direct project capital expenditure to the end of June 2017
was R2.9 billion. Commitments remaining as at the end of the period
was R296 million. The project is 45.9% complete relative to a
planned completion of 53.7%.
3.8. Stakeholder Relations Management
One of the key stakeholders of Wesizwe is the Community. The CEO
and Management of BPM held a meeting with the Bakubung Ba Ratheo in
April 2017. The purpose of the meeting was to conduct a periodic
review of relations and discuss matters of mutual interest.
This meeting was followed by a high-powered delegation led by
Premier of the North West Province, Mr. SOR Mahumapelo in May 2017.
The purpose of the visit was to enhance relations with the Wesizwe
CEO, Mr. Zhimin Li and to receive an update on the BPM project
status and some of the challenges the company faces.
This engagement was followed by a very successful oversight visit
by the Parliament’s delegation of the Portfolio Committee on
Mineral Resources and the Regional and National offices of the
Department of Mineral Resources. The visit provided an opportunity
for the company to showcase to Parliament, what the company does to
build relations with its key stakeholders. The committee met with
the Management of the BPM project in June 2017.
The Company continues to build relations with its stakeholders
guided by its corporate philosophy and its corporate affairs
strategy which prioritizes effective stakeholder engagement.
3.9 Social and Labour Plan
LED Implementation of the 2014-2018 SLP continues, with most
projects committed fully implemented. The major projects underway
are the housing project and the Ledig bulk water supply for the
community. This is a 3.5km pipeline to link to the Ledig community
reticulation. The duration of the project is 12 months. The project
end date is 28 February 2018. The percentage complete to date is
20%. This project is a partnership between Maseve and Moses Kotane
Local Municipality.
4. Dividends
No dividends were declared in the current period.
Board changes
Mr Jianke Gao has resigned from his position as chief executive
officer from 14 February 2017. Mr Zhimin Li has been appointed as
chief executive officer on 15 February 2017. Mr Kenny Mokoka has
resigned from his position as non-executive director with effect
from 1 May 2017. Mr Feng Tao been appointed as executive financial
director on 1 July 2017.
Johannesburg
28 September 2017
Sponsor:
PSG Capital Proprietary Limited
By order of the board:
Dawn Mokhobo (Chairman) Zhimin Li (Chief Executive Officer)
Wesizwe Platinum Limited
Directors: DNM Mokhobo (Chairman)*, D Chen (Deputy Chairman)* ", Z
li (Chief Executive Officer) ", F Tao (Financial Director) ", P
Li*", X Zhou*", LV Ngculu*, TV Mabuza*
*Non-Executive "Chinese
Company Secretary: V Mhlongo
Transfer Secretaries:
Terbium Financial 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: 28/09/2017 05:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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