Wrap Text
Report for the quarter ended 31 March 2018
MC Mining Limited
Previously Coal of Africa Limited
(Incorporated and registered in Australia)
Registration number ABN 008 905 388
ISIN AU000000MCM9
JSE share code: MCZ
ASX/AIM code: MCM
ANNOUNCEMENT
26 April 2018
REPORT FOR THE QUARTER ENDED 31 MARCH 2018
UITKOMST FINALISES TERMS OF BLACK ECONOMIC EMPOWERMENT TRANSACTION
MC Mining Limited (“MCM” or “MC Mining” or the “Company”) which operates in
South Africa, together with its subsidiaries, hereby provides its update for
the quarter ended 31 March 2018 (the “Quarter”). All figures are denominated
in United States dollars unless otherwise stated. A copy of this report is
available on the Company's website, www.mcmining.co.za.
Salient operational features
- A positive safety performance with no lost-time injuries (“LTIs”) during
the Quarter (FY2018 Q2: nil);
- The Uitkomst metallurgical and thermal coal colliery (“Uitkomst Colliery”
or “Uitkomst”) produced 115,750 tonnes (“t”) of run of mine (“ROM”) coal
during the period, down 18% on the previous quarter primarily due to
reduced mining contractor equipment availability;
The lack of available third party coal during the Quarter resulted in no
blending ROM coal being purchased (FY2018 Q2: 23,437t) together with a
decline (8,838t vs. 11,977t) in available third party ROM coal for
processing;
- The shortage of buy-in coal combined with the reduced ROM coal and elevated
stock levels at Quarter-end due to rainfall affecting loading of trucks,
resulted in Uitkomst’s sales of metallurgical, high quality and blended
thermal coal sales volumes reducing from 142,843t in the previous quarter
to 70,627t in the Quarter;
- Despite this, the relative contribution per tonne of coal increased 42%
against the previous quarter due to a change in sales mix as no lower
margin slurry was sold during the Quarter and Uitkomst remained cash
generative during the period;
- Vele coking and thermal coal colliery (“Vele Colliery”) was granted an
Integrated Water Use Licence (“IWUL”) by the South African Department of
Water and Sanitation (“DWS”) in terms of the National Water Act (Act 36
of 1998) for the colliery’s stream diversion and associated
infrastructural activities, the outstanding regulatory approval required
for the plant modification process.
Corporate and financial features
- Conclusion of negotiations with Black Economic Empowerment (“BEE”)
partners during the Quarter with formal documentation completed in early
April 2018, resulting in Uitkomst being compliant with the South African
Mining Charter empowerment ownership requirements;
- Brenda Berlin commences as Chief Financial Officer of the Company during
the Quarter and was appointed as an Executive Director in April 2018
together with An Chee Sin and “Brian” He Zhen who were appointed as Non-
Executive Directors;
- Available cash at Quarter-end of $11.7 million ($9.7 million at the end
of December 2017) and restricted cash of $0.05 million;
- Hard coking coal prices reduced but are still above the long-term pricing
trend while South African export thermal coal prices were steady during
the Quarter.
QUARTERLY COMMENTARY
Uitkomst Colliery – Utrecht Coalfields (91% owned, 70% post BEE transaction)
The Uitkomst Colliery employs approximately 573 employees (including
contractors) and reported no LTIs during the Quarter (FY2018 Q2: nil) and
has now completed over 600 consecutive LTI-free days.
Uitkomst comprises the existing underground coal mine with two underground
sections and planned mine extension directly to the north of current
operations with circa 16 years remaining life of mine (“LOM”). The colliery
previously applied for an amendment to its IWUL to develop a north adit
(horizontal shaft) and awaits this approval. Uitkomst sells sized coal (peas)
products with the 0 to 40mm product sold into the domestic metallurgical
market for use as pulverised coal while the peas are supplied to local energy
generation facilities.
The underground operations at Uitkomst have historically been undertaken by
an independent contract miner. The contract miner experienced equipment
availability challenges during the Quarter resulting in reduced ROM
production and, as a result, the Company is in discussions with the mining
contractor to resolve these issues. The Uitkomst Colliery produced 115,750t
of ROM coal during the three months, 18% lower than the previous quarter. In
addition, ROM coal is purchased from third party collieries, processed or
blended and sold. The contract with the supplier expired during the Quarter
and replacement sources are being investigated.
The reduced availability of third party ROM coal and higher inventory levels
at Quarter-end, resulted in overall sales for the three months declining 51%
2
(70,627t vs. 142,843t). This comprised a 33% (30,668t) reduction in sales of
coal produced from Uitkomst ROM and a 41,548t reduction in sales emanating
from purchased ROM. Uitkomst sized coal stock levels at the end of March
2018 were 5,420t higher than December 2017 due to rain affecting the number
of trucks that could access site at the end of the period, delaying sales.
However, Uitkomst was cash generative for the three months as detailed in
the positive operating cash movement in the Appendix 5B (released under
separate cover) while the stockpiled coal will be sold during the June 2018
quarter.
Despite revenue being adversely affected by a 12% stronger South African
rand against the US dollar during the Quarter, the relative revenue per tonne
improved. This is due to the change in sales mix as no lower cost slurry was
sold during the Quarter (FY2018 Q2: 17,201t sold). The sales volumes of
higher margin Uitkomst ROM coal were adversely affected by rain in March
2018, preventing trucks accessing site. Mining and processing (production)
costs were largely in line with the previous quarter (the numbers below are
unaudited and extracted from Uitkomst’s management accounts) with unit
production costs increasing due to the 24,347t (78%) decline in sales of
purchased ROM for processing and blending.
Quarter to Quarter to
end-March end-December
2018 2017
(t) (t) %
Production tonnages
Uitkomst ROM 115 750 140 501 -18%
Purchased ROM to blend 8 838 35 414 -75%
124 588 175 915 -29%
Sales tonnages t t
Own ROM 63 603 94 271 -33%
Slurry used for blending - 17 201 -100%
Purchased ROM to blend 7 024 31 371 -78%
70 627 142 843 -51%
Quarter financial metrics
Revenue/t ($) 86.99 61.09 42%
Revenue/t (ZAR) 1 044 833 25%
Production cost/ saleable
74.07 43.47 70%
tonnes ($)
In order to meet the requirements of the South African Mining Charter, the
Company concluded the process of selling an additional 21% interest in
Uitkomst to BEE shareholders on a vendor financed basis. Negotiations
relating to this transaction were finalised during the Quarter and the formal
documents were completed in April 2018 and will result in the current BEE
shareholders that includes inter alia employees and local communities,
increasing their interest in the Uitkomst Colliery. Due to the vendor
financing nature of the transaction it will not materially affect cash flows
attributable to MC Mining during the repayment period.
3
Makhado Hard Coking Coal Project – Soutpansberg Coalfield (95% owned - 69%
post BEE and Industrial Development Corporation Limited transactions)
The Makhado hard coking and thermal coal project (“Makhado Project” or
“Makhado”) recorded no LTIs (FY2018 Q2: nil) during the Quarter.
The Company anticipates that Makhado will be constructed over a period of 12
months, has a LOM in excess of thirty years and, allows for future expansion
of mining and processing if appropriate. The project has all the regulatory
permits required to commence mining and MC Mining requires access to the key
Lukin and Salaita farms to confirm geotechnical information prior to
construction commencing. These properties are subject to the South African
Government’s land claim process and final resolution of this matter remained
outstanding at the end of the Quarter. The Company monitors the progress
thereof and any potential effects of this process on the Makhado construction
timetable, but is not directly involved and continues to evaluate alternative
options.
During the December 2017 quarter, MC Mining engaged independent mining
experts Minxcon (Proprietary) Limited to complete a Competent Persons Report
on the Makhado Project. The results were received during the Quarter and
confirmed the figures relating to costs, capital expenditure and returns
previously released to the market.
The Company previously commenced hard coking and export thermal coal off-
take discussions with various parties and expects that a substantial portion
of Makhado’s hard coking coal will be sold locally with the balance sold on
international markets. These discussions are ongoing and MC Mining
anticipates they will be finalised during the June 2018 quarter.
Vele Coking and Thermal Coal Colliery – Limpopo (Tuli) Coalfield (100% owned)
The Vele Colliery remained on care and maintenance during the Quarter and no
LTIs were recorded during the period (FY2018 Q2: nil).
During the Quarter the DWS granted the IWUL required for the stream diversion
in respect of future mining. This approval completes the regulatory suite of
authorisations required for the Vele Colliery and the final decision on
whether to proceed with the plant modifications will include an assessment
of long-term pricing as well as logistics considerations. MC Mining’s Board
is in the process of evaluating all options available and this will be
communicated at the appropriate time.
Greater Soutpansberg Project (MbeuYashu) – Soutpansberg Coalfield (74% owned)
The MbeuYashu Project recorded no LTIs (FY2018 Q2: nil) during the three
months.
No further developments to report during the Quarter.
Markets
The hard coking coal price declined during the Quarter due to supply
constraints in Australia being resolved but long-term forecasts based on
market fundamentals reflect favourable pricing. The API4 thermal coal prices
4
held steady during the Quarter at approximately $95/t due to continued
international demand.
David Brown, CEO commented:
“The significant political changes that occurred in South Africa during
December 2017 resulted in a much stronger Rand compared to the first half of
the 2018 financial year. The Company is confident that the political focus
on ensuring regulatory certainty should lead to increased capital investment,
particularly in the mining sector.”
“Production at the Uitkomst Colliery was adversely affected by mining
contractor equipment shortages and the Company is exploring various options
to rectify this. Despite the limited supply of third party coal, the mine
continued to be cash generative and Uitkomst is assessing expansion
opportunities to increase ROM production at the colliery.”
“The granting of the Vele Colliery IWUL in respect of the stream diversion
completes the regulatory authorisations required for the colliery and
confirms Government’s support of MC Mining’s model which facilitates the co-
existence of mining, agriculture and heritage land uses.”
“The Makhado Project has the requisite regulatory approvals to start mining
but construction is dependent on the following three initiatives, securing
access to two key properties that are part of a formal land claim process,
finalisation of the hard coking and thermal coal marketing agreements and,
securing the requisite funding. The Company looks forward to progress on
these initiatives and regularly assesses available options as construction
can only commence once all three are finalised.”
Authorised by
David Brown
Chief Executive Officer
For more information contact:
David Brown Chief Executive MC Mining Limited +27 10 003 8000
Officer
Brenda Berlin Chief Financial MC Mining Limited +27 10 003 8000
Officer
Tony Bevan Company Secretary Endeavour Corporate +61 08 9316
Services 9100
Company advisors:
Jos Simson/ Gareth Financial PR Tavistock +44 20 7920
Tredway (United Kingdom) 3150
Ross Allister/Richard Nominated Adviser Peel Hunt LLP +44 20 7418
Crichton/James and Broker 8900
Bavister
Charmane Russell/Olwen Financial PR R&A Strategic +27 11 880 3924
Auret (South Africa) Communications
Investec Bank Limited is the nominated JSE Sponsor
About MC Mining Limited:
MC Mining is an AIM/ASX/JSE listed coal exploration, development and mining company
operating in South Africa. MCM’s key projects include the Uitkomst Colliery
(metallurgical coal), Makhado Project (coking and thermal coal). Vele Colliery (coking
and thermal coal), and the Greater Soutpansberg Projects (MbeuYashu).
5
Forward-Looking Statements
This Announcement, including information included or incorporated by reference in
this Announcement, may contain "forward-looking statements" concerning MC Mining that
are subject to risks and uncertainties. Generally, the words "will", "may", "should",
"continue", "believes", "expects", "intends", "anticipates" or similar expressions
identify forward-looking statements. These forward-looking statements involve risks
and uncertainties that could cause actual results to differ materially from those
expressed in the forward-looking statements. Many of these risks and uncertainties
relate to factors that are beyond MCM’s ability to control or estimate precisely,
such as future market conditions, changes in regulatory environment and the behaviour
of other market participants. MCM cannot give any assurance that such forward-looking
statements will prove to have been correct. The reader is cautioned not to place
undue reliance on these forward looking statements. MCM assumes no obligation and do
not undertake any obligation to update or revise publicly any of the forward-looking
statements set out herein, whether as a result of new information, future events or
otherwise, except to the extent legally required.
Statements of intention
Statements of intention are statements of current intentions only, which may change
as new information becomes available or circumstances change.
6
Tenements held by MCM and its Controlled Entities
Change
Project during
Name Tenement Number Location Interest Quarter
Chapudi Albert 686 MS- Limpopo~ 74%
Project*
Bergwater 712 MS-- 74%
Remaining Extent and Portion 2 of 74%
Bergwater 697 MS--
Blackstone Edge 705 MS 74%
Remaining Extent & Portion 1 of 74%
Bluebell 480 MS-
Remaining Extent & Portion 1 of 74%
Bushy Rise 702 MS--
Castle Koppies 652 MS-- 74%
Chapudi 752 MS -- 74%
Remaining Extent, Portions 1, 3 & 4 74%
of Coniston 699 MS--
Driehoek 631 MS-- 74%
Remaining Extent of Dorps-rivier 74%
696 MS--
Enfield 512 MS (consolidation of 74%
Remaining Extent of Enfield 474
MS, Brosdoorn 682 MS & Remaining
Extent of Grootvlei 684 MS)--
Remaining Extent and Portion 1 of 74%
Grootboomen 476 MS- 74%
Grootvlei 684 MS-- 74%
Kalkbult 709 MS 74%
Remaining Extent, Remaining Extent 74%
of Portion 2, Remaining Extent of
Portion 3, Portions 1, 4, 5, 6, 7 &
8 of Kliprivier 692 MS-
Remaining Extent of Koodoobult 664 74%
MS-
Koschade 657 MS (Was Mapani Kop 656 74%
MS)-
Malapchani 659 MS- 74%
Mapani Ridge 660 MS- 74%
Melrose 469 MS- 74%
Middelfontein 683 MS- 74%
Mountain View 706 MS- 74%
M'tamba Vlei 654 MS 74%
Remaining Extent & Portion 1 of 74%
Pienaar 635 MS-
Remaining Extent & Portion 1 of 74%
Prince's Hill 704 MS-
Qualipan 655 MS- 74%
Queensdale 707 MS- 74%
Remaining Extent & Portion 1 of 74%
Ridge End 662 MS-
Remaining Extent & Portion 1 of 74%
Rochdale 700 MS-
Sandilands 708 MS- 74%
Portions 1 & 2 of Sandpan 687 MS-- 74%
Sandstone Edge 658 MS- 74%
Remaining Extent of Portions 2 & 3 74%
of Sterkstroom 689 MS--
Sutherland 693 MS- 74%
Remaining Extent & Portion 1 of 74%
Varkfontein 671 MS--
Remaining Extent, Portion 2, 74%
Remaining Extent of Portion 1 of
Vastval 477 MS-
Vleifontein 691 MS- 74%
Ptn 3, 4, 5 & 6 of Waterpoort 695 74%
MS--
7
Change
Project during
Name Tenement Number Location Interest Quarter
Wildebeesthoek 661 MS- 74%
Woodlands 701 MS- 74%
Kanowna M27/41 Coolgardie^ 2.99% (0.82%)
West and
Kalbara M27/47 2.99% (0.82%)
M27/59 2.99% (0.82%)
M27/72,27/73 2.99% (0.82%)
M27/114 2.99% (0.82%)
M27/181 7.88% (0.12%)
M27/196 2.99% (0.82%)
M27/414,27/415 2.99% (0.82%)
P27/1826-1829 2.99% (0.82%)
P27/1830-1842 2.99% (0.82%)
P27/1887 2.99% (0.82%)
Abbotshall ML63/409,410 Norseman^ Royalty
Royalty
Kookynie ML40/061 Leonora^ Royalty
Royalty
ML40/135,136 Royalty
Makhado Fripp 645 MS Limpopo~ 95%#
Project
Lukin 643 MS 95%#
Mutamba 668 MS 95%#
Salaita 188 MT 95%#
Tanga 849 MS 95%#
Daru 848 MS 95%#
Windhoek 847 MS 95%#
Generaal Beck 568 MS-- Limpopo~ 74%
Project*
Bekaf 650 MS- 74%
Remaining Extent & Portion 1 of 74%
Boas 642 MS-
Chase 576 MS- 74%
Coen Britz 646 MS- 74%
Fanie 578 MS- 74%
Portions 1, 2 and Remaining Extent 74%
of Generaal 587 MS-
Joffre 584 MS- 74%
Juliana 647 MS 74%
Kleinenberg 636 MS- 74%
Remaining Extent of Maseri Pan 520 74%
MS-
Remaining Extent and Portion 2 of 100%
Mount Stuart 153 MT--
Nakab 184 MT-- 100%
Phantom 640 MS-- 74%
Riet 182 MT-- 100%
Rissik 637 MS- 100%
Schuitdrift 179 MT- 100%
Septimus 156 MT-- 100%
Solitude 111 MT- 74%
Stayt 183 MT-- 100%
Remaining Extent & Portion 1 of 100%
Terblanche 155 MT--
Van Deventer 641 MS- 74%
Wildgoose 577 MS- 74%
Mopane Ancaster 501 MS-- Limpopo~ 100%
Project*
Banff 502 MS- 74%
Bierman 599 MS- 74%
8
Change
Project during
Name Tenement Number Location Interest Quarter
Cavan 508 MS 100%
Cohen 591 MS-- 100%
Remaining Extent, Portions 1 & 2 of 74%
Delft 499 MS-
Dreyer 526 MS-- 74%
Remaining Extent of Du Toit 563 MS- 74%
Faure 562 MS 74%
Remaining Extent and Portion 1 of 74%
Goosen 530 MS --
Hermanus 533 MS- 74%
Jutland 536 MS-- 100%
Krige 495 MS- 74%
Mons 557 MS- 100%
Remaining Extent of Otto 560 MS 74%
(Now Honeymoon)-
Remaining Extent & Portion 1 of 74%
Pretorius 531 MS-
Schalk 542 MS- 74%
Stubbs 558 MS- 100%
Ursa Minor 551 MS-- 74%
Van Heerden 519 MS-- 74%
Portions 1, 3, 4, 5, 6, 7, 8, 9, 74%
Remaining Extent of Portion 10,
Portions 13, 14, 15, 16, 17, 18,
19, 20, 21, 22, 23, 24, 26, 27, 29,
30, 35, 36, 37, 38, 39, 40, 41, 44,
45, 46, 48, 49, 50, 51, 52 & 54 of
Vera 815 MS
Remaining Extent of Verdun 535 MS- 74%
Voorburg 503 MS-- 100%
Uitkomst Portion 3 (of 2) of Kweekspruit No. Kwazulu- 91%µ
Colliery 22 Natal~
and
prospects
Portion 8 (of 1) of Kweekspruit No. 91%µ
22
Remainder of Portion 1 of Uitkomst 91%µ
No. 95
Portion 5 (of 2) of Uitkomst No. 95 91%µ
Remainder Portion1 of Vaalbank No. 91%µ
103
Portion 4 (of 1) of Vaalbank No. 91%µ
103
Portion 5 (of 1) of Vaalbank No. 91%µ
103
Remainder of Portion 1 of 91%µ
Rustverwacht No. 151
Remainder of Portion 2 of 91%µ
Rustverwacht No. 151
Remainder of Portion 3 (of 1) of 91%µ
Rustverwacht No. 151
Portion 4 (of 1) Rustverwacht 91%µ
No.151
Portion 5 (of 1) Rustverwacht No. 91%µ
151
Remainder of Portion 6 (of 1) of 91%µ
Rustverwacht No. 151
Portion 7 (of 1) of Rustverwacht 91%µ
No. 151
Portion 8 (of 2) of Rustverwacht 91%µ
No. 151
Remainder of Portion 9 (of 2) of 91%µ
Rustverwacht No. 151
9
Change
Project during
Name Tenement Number Location Interest Quarter
Portion 11 (of 6) of Rustverwacht 91%µ
No. 151
Portion 12 (of 9) of Rustverwacht 91%µ
No. 151
Portion 13 (of 2) of Rustverwacht 91%µ
No. 151
Portion 14 (of 2) of Rustverwacht 91%µ
No. 151
Portion 15 (of 3) of Rustverwacht 91%µ
No. 151
Portion 16 (of 3) of Rustverwacht 91%µ
No. 151
Portion 17 (of 2) of Rustverwacht 91%µ
No. 151
Portion 18 (of 3) of Waterval No. 91%µ
157
Remainder of Portion 1 of 91%µ
Klipspruit No. 178
Remainder of Portion 4 of 91%µ
Klipspruit No. 178
Remainder of Portion 5 of 91%µ
Klipspruit No. 178
Portion 6 of Klipspruit No. 178 91%µ
Portion 7 (of 1) of Klipspruit No. 91%µ
178
Portion 8 (of 1 )of Klipspruit No. 91%µ
178
Portion 9 of Klipspruit No. 178 91%µ
Remainder of Portion 10 (of 5) of 91%µ
Klipspruit No. 178
Portion 11 (of 5) of Klipspruit No. 91%µ
178
Portion 13 (of 4) of Klipspruit No. 91%µ
178
Remainder of Portion 14 of 91%µ
Klipspruit No. 178
Portion 16 (of 14) of Klipspruit 91%µ
No. 178
Portion 18 of Klipspruit No. 178 91%µ
Portion 23 of Klipspruit No. 178 91%µ
Remainder of Portion 1 of 91%µ
Jackhaldraai No. 299
Remainder of Jericho No. 400 91%µ
Portion 1 of Jericho No. 400 91%µ
Portion 2 of Jericho No. 400 91%µ
Portion 3 of Jericho No. 400 91%µ
Remainder of Jericho C No. 413 91%µ
Portion 1 of Jericho C No. 413 91%µ
Remainder of Portion 1 of Jericho A 91%µ
No. 414
Remainder of Portion 2 (of 1) of 91%µ
Jericho A No. 414
Portion 3 (of 1) of Jericho A No. 91%µ
414
Portion 4 (of 1) of Jericho A No. 91%µ
414
Portion 5 (of 2) of Jericho A No. 91%µ
414
Portion 6 (of 1) of Jericho A No. 91%µ
414
Margin No. 420 91%µ
Vele Portions of Overvlakte 125 MS Limpopo~ 100%
Colliery (Remaining Extent, 3, 4, 5, 6, 13,
and 14)
prospect
10
Change
Project during
Name Tenement Number Location Interest Quarter
Bergen Op Zoom 124 MS 100%
Semple 155 MS 100%
Voorspoed 836 MS 100%
Alyth 837 MS 100%
Tshikunda Certain portions of Unsurveyed Limpopo~ 60%
State Land known as Mutale
Coal bed Adelaide 91 MT Limpopo~ 50%
methane
Adieu 118 MT 50%
Alicedale 138 MT 50%
Armstice 120 MT 50%
Bergwater 697 MS 50%
Bergwater 712 MS 50%
Blackstone Edge 705 MS 50%
Bushy Rise 702 MS 50%
Chapudi 752 MS 50%
Charlotte 90 MT 50%
Chase 576 MS 50%
Cross 117 MT 50%
Doppie 95 MT 50%
Ettie 33 MT 50%
Fanie 578 MS 50%
Feskraal 85 MT 50%
Folorodwe 79 MT 50%
Fripp 645 MS 50%
Gray 189 MT 50%
Hettey 93 MT 50%
Jeannette 77 MT 50%
Joffre 584 MS 50%
Kalkbult 709 MS 50%
Laura 115 MT 50%
Lukin 643 MS 50%
Magazasand 123 MT 50%
Malapchani 659 MS 50%
Mountainview 706 MS 50%
Mount Stuart 153 MT 50%
Nakab 184 MT 50%
Naus 178 MT 50%
Neltox 92 MT 50%
Phantom 640 MS 50%
Prince’s Hill 704 MS 50%
Queensdale 707 MS 50%
Riet 182 MT 50%
Rochdale 700 MS 50%
Rynie 158 MT 50%
Salaita 188 MT 50%
Schuitdrift 179 MT 50%
Septimus 156 MT 50%
Stayt 183 MT 50%
Suzette 32 MT 50%
Tanga 648 MS 50%
Telema 190 MT 50%
Terblanche 155 MT 50%
Trevenna 119 MT 50%
The Duel 186 MT 50%
Truida 76 MT 50%
Van Deventer 641 MS 50%
Wendy 86 MT 50%
Wildgoose 577 MS 50%
Windhoek 649 MS 50%
11
Change
Project during
Name Tenement Number Location Interest Quarter
Zisaan 31 MT 50%
Ziska 122 MT 50%
Portion of Unsurveyed state land 50%
* Form part of the Greater Soutpansberg Projects
- Lapsed – Mining Right Application Lodged
-- Valid – Mining Right Application Lodged
~ Tenement located in the Republic of South Africa
^ Tenement located in Australia
# MCM’s interest will reduce to 69% on completion of the IDC and Broad Based
BEE transaction
µ 70% post BEE transaction
12
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