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TRUSTCO GROUP HOLDINGS LIMITED - Resources Segment Operational Update: Meya Mining (Meya)

Release Date: 10/06/2019 13:00
Code(s): TTO     PDF:  
 
Wrap Text
Resources Segment Operational Update: Meya Mining (Meya)

TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
Registered as an external company in South Africa
(External registration number 2009/002634/10)
NSX share code: TUC
JSE share code: TTO
ISIN Number: NA000A0RF067
(“Trustco” or “the Company”)

RESOURCES SEGMENT OPERATIONAL UPDATE: MEYA MINING (MEYA)

Trustco is pleased to advise shareholders (“Shareholders”) of the following update related to Meya’s
operations and activities:

•     Meya submitted its large scale mining license application to the Ministry of Mines and Mineral
      Resources in Sierra Leone on 20 May 2019, which encompasses an area of 129.385km2 .

•     One of the criteria for a mining license is that Meya enters into Community Development
      Agreements and Surface Lease Agreements with the four (4) Primary Host Communities living
      in the license area. These Agreements were signed on 7 June 2019.

•     Pursuant to the Community Development Agreements, Meya would pay 0.25% of its gross
      revenue into the Community Development Funds of the four (4) Primary Host Communities
      annually.

•     The funds will be used exclusively to fund community development activities in the Primary Host
      Communities. The 0.25% of Meya’s gross revenue will be divided among the four (4) Primary
      Host Communities as follows:

      -   50% to the Nimikoro Chiefdom
      -   30% to the Tankoro Chiefdom
      -   10% to the Kamara Chiefdom
      -   10% to the Gbense Chiefdom

   •   Meya is particularly delighted by this development as it underscores and will further
       strengthen its partnership with its Primary Host Communities. The signing ceremony can been
       viewed at https://www.tgh.na/10-june-2019-meya-mining-limited-signs-cda-and-surface-
       lease/

Windhoek, Namibia
10 June 2019

Amanda Bruyns
Company Secretary: Trustco Group Holdings Limited

JSE Sponsor
Vunani Corporate Finance

NSX Sponsor
Simonis Storm Securities Proprietary Limited

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