Quarterly Update - 30 July 2021
MINE RESTORATION INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1987/004821/06)
Share Code: MRI
ISIN Code: ZAE000164562
("MRI" or "the Company")
QUARTERLY UPDATE - 30 JULY 2021
Shareholders are referred to the:
• SENS announcement, dated 29 July 2016, relating to the voluntary suspension of the
Company's shares on the JSE Limited ("JSE") ("the Suspension");
• Quarterly update dated 30 April 2021;
• SENS announcement dated 15 June 2021, further details of which are set out below;
• SENS announcement dated 23 July 2021, further details of which are set out below;
• Trading Statement published on 7 May 2021;
• Provisional audited summarised consolidated annual financial results for the year
ended 28 February 2020 published on 12 May 2021;
• Annual Report for the year ended 28 February 2020 published on 20 May 2021; and
• Results of Annual General Meeting published on 18 June 2021;
• Unaudited Interim Results for the six months ended 31 August 2020 published on 7
July 2021; and
• Competent Persons Report
In line with paragraph 1(10)(c) of the JSE Listings Requirements, the Company is obliged to
provide the market with an update on the state of the affairs of the Company until the
Suspension is lifted.
SENS announcement dated 15 June 2021 ("Change to the board - resignation of
On 15 June 2021 it was announced that the Mr. George Sebulela has resigned as the Lead
Independent Non-Executive director of MRI with effect from 14 June 2021. The Board
accepted his resignation and thanked Mr. Sebulela for his service and contribution to the
SENS announcement dated 23 July 2021 ("Change to the board - director appointment")
On 23 July 2021 it was announced that Mr Vincent Madlela has been appointed to the Board
as the Lead Independent Non-Executive Director of MRI with effect from 23 July 2021.
Mr Madlela is a Mining and Mineral Law Legal practitioner with 20 years' experience advising
multi-national listed mining companies. Mr Madlela has focused the last 15 years on the full
diamond value chain, including mining, recovery, marketing and beneficiation. Mr Madlela has
a proven track record of securing mineral tenure for clients and ensuring compliance with all
local legislation and regulations. Mr Madlela has extensive experience and understanding of
the implementation of mineral legislation.
Mr Madlela was the Group Manager, Legal and Stakeholder Relations for Trans Hex Group
Limited from August 2005 to January 2018. Throughout this time, Mr Madlela was responsible
for overseeing the functions of mineral right application and management, environmental
compliance, legal compliance, marketing and trade of commodities, mine health and safety
and corporate governance. Prior to Mr Madlela's time at Trans Hex Group Limited, he was the
Legal Counsel for Anglo Gold Ashanti.
Given Mr Madlela's appointment to the Board, the Board committees will be comprised as
Combined Audit and Risk: A Collins (Chair), V Madlela, M Miller
Social and Ethics: V Madlela (Chair), M Miller, A Collins
Combined Remuneration and Nomination: M Miller (Chair), A Collins, V Madlela
Mr Madlela's appointment and the aforementioned committee changes are in line with the
Board's review process as communicated in the recent Annual Report. The Board is
continuing this process and intends on further strengthening MRI's governance structures to
support its growing needs.
In terms of the Listings Requirements of JSE Limited, MRI published a trading statement on
7 May 2021. A review by management of the financial results for the year ended 28 February
2020 indicated that both the loss per share and the headline loss per share were expected to
be between 51 cents and 70 cents, reflecting an improvement of between 26.3% and 46.3%
compared to the loss per share and headline loss per share of 95 cents for the year ended
28 February 2019.
Provisional audited summarised consolidated annual financial results for the year
ended 28 February 2020
The provisional audited summarised consolidated annual financial results for the year ended
28 February 2020 were issued on 12 May 2021.
Annual Report for the year ended 28 February 2020
The Annual Report was furnished to all shareholders on 20 May 2021 and the 2020 annual
general meeting was held virtually on 18 June 2021.
Results of Annual General Meeting published on 18 June 2021
On 18 June 2021 it was announced that at the annual general meeting of MRI held on the
same date, all the resolutions as set out in the notice of annual general meeting were passed
by the requisite majority of shareholders, save for:
- Ordinary resolution 1.2: Re-election of George Sebulela, as an independent non-executive
- Ordinary resolution 3.1: Appointment of George Sebulela as a member and Chairperson of
the Audit and Risk Committee,
which ordinary resolutions were withdrawn due to the resignation of George Sebulela as a
director with effect from 14 June 2021.
The number of shares voted in person or by proxy was 220 487 740 representing 26% of the
total issued share capital of the same class of MRI shares.
Unaudited Interim Results for the six months ended 31 August 2020
The unaudited interim results for the six months ended 31 August 2020 were released on
SENS on 7 July 2021.
Competent Person's Report ("CPR")
The Competent Persons Report (including the mine plan) is in final draft form and only awaits
the receipt of the water use license. The CPR has, in addition, been updated to include the
valuation of the reserve and the platinum element of the Langpan mine. The CPR has been
submitted to the JSE for review and approval. The Company has been notified that the water
use license has been approved and expects the issuance of the license to be made
The Company is currently engaging with its advisors around the circular process.
30 July 2021
Date: 30-07-2021 05:50:00
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