Deputy Minister MagwanisheActing Director-General, Ms Matsietsi MakholoChairperson of Alexkor BoardCEO of AlexkorMembers of the mediaLadies and gentlemen
The 2013-14 financial year was a significant year for Alexkor where the company turned around its fortunes and is now on the road to financial sustainability.
I would like to thank the Board and Alexkor Management for the commitment shown
in turning around the Alexander Bay diamond operation.
I commend the Pooling and Sharing Joint Venture (PSJV) Board for reviving the land mining operations and demonstrating commitment to improving the socio-economic status of the Richtersveld community. It is this kind of co-operation that will assist Government to reduce inequality, unemployment and poverty.
The expression of an unqualified audit opinion with findings for non-compliance with legislation and internal controls by the auditors is worrying. I have urged the Board and management to put urgent measures in place to ensure compliance in the 2014/15 financial year.
The company remains liquid in its current form and may continue operating as a going concern. I am concerned about the cash constraints that Alexkor may experience in the near future and the company should explore other sources of income to mitigate against this risk including exploring opportunities on the continent.
I applaud the company for their foresight and already diversifying their sources of income by investing in coal mining business.
I thank you,
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