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Minister Lynne Brown, on the occasion of the Alexkor Post-AGM Media Statement

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Minister Lynne Brown, on the occasion of the Alexkor Post-AGM Media Statement

Deputy Minister Magwanishe
Acting Director-General, Ms Matsietsi Makholo
Chairperson of Alexkor Board
CEO of Alexkor
Members of the media
Ladies 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,

For all media enquiries contact Colin Cruywagen on 082 377 9916 or colin.cruywagen@dpe.gov.za


Page last modified:18/09/2014 16:41