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Last Trade - 10/05/21

Sector
Basic Materials
Size
Small Cap
Market Cap £194.5m
Enterprise Value £214.1m
Revenue £89.7m
Position in Universe 523rd / 2702

BRIEF-eXtract says Boteti to end mining contract with Eqstra Botswana

Mon 5th December, 2016 6:00am
Dec 5 (Reuters) - eXtract Group Limited  EXGJ.J  
    * JSE: Exg - Boteti Project Update  
    * Boteti has advised Eqstra Botswana of its intention to 
terminate opencast mining contract and to cease mining 
operations on 13 Dec 
    * Boteti further intends to withhold payment due to Eqstra 
Botswana for work performed in october and november 
    * Decision to withhold payments as a result of 
irreconcilable differences with regards to volumes mined 
    * Company categorically denies and refutes any allegations 
of improper conduct relating to performance of its contractual 
obligations 
    * Made all reasonable efforts to resolve issue in order to 
progress partnership in a mutually beneficial way 
    * Eqstra Botswana will seek to recoup its damages, in terms 
of contract, which was to endure to December 2020 
    * Discussions are ongoing to minimise job losses in Botswana 
    * Contract value for Eqstra Botswana is approximately r500 
million per annum of revenue and contributed r8.5 million profit 
after taxation per annum 
 
Source text for Eikon:  ID:nJseE0006a  
Further company coverage:  EXGJ.J  
 
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