SEFATENG CHROME MINE

Sefateng Chrome Mine (Pty) Ltd is a chrome ore mine situated on the Eastern Belt of the Bushveld Igneous complex in Limpopo Province. Three local communities, namely the Ga-Phasha, Ga-Mampa and Tjibeng are shareholders in the mine with no current and/or future funding obligations. The other major shareholders are Corridor Mining Resources (Pty) Ltd (100% owned by the Limpopo Economic Development Agency) and Bolepu Holdings (Pty) Ltd both whom which have contributed significant funding in order to create value and ultimately bring the project into fruition. Sefateng Chrome Mine (Pty) Ltd mining right was granted at the end of 2014 and open cast mining commenced early 2015. In 2015 Sefateng Chrome Mine was approached by both Metmar Limited and MTC Underground Mining where both expressed interest to jointly develop the underground mine on behalf of Sefateng Chrome Mine. At a Sefateng board meeting held on 5 October 2015, an underground mine development proposal was presented by Mr David Ellwood which included the commencement of a Bankable Feasibility Study (BFS) at the risk of Metmar/MTC. A decision was then taken by Sefateng that upon successful completion of the BFS that Sefateng should proceed with the development of the underground mine. In that same year of 2015 a US based trading company, Traxys, acquired all the issued shares of the JSE-listed Metmar Limited. Subsequently to the acquisition, Sefateng Underground Mining Development Company (SUMDEV) was formed with Traxys as the majority shareholder. SUMDEV was formed with its main objective to develop and arrange funding for the underground mine at Sefateng.