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Full Disclosure 2016

Summary of updated findings

AECI is to be commended for disclosing the following environmental compliance monitoring and enforcement activity in its 2015 Annual Report:

On 14 December 2015 the Department of Environmental Affairs (“DEA”), accompanied by representatives from the City of Johannesburg, conducted a search and seizure operation at AEL Modderfontein. Subsequent to this AEL was advised by the authorities that consideration of its postponement application will take place after the issues raised as a result of the search and seizure operation have been resolved satisfactorily. Management is cooperating with the DEA and has submitted a response to its allegations, relating to AEL’s compliance with certain conditions of its current emissions licence. Feedback from the DEA’s process is awaited.1

Considering the seriousness of the above, however, AECI should have disclosed details of the allegations relating to AEL Mining’s compliance with its emissions licence, as well as details of the company’s response to these allegations.

  1. AECI 2015 Annual Report, at p68.