This letter serves to inform the honorable Speaker that the Department will not be tabling PBMR's Annual Report as required by the Public Finance Management Act, 1999 (PFMA) for the reasons detailed below. As you are aware, the proposal to place PBMR into care and maintenance mode was deliberated upon and approved by Cabinet on 1 September 2010. This Cabinet decision entailed approval for PBMR to commence with downsizing and retrenchments to reduce its staff complement to nine (9) employees. PBMR had not been able to secure additional investors and/ or customers and it was projected that the company would run out of cash by October 2010 in the absence of drastic measures being taken by the Department.