Overview Profile

Profile

Assore is a mining holding company engaged principally in ventures involving base minerals and metals.

The group’s principal investments consist of its 50% interest in Assmang, which it controls jointly with African Rainbow Minerals Limited (ARM) and its 100% interest in Dwarsrivier. The group, through its various joint-venture entities and subsidiary companies, is involved in the mining of iron, manganese and chrome ores together with other industrial minerals and the production of manganese alloys. The group is also responsible for marketing all products produced by the Assore and Assmang groups, the bulk of which is exported and the remainder either used in the group’s beneficiation processes or sold locally.

The company was incorporated in 1950 and its shares are listed on the JSE Securities Exchange (JSE) under “Assore” in the general mining sector.

26,07% of the company’s shares are controlled by two broad-based black economic empowerment community trusts: the Boleng Trust (14,28%), and the Fricker Road Trust (11,79%). The Minerals and Petroleum Resources Development Act required that by 1 May 2014, 26% of mining companies’ shares are controlled by historically disadvantaged South Africans.

The IAR has been prepared on the basis of the group’s consolidated financial statements, prepared in accordance with IFRS and relevant facts, issues and risks that are pertinent to the group’s operations. Guidelines used in compiling the separate elements of the IAR include:

  Report element       Guidelines       Reference  
  Mineral Resources and Reserves       South African Code for Reporting Mineral Resources and Mineral Reserves (SAMREC Code), and the Australian Institute of Mining and Metallurgy Joint Ore Reserves Committee Code (JORC Code)       The summary and the complete Mineral Resources and Reserves report is located on the group’s website under “Annual reports” in the “Investor centre”  
  Corporate governance and risk management       King Code on Corporate Governance, issued in November 2016 (King IV)       Corporate governance and risk management report and throughout  
  Black economic empowerment status report       Mineral and Petroleum Resources Development Act and the Broad-based Socio-economic Empowerment Charter for the South African Mining Industry issued thereunder (the Mining Charter) and Codes of Good Practice, issued by the Department of Trade and Industry (dti)       Black economic empowerment status report  
  Sustainability       Various relevant guidelines, as well as those contained in the Global Reporting Initiative (GRI) G3 indicators       Group sustainability performance, throughout and the complete sustainability report, located on the group’s website under “Annual reports” in the “Investor centre  
  Annual financial statements       International Financial Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Pronouncements as issued by the Financial Reporting Standards Council, South African Companies Act, as amended, and JSE Listings Requirements       The annual financial statements, available on the group’s website at www.assore.com (referred to throughout as the annual financial statements).