Overview Scope and boundary

The integrated annual report (IAR) of Assore Limited (Assore or group) covers the period 1 July 2016 to 30 June 2017.

The group’s financial year ends on 30 June, and unless otherwise indicated or described, the information included in this report refers to the years ended 30 June 2016 and 30 June 2017. The previous IAR covered the period 1 July 2015 to 30 June 2016. Where any restatements have been made to material disclosures in the previous IAR, these are explained within the relevant sections.

The entities reported on include the following:

Assore Limited (Assore)

  • Assmang Proprietary Limited (Assmang), jointly controlled by Assore, 50% and African Rainbow Minerals Limited (ARM) 50%, accounted for on the equity accounting basis, which includes the following operations:
  • Khumani Iron Ore Mine (Khumani);
  • Beeshoek Iron Ore Mine (Beeshoek);
  • Black Rock Manganese Mines (Black Rock);
  • Cato Ridge Works (ferromanganese smelter);
  • Machadodorp Works (ferromanganese smelter);
  • Cato Ridge Alloys Proprietary Limited (CRA) (refined ferromanganese smelter); and
  • Sakura Ferroalloys SDN, BHD, Malaysia (ferromanganese and silico manganese smelters), in which Assmang holds a 54,36% interest (Sakura).

In addition to determining the strategy and monitoring the overall management of Assmang in terms of the joint venture agreement with ARM, Assore has the sole marketing and distribution agency for Assmang’s products and the emphasis on Assmang in this report relates primarily to this role as a 50% partner (refer “Business model”), with these activities being managed through:

  • Ore & Metal Company Limited (Ore & Metal), which conducts the marketing and distribution of Assmang’s products, with marketing and trading taking place in the United States by Minerais U.S. LLC (Minerais); and
  • African Mining and Trust Company Limited’s (AMT) operations which include:
  • Dwarsrivier Chrome Mine Proprietary Limited (Dwarsrivier);
  • Wonderstone Limited (Wonderstone);
  • Head Office operations (Head Office), comprising the activities of those of AMT and Ore & Metal, where relevant;
  • Rustenburg Minerals Development Company Proprietary Limited (Rustenburg Minerals);
  • Zeerust Chrome Mines Limited (Zeerust); with the latter two of these operations no longer in commercial production.

Report feedback

Feedback on this Assore report can be made directly to Mrs MJ Claassen at: marethaclaassen@assore.com.

 

This report is also available at www.assore.com