| |
|
|
2018
R’000 |
|
|
|
2017
R’000 |
|
| 81 316 667 (2017: 70 833 334) shares in IronRidge Resources Limited (IronRidge) at cost |
|
|
|
|
|
|
|
|
| At cost |
|
|
185 537 |
|
|
|
121 953 |
|
| – share of net asset value (NAV) |
|
|
113 890 |
|
|
|
50 306 |
|
| – goodwill |
|
|
71 647 |
|
|
|
71 647 |
|
| Share of equity losses to date |
|
|
(27 348) |
|
|
|
(13 224) |
|
| – balance at beginning of year |
|
|
(13 224) |
|
|
|
(8 483) |
|
| – share of equity losses for the year |
|
|
(14 124) |
|
|
|
(4 741) |
|
| Foreign currency translation reserve recorded in other comprehensive income* |
|
|
(3 293) |
|
|
|
– |
|
| – carrying value at end of year |
|
|
154 896 |
|
|
|
108 729 |
|
| The investment represents 28,91% (2017: 29,64%) of IronRidge's ordinary share capital, which is listed on the Alternative Investment Market (AIM) of the London Stock Exchange. |
|
|
|
|
|
|
|
|
| IronRidge is registered in Australia and is a junior exploration company, with a portfolio of gold, lithium, bauxite, titanium and iron ore prospects in Africa and Australia. |
|
|
|
|
|
|
|
|
| In accordance with IFRS, IronRidge is accounted for on the equity-accounting basis and the group's share of IronRidge's loss after taxation has been disclosed in the consolidated income statement. At year-end, the fair value of the group's investment, based on the AIM price, was R410 386 000 (2017: R423 045 000). |
|
|
|
|
|
|
|
|
| The financial information set out below has been extracted from the provisional results of IronRidge for the year ended 30 June 2018, converted to the group reporting currency as follows: |
|
|
|
|
|
|
|
|
| Abridged income statement of IronRidge |
|
|
|
|
|
|
|
|
| Revenue |
|
|
506 |
|
|
|
43 |
|
| Total reported comprehensive loss for the year |
|
|
(48 864) |
|
|
|
(53 648) |
|
| Abridged statement of financial position of IronRidge |
|
|
|
|
|
|
|
|
| Non-current assets |
|
|
87 823 |
|
|
|
95 370 |
|
| Current assets |
|
|
| |
|
|
| |
| – trade and other receivables |
|
|
11 553 |
|
|
|
1 067 |
|
| – other current assets |
|
|
110 044 |
|
|
|
130 |
|
| – cash resources |
|
|
95 496 |
|
|
|
23 277 |
|
| |
|
|
304 916 |
|
|
|
119 844 |
|
| Total liabilities |
|
|
|
|
|
|
|
|
| Trade and other payables |
|
|
10 244 |
|
|
|
8 460 |
|
| Net assets |
|
|
294 672 |
|
|
|
111 384 |
|
| Portion owned by group (%) |
|
|
28,91 |
|
|
|
29,64 |
|
| During the year, the group acquired a further 10 483 333 shares in the amount of R63,6 million by way of a combination of rights issues and exercising the existing “creep” provisions contained in the shareholders’ agreement. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|