Business model

Resources we rely on

Financial capital
Long-term sustainable value is created by reinvesting in the business, funding growth opportunities and rewarding shareholders

Human capital
Human capital is a key element in creating value for shareholders. It is important to attract and retain ethical, skilled and experienced talent while ensuring a non-discriminatory and safe working environment

Manufactured capital
Managing the manufactured capital effiiciently ensures effective mining processes in a cost-effective manner

Intellectual capital
Investment in technology and intellectual capital ensures that the group remains abreast of development in the industry, ensuring a competitive cost position

Social and relationship capital
Shared values with key stakeholders ensure that the Assore brand is synonymous with long-term conservative growth, ethical conduct and value creation for communities, employees, government and regulators

Natural capital
Protecting the group’s natural capital ensures long-term value for stakeholders


  • Group net cash balance of R7,9 billion
  • Overdraft facilities for trade
  • A stable and engaged workforce with the relevant capabilities and experience
  • A strong leadership team involved in day-to-day activities
  • Employees committed to the Assore code of conduct
  • Above and below ground infrastructure and specialised equipment to effectively extract and process the minerals mined and alloys produced
  • Geological, technical and sales and marketing information and know how
  • Investment in innovation, technology and research and development initiatives
  • Customer and agency relationships
  • Legal requirements and safety standards
  • Social license to operate based on key stakeholder relationships
  • Brand and reputation
  • Mineral resources and reserves
  • Land
  • Water

Value creation

      2018       2017  
Financial capital                
– Net cash balance (Assore group) (Rbn)     7,9       5,0  
– Dividends paid (Assore group) (Rbn)     1,9       1,1  
Human capital                
– Number of employees and contractors (Assore group)     2 631       2 521  
– Number of employees and contractors (Assmang operations – excluding Sakura)     11 821       11 918  
– Fatalities (Assore operations)            
– Fatalities (Assmang operations)     1        
– LTIFR (Assore operations)     0,27       0,25  
– LTIFR (Assmang operations)     0,13       0,17  
Manufactured capital                
– Capital expenditure (Assore group) (Rm)     389       153  
– Capital expenditure (Assmang) (Rm)     3 082       2 817  
Social and relationship capital                
– Funding of community economic development projects (Assore operations) (Rm)     31,5       27,6  
– Funding of community economic development projects (Assmang operations) (Rm)     101,2       69,5  
– Portion of payroll spent on training (Assore operations) (%)*     10,9       4,5  
– Portion of payroll spent on training (Assmang operations) (%)*     13,9       7,5  
Natural capital                
– Greenhouse gas (GHG) emissions     To be reported in 2019  
– Balancing the availability and consumption of water                
– Land stewardship                

Assmang figures are reflected at 100%.

Assore operations consist of Dwarsrivier, Wonderstone, Rustenburg Minerals and Zeerust.

* This percentage is calculated, in accordance with the definition contained in the Mining Charter, on all training-related expenditure, including training relating to community projects and is based on payroll costs relating to historically disadvantaged South African (HDSA) employees.