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2019
R’000 |
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2018
R’000 |
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| 96 816 667 (2018: 81 316 667) shares in IronRidge Resources Limited (IronRidge) at cost |
|
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|
245 332 |
|
|
|
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|
185 537 |
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| Cost at end of year, excluding goodwill |
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|
173 685 |
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|
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|
113 890 |
|
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| — |
share of net asset value (NAV) at beginning of year |
|
|
|
|
113 890 |
|
|
|
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|
50 306 |
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| — |
15 500 000 (2018: 10 483 333) shares acquired during the year by way of a combination of rights issues and exercising the existing "creep" provisions contained in the shareholders’ agreement |
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59 795 |
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63 584 |
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71 647 |
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|
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|
71 647 |
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| Share of equity losses to date |
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|
(50 665) |
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|
(27 348) |
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| — |
balance at beginning of year |
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|
(27 348) |
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|
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|
(13 224) |
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| — |
share of equity losses for the year |
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|
(23 317) |
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|
|
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|
(14 124) |
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| Foreign currency translation reserve recorded in other comprehensive income* |
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|
|
(7 280) |
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|
|
|
|
(3 293) |
|
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| — |
balance at beginning of year |
|
|
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|
(3 293) |
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|
|
|
|
(11 378) |
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| — |
share of other comprehensive (loss)/income for the year |
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|
(3 987) |
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|
|
|
|
8 085 |
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| — |
carrying value at end of year |
|
|
|
|
187 387 |
|
|
|
|
|
154 896 |
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| The investment represents 31,12% (2018: 28,91%) of IronRidge?s ordinary share
capital, which is listed on the Alternative Investment Market (AIM) of the London
Stock Exchange. |
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| 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. |
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| 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 R267 196 000 (2018: R410 386 000). |
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| The financial information set out below has been extracted from the provisional
results of IronRidge for the year ended 30 June 2019, converted to the group
reporting currency as follows: |
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| Abridged income statement of IronRidge |
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|
|
|
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| Revenue |
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|
463 |
|
|
|
|
|
506 |
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| Total reported comprehensive loss for the year |
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|
(74 927) |
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|
|
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|
(48 864) |
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| Abridged statement of financial position of IronRidge |
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|
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|
|
|
|
|
|
|
|
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| Non-current assets |
|
|
|
229 856 |
|
|
|
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|
87 823 |
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| Current assets |
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|
|
|
|
|
|
|
|
|
|
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| — trade and other receivables |
|
|
|
642 |
|
|
|
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|
11 553 |
|
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| — other current assets |
|
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|
2 176 |
|
|
|
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|
110 044 |
|
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| — cash resources |
|
|
|
63 543 |
|
|
|
|
|
95 496 |
|
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| |
|
|
|
296 217 |
|
|
|
|
|
304 916 |
|
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| Total liabilities |
|
|
|
|
|
|
|
|
|
|
|
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| Trade and other payables |
|
|
|
10 371 |
|
|
|
|
|
10 244 |
|
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| Net assets |
|
|
|
285 846 |
|
|
|
|
|
294 672 |
|
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| Portion owned by group (%) |
|
|
|
31,12 |
|
|
|
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|
28,91 |
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|