10. Loan to subsidiary
 
   Group  Company 
   2022 
R'000
 
2021 
R'000 
2022 
R'000 
2021 
R'000 
  Loan to subsidiary – Merafe Ferrochrome —  —  965,184  985,157 

The loan is unsecured, interest free, and has no fixed term of repayment. The loan is repayable on demand with less than a year's notice, however it is not expected to be settled within one year from the reporting date. Loss allowances on intercompany loans are measured at an amount equal to lifetime of the ECLs as the loans are repayable on demand discounted by an effective interest rate of 0%. Merafe Ferrochrome has sufficient available cash to repay the loan if it was demanded at the reporting date, no expected credit loss is recognised.