| |
| |
Group |
Company |
| |
2022
R '000 |
2021
R '000 |
2022
R '000 |
2021
R '000 |
| Receivable at fair value — Clover Alloys |
38,663 |
13,444 |
— |
— |
In 2017 the Venture entered into an asset swap arrangement with Lanxess Chrome Mine (Pty) Ltd (Lanxess) through which the Venture's mineral rights were swopped for Lanxess' mineral rights. Lanxess sold its interest to Clover Alloys South Africa (Pty) Ltd in 2020. The resultant receivable arises as payment for the Venture's mineral rights is through ore recovery and sale from mining in the rights area which is expected to be concluded in 2032. No ECLs were recognised for this receivable as the debtor is revalued at each reporting period based on the latest mining plans and probabilities and measured at its fair value, based on the inputs and forward-looking commodity prices.
The following key assumptions were used in the calculation of the discounted cash flow model (10 years) at the reporting date:
| |
Units of
Measure |
2022 |
2021 |
| Discount rate |
% |
9.70 % |
9.70 % |
| Average exchange rate — real |
ZAR/USD |
15.67 |
14.90 |
| Chrome Ore LG6 Met Grade |
$/oz |
197.88 |
197.88 |
|
