| Name of related party |
Description of relationship |
Transactions and balances |
| The Venture |
In July 2004, GOSA and Merafe Ferrochrome pooled and shared ferrochrome assets to form the Venture. |
Refer to 32.2 for the amounts included in the consolidated financial statements of the Group. |
| Merafe Chrome and Alloys Proprietary
Limited |
Merafe Chrome is a wholly-owned
subsidiary of Merafe Resources. |
No dividends were paid to Merafe
Resources by Merafe Chrome (2022: Rnil). |
| Merafe Ferrochrome and Mining Proprietary Limited |
Merafe Ferrochrome is a wholly-owned subsidiary of Merafe Resources. |
Merafe Resources charges Merafe Ferrochrome a management fee as per note 19. The dividend declared by Merafe Ferrochrome was R823m (2022: R850m). At the reporting date, a loan of R965m (2022: R965m) is owed by Merafe Ferrochrome. |
| Merafe Kroondal Rehabilitation Trust (SE) |
The Trust, which was registered on 31 May 2006, was established to provide funds for the rehabilitation of land involved in any prospecting or mining operations of Merafe Ferrochrome of the Kroondal mine and to discharge any liability which might arise in terms of the Atmospheric Pollution Prevention Act of 1965, the Environment Conservation Act 45, No 50 of 1991, the Water Act, No 54 of 1956 and any such other legislation as may be enacted in the future. The environmental obligations and corresponding liability remain the sole responsibility of the Venture. The trust is a subsidiary of Merafe Resources and is
consolidated. |
A loan account is recognised with Merafe Resources of R108k (2022: R108k), which relates to the payment of audit fees. |
| Industrial Development Corporation of South Africa Limited (IDC) |
The IDC holds 21.9% of the issued share capital of Merafe Resources and has the ability to exercise significant influence over Merafe Resources as a result of its shareholding. |
The IDC received the non-executive director's fees for Mr D McGluwa as disclosed in note 33. The IDC received dividends declared by Merafe Resources. At the reporting date, there are no amounts due to the IDC. |
| Glencore (Nederland) B.V. (GN) |
GN holds 28.8% of the issued share capital of the Company and has the ability to exercise significant influence over the Company as a result of its
shareholding. |
GN received dividends declared by Merafe Resources. At the reporting date, there are no amounts due to the GN. |
| Mr A Mngomezulu, Mr J McIaughlan, Mr K Tlale, Ms M Vuso, Ms N Mabusela-Aikhuere, Mr D Gluwa, Mr D Green, Ms Z Matlala, Mr D Chocho |
Directors of Merafe Resources. |
Refer to note 33 for transactions with directors. |
| Glencore Limited (Stamford) (GLS)# |
GLS acts as the Venture's exclusive marketing agent to sell ferrochrome on its behalf and acts as a distributor in the USA and Canada. |
Sale of ferrochrome R342m (2022: R542m). Commission expense R7m (2022: R17m). Interest expense R12m (2022: R2m). Receivable at the reporting date R99m (2022: R160m) is reduced as and when GLS receives funds from customers and is receivable 120 days after the bill of lading. |
| Glencore International AG (GIAG)# |
GIAG acts as the Venture's exclusive marketing agent to sell ferrochrome and chrome ore on its behalf. The Venture purchases various raw materials from GIAG on an ongoing basis. The Venture sells chrome ore to GIAG on an ad-hoc basis. |
Commission expense on sale of ferrochrome and chrome ore R369m (2022: R314m).
Marketing fee expense R2m (2022: R2m). Net interest income R19m (2022: R8m). Purchase of raw materials R50m (2022: R332m). Balance owing at the reporting date R40m (2022: R29m) payable on confirmation of final sales. |
| Char Technology Proprietary Limited
(Chartech)# |
Chartech sells raw materials to the
Venture. |
Purchase of raw materials R152m (2022:
R134m). Balance owing at the reporting date R14m (2022: R17m) payable 30 days from the statement date. |
| Glencore AG (GAG)# |
The Venture purchases various raw materials from GAG on an ongoing
basis. The Venture sells chrome ore to GAG on an ad-hoc basis. |
Sale of chrome ore Rnil (2022: R2m). Purchase of raw materials Rnil (2022:
R63m). At the reporting date, there were no amounts due to GAG. |
| Glencore Operations South Africa
Proprietary Limited (GOSA)# |
GOSA is Merafe Ferrochrome partner in
the Venture. |
Employee costs R171m (2022: R165m).
Head-office costs R89m (2022: R28m). Training costs R8m (2022: R8m). Lion housing R21m (2022: R20m). Share service centre costs R11m (2022: R10m). Costs recovered from PGM tailings Rnil (2022: R3m). Balance owing at the end of the year R120m (2022: R18m) payable 10 days after month end. GOSA received the non-executive director's fees for Mr D Green as disclosed in note 33. At the reporting date a loan receivable of R177m (2022:R122m loan payable) is owed to Merafe Ferrochrome. |
| Glencore Property Management Company Proprietary Limited (GPMC)# |
GPMC provides rental property to the Venture. |
Rental of CSI offices R0.4m (2022: R0.04m). Balance owing at the reporting period R0.4m (2022: R0.04m) payable 30
days from the statement date. |
| Access World (South Africa) Proprietary Limited (Access)# |
Access is a warehousing company that provides storage facilities for ferrochrome and chrome ore to the Venture. |
Storage of ferrochrome and chrome ore Rnil (2022: R1m). At the reporting date, there were no amounts due to Access. |
| Glencore Holdings South Africa
Proprietary Limited (GHSA)# |
GHSA offers the Central Treasury
Function for the Venture. |
Cash deposits of R631m (2022: R351m)
and rehabilitation investment of R328m (2022: R301m). |
| Impala Chrome Proprietary Limited (Impala) |
Impala is an associate jointly controlled by the Venture. |
Revenue from logistics, marketing and maintenance contracts R54m (2022: R32m). Receivable at the reporting date
Rnil (2022: R5m). |
| Astron Energy Proprietary Limited (Astron)# |
Astron sells fuel to the Venture. |
Purchases of R37m (2022: R39m). Payable of R3m (2022: R3m) at the reporting date. |
| Unicorn Chrome Proprietary Limited
(Unicorn) |
Unicorn is a jointly controlled operation
by the Venture. |
Shareholder loan receivable at the
reporting date of Rnil (2022: R5m) |
