Notes to the Consolidated and Separate Annual Financial Statements | Note 39

On 16 August 2022, the Group decided to dispose of the mineral rights and land that form part of Boshoek Mine. The liability directly associated with the asset held for sale is the environmental rehabilitation obligation. The Group considered that the sale of Boshoek mine meets the criteria to be classified as held for sale for the following reasons:

• The Group has obtained the required internal approvals for the sale;
• The Boshoek mine is available for immediate sale and a buyer has been identified and the sale agreement concluded; and
• The actions required for the fulfillment of the suspensive conditions are expected to be completed within 12 months of classification as held for sale.

Section 11 of the Mineral and Petroleum Resources Development Act No. 28 of 2002 was approved by the Department of Mineral Resources and Energy on 7 December 2023. Further regulatory approvals to finalise the sale are expected to be fulfilled in 2024. The transaction is expected to be effective within the next 12 months, Boshoek mine continues to be classified as held for sale.

No impairment loss has been recognised as the mineral right and land have been measured at their carrying amount.