| Group |
|
2024 |
|
|
2023 |
|
| R'000 |
Cost |
Accumulated
depreciation
and
impairment |
Carrying
value |
Cost |
Accumulated
depreciation
and
impairment |
Carrying
value |
| Beneficiation assets |
|
|
|
|
|
|
| Smelters |
4 131 294 |
(3 801 753) |
329 541 |
4 033 345 |
(3 202 504) |
830 841 |
| Pelletising plants |
431 124 |
(380 453) |
50 671 |
422 522 |
(365 167) |
57 355 |
| Right-of-use assets |
31 674 |
(28 606) |
3 068 |
31 674 |
(27 648) |
4 026 |
| Corporate assets |
4 611 |
(4 036) |
575 |
4 110 |
(3 916) |
194 |
| Mining assets |
|
|
|
|
|
|
| Mines |
1 626 912 |
(1 102 607) |
524 305 |
1 423 384 |
(1 060 338) |
363 046 |
| PGMs processing plants |
234 719 |
(17 966) |
216 753 |
142 906 |
(10 654) |
132 252 |
|
| 6 460 334 |
(5 335 421) |
1 124 913 |
6 057 941 |
(4 670 227) |
1 387 714 |
| Company |
|
2024 |
|
|
2023 |
|
| R'000 |
Cost |
Accumulated
depreciation |
Carrying
value |
Cost |
Accumulated
depreciation |
Carrying
value |
| Corporate assets |
2 286 |
(1 711) |
575 |
1 944 |
(1 585) |
359 |
Reconciliation of property, plant and equipment: Group – 2024
| R'000 |
Opening
balance |
Additions |
Rehabilitation provision |
Disposals |
Disposal
accumulated
depreciation |
Movement in
capital work in
progress |
Depreciation |
Impairment |
Total |
| Beneficiation assets |
|
|
|
|
|
|
|
| |
| Smelters |
830 841 |
457 738 |
(626) |
(217 893) |
217 893 |
(141 270) |
(241 713) |
(575 429) |
329 541 |
| Pelletising plants |
57 355 |
28 299 |
586 |
(10 267) |
10 267 |
(10 016) |
(25 553) |
– |
50 671 |
| Right-of-use assets |
4 026 |
– |
– |
– |
– |
– |
(958) |
– |
3 068 |
| Corporate assets |
194 |
507 |
– |
(6) |
6 |
– |
(126) |
– |
575 |
| Mining assets |
|
|
|
|
|
|
|
| |
| Mines |
363 046 |
255 756 |
(614) |
(36 859) |
32 254 |
(14 755) |
(74 523) |
– |
524 305 |
| PGMs processing plants |
132 252 |
168 556 |
312 |
– |
– |
(77 055) |
(7 312) |
– |
216 753 |
|
| 1 387 714 |
910 856 |
(342) |
(265 025) |
260 420 |
(243 096) |
(350 185) |
(575 429) |
1 124 913 |
Impairment assessment
As mandated by IAS 36, management performed an impairment assessment on the basis set out in notes 1.17 and 37.
Significant judgement and estimates were made in determining the value-in-use calculation. The recoverable amount
was determined using the value-in-use calculation via a discounted cash flow model. Based on the results of the
assessment, no CGU impairment adjustment was recognised for the current reporting period. There was an impairment
of the Boshoek smelter by R574 million, in addition to the impairment of another specific asset by R1 million. This brings
the total impairment loss for the year to R575 million. Note 37 further explains management's impairment assessment.
Depreciation
R354 million depreciation and amortisation is recognised in the statement of profit or loss and other comprehensive
income, which comprises R350 million resulting from property, plant and equipment and R4 million of amortisation
resulting from intangible assets.
Reconciliation of property, plant and equipment: Group – 2023
|
|
|
|
|
|
|
|
| |
| R'000 |
Opening
balance |
Additions |
Acquisition of PGM X |
Disposals |
Disposal accumulated depreciation |
Movement in capital work in progress |
Depreciation |
Total |
| Beneficiation assets |
|
|
|
|
|
|
|
|
| Smelters |
717 249 |
173 556 |
– |
(101 347) |
80 845 |
118 457 |
(157 919) |
830 841 |
| Pelletising plants |
46 013 |
27 244 |
– |
(10 471) |
9 682 |
7 122 |
(22 235) |
57 355 |
| Right-of-use assets |
4 995 |
– |
– |
– |
– |
– |
(969) |
4 026 |
| Corporate assets |
260 |
50 |
– |
(286) |
286 |
– |
(116) |
194 |
| Mining assets |
|
|
|
|
|
|
|
|
| Mines |
258 476 |
127 243 |
– |
(101 752) |
94 890 |
42 398 |
(58 209) |
363 046 |
| PGMs processing plants |
47 978 |
800 |
54 939 |
– |
– |
34 193 |
(5 658) |
132 252 |
|
| 1 074 971 |
328 893 |
54 939 |
(213 856) |
185 703 |
202 170 |
(245 106) |
1 387 714 |
Impairment assessment*
As mandated by IAS 36, management performed an impairment assessment on the basis set out in notes 1.17 and 37.
Significant judgement and estimates were made in determining the value-in-use calculation, and this is further explained
in note 37. The recoverable amount was determined using the value-in-use calculation via a discounted cash flow
model. Based on the results of the assessment, no CGU adjustment was recognised for the current reporting period.
There was no specific asset impairment.
*The Group has revised the wording of the disclosure of the prior year's impairment assessment in notes 3 and 4 to be consistent with the current year's disclosure of the
impairment assessment.
Depreciation
R249 million depreciation and amortisation is recognised in the statement of profit or loss and other comprehensive
income, which comprises R245 million resulting from property, plant and equipment and R4 million of amortisation
resulting from intangible assets.
Change in estimate
An amount of R114 million of change in estimate on the environmental rehabilitation provision is included in the additions for the Group. This is a non-cash item for the Group's statement of cash flows.
Reconciliation of property, plant and equipment: Company – 2024
|
|
|
|
| |
| R'000 |
Opening
balance |
Additions |
Depreciation |
Total |
| Corporate assets |
359 |
342 |
(126) |
575 |
Reconciliation of property, plant and equipment: Company – 2023
|
|
|
|
| |
| R'000 |
Opening
balance |
Additions |
Depreciation |
Total |
| Corporate assets |
427 |
48 |
(116) |
359 |
| |
Group |
Company |
| R'000 |
2024 |
2023 |
2024 |
2023 |
| Amounts recognised in the statement of cash flows* |
|
|
| |
| Additions |
910 856 |
328 893 |
342 |
48 |
| Acquisition of PGM X |
– |
54 939 |
– |
– |
| Movement in capital work in progress |
(243 096) |
202 170 |
– |
– |
| Assets disposed at carrying value |
(4 605) |
(28 153) |
– |
– |
| Disposal of asset for held for sale |
(963) |
– |
– |
– |
| Change in estimate on the environmental rehabilitation provision |
– |
113 516 |
– |
– |
| Acquisition of property, plant and equipment |
662 192 |
671 365 |
342 |
48 |
| * |
Disclosure for amounts recognised in the statement of cash flows has been presented to improve the understandability and clarity of the cash flows from the acquisition
of property, plant and equipment. The prior year disclosure has been added for comparability of the financial statements. The enhancement has no impact on the primary
financial statements. |
|
