| 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 note 32.2 for the amounts included in the consolidated financial statements of the Group. |
| 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 R1 050 million (2023: R823 million). At the reporting date, a loan of R916 million (2023: R965 million ) 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 R0.1 million (2023: R0.1 million), 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 S Phiri,
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 R554 million (2023: R342 million). Commission expense R13 million (2023: R7 million). Interest expense R13 million (2023: R12 million). Receivable at the reporting date R134 million (2023: R99 million) 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 R324 million (2023: R369 million). Chrome ore swap R8 million (2023: Rnil). Marketing fee expense R2 million (2023: R2 million). Net interest income R12 million (2023: R19 million). Purchase of raw materials R9 million (2023: R50 million). Balance owing at the reporting date R30 million (2023: R40 million) payable on confirmation of final sales. |
| Cassian Trade AG (Cassian)# |
Cassian acts as the Venture's exclusive marketing agent to sell ferrochrome and chrome ore on its behalf. The Venture purchases various raw materials from Cassian on an ongoing basis. |
Balance owing at the reporting period R7 million (2023: Rnil) is due 30 days from the statement date. |
| Glencore Operations South Africa Proprietary Limited (GOSA)# |
GOSA is Merafe Ferrochrome partner in the Venture. |
Employee costs R176 million (2023: R171 million). Head-office costs R38 million (2023: R89 million). Training costs R12 million (2023: R8 million). Lion housing R23 million (R21 million). Share service centre costs R13 million (2023: R11 million). Balance owing at the end of the year R15 million (2023: R120 million) 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 R50 million (2023: R177 million) is owed to Merafe Ferrochrome. |
| Char Technology Proprietary Limited (Chartech)# |
Chartech sells raw materials to the Venture. |
Purchase of raw materials R129 million (2023: R152 million). Balance owing at the reporting date R9 million (2023: R14 million) payable 30 days from the statement date. |
| Glencore Property Management Company Proprietary Limited (GPMC)# |
GPMC provides rental property to the Venture. |
Rental of CSI offices R0.4 million (2023: R0.4 million). Balance owing at the reporting period R0.3 million (2023: R0.4 million) payable 30 days from the statement date. |
| Glencore Holdings South Africa Proprietary Limited (GHSA)# |
GHSA offers the Central Treasury Function for the Venture. |
Cash deposits of R831 million (2023: R631 million) and rehabilitation investment of R361 million (2023: R328 million). |
| Astron Energy Proprietary Limited (Astron)# |
Astron sells fuel to the Venture. |
Purchases of R35 million (2023: R37 million). Payable of R3 million (2023: R3 million) is due 30 days after the statement date. |
| Impala Chrome Proprietary Limited (Impala) |
Impala is an associate jointly controlled by the Venture. |
Revenue from logistics, marketing and maintenance contracts R42 million (2023: R54 million). Receivable of R3 million (2023: Rnil) is due 30 days after the statement date. |
| Unicorn Chrome Proprietary Limited (Unicorn) |
Unicorn is a jointly controlled operation by the Venture. |
Unicorn declared a dividend of R2 million to Merafe Ferrochrome. |
