| 36. | Events after the reporting period |
|
Business Review The Business Review follows sustained pressure from the prolonged economic downturn in the global ferrochrome market, which pressures are not expected to ease in the near to medium term. Should the Venture not be able to identify viable solutions to sustain profitability, it may have to consider suspension of certain ferrochrome furnaces in May 2025. Contingent liability Note 31 of the annual financial statements provides details of the pending transfer pricing matter with SARS. While the Group had applied for full suspension of payment, communication was received from SARS post year-end, partially suspending the payment. The amount which has not been suspended and therefore payable is R232 million. Pursuant to section 9 of the Tax Administration Act, the Company has requested SARS reconsider its decision to partially decline the request for suspension of payment. Update regarding the chrome ore operations The Venture has entered into a mutually beneficial enhancement to its historical agreement with Lonmin plc, as well as a new chrome management agreement with, inter alia, Sibanye Stillwater Limited. Refer to the SENS published on 19 February 2025. It is anticipated that the new agreement will result in increased feed and improved recoveries, thereby optimising production yields and reducing operational costs across all relevant chrome recovery plants. On 6 March 2025, the Board resolved to declare a final dividend of 8 cents (2023: 22 cents) cents per share for the 2024 financial year. The total gross cash dividend for the year amounted to 28 cents per share. The dividend will be paid out of income reserves. The directors are not aware of any other material event which occurred after the reporting date and up to the date of this report that may require adjustment or disclosure in these annual financial statements. |