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 met the criteria to be classified as held for sale for the following reasons:

• The Group had obtained the required internal approvals for the sale;
• The Boshoek mine was available for immediate sale and a buyer had been identified and the sale agreement concluded; and
• The actions required for the fulfilment of the suspensive conditions were 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. Final regulatory approval was received from the Department of Mineral Resources and Energy on 5 June 2024, and all suspensive conditions of the sale were met on 20 June 2024. The Group's portion of the cash consideration received for the sale of Boshoek mine was R7.9 million.

Boshoek mine remained classified as a non-current asset held for sale for the period until the date of sale. Prior to and up to the date of sale, it was on care and maintenance.