Notes to the consolidated and separate annual financial statements | Note 9

The cost of inventories recognised as an expense and included in the cost of sales amounted to R3 645 million (2023: R3 973 million), which is a decrease from the prior year due to the lower volumes of ferrochrome sold partially offset by higher cost of production. Refer to note 20. No inventories were encumbered during the year.

For the year ended 31 December 2024, inventory was written down to its net realisable value due to low commodity prices at the reporting date, resulting in a loss of R79 million (2023: R2 million). Refer to note 20.