Notes to the consolidated and separate annual financial statements | Note 6

6. Investment in associate
 

The investment in the associate, Impala Chrome Proprietary Limited (Impala Chrome), is a result of the acquisition of the 20.5% interest in Unicorn Chrome, which has been proportionately consolidated in the consolidated financial statements. Unicorn Chrome is jointly controlled by the Group and GOSA. Unicorn Chrome holds the 31.15% investment in Impala Chrome. The Group's effective shareholding in Impala Chrome equates to 20.5% of 31.15%.

Group          
Name of company Method % effective ownership interest
2025
%		 % effective ownership interest
2024
%		 Carrying
amount
2025
R'000		 Carrying
amount
2024
R'000
Impala Chrome Equity accounting 6.39 6.39 38 181 32 676

The principal place of business of Impala Chrome is the North West province.

Summarised financial information of material associate

Summarised statement of profit or loss and other comprehensive income

   Impala Chrome 
R'000  2025  2024 
Revenue   649 034   962 578  
Other income and expenses  (369 434) (526 448)
Profit before tax   279 600   436 130  
Tax expense  (73 381) (121 035)
Profit after tax  206 219  315 095 
Total comprehensive income for the year  206 219  315 095 

Summarised statement of financial position

   Impala Chrome 
R'000  2025  2024 
Assets       
Non-current  32 185  36 094 
Current  842 250  680 514 
Total assets  874 435  716 608 
Liabilities       
Non-current  29 498  31 261 
Current  216 707  143 336 
Total liabilities  246 205  174 597 
Total net assets  628 230  542 011 
Reconciliation between the associate's summarised financial information and the carrying amount of the associate       
Associate closing net assets (equity) 628 230  542 011 
Group's share in %  6.39  6.39 
Group's share in net assets  40 117  34 612 
Other adjustments  (1 936) (1 936)
Carrying amount in Group  38 181  32 676 
Reconciliation of the carrying value of investment in associate       
Investment at the beginning of the period  32 676  14 150 
Dividends received  (7 663) (1 596)
Share of earnings of the associate  13 168  20 122 
Investment at the end of the year  38 181  32 676