NOTES TO THE FINANCIAL STATEMENTS l NOTE 2 |
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2. |
Property, plant and equipment |
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Group 2015 |
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Land, mineral and surface rights |
137 606 |
(74 067) |
63 539 |
– |
(15 242) |
15 242 |
(5 071) |
– |
– |
122 364 |
(63 896) |
58 468 |
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Boshoek smelter |
1 185 873 |
(185 151) |
1 000 722 |
97 698 |
(58 442) |
58 442 |
(81 313) |
– |
– |
1 225 129 |
(208 022) |
1 017 107 |
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Horizon mine, Boshoek mine, Kroondal mine, Kanana UG2 plant and Lonmin UG2 plants |
316 835 |
(199 555) |
117 280 |
36 651 |
(164 719) |
164 719 |
(16 354) |
– |
– |
188 767 |
(51 190) |
137 577 |
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Wonderkop smelter |
284 168 |
(108 399) |
175 769 |
32 069 |
(6 012) |
6 012 |
(20 274) |
– |
– |
310 225 |
(122 661) |
187 564 |
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Tswelopele pelletising plant |
169 118 |
(13 373) |
155 745 |
5 680 |
(3 380) |
3 380 |
(11 261) |
– |
– |
171 418 |
(21 254) |
150 164 |
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Wonderkop mine |
27 397 |
(16 430) |
10 967 |
– |
– |
– |
(2 054) |
– |
– |
27 397 |
(18 484) |
8 913 |
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Lion smelter |
1 244 909 |
(147 250) |
1 097 659 |
103 867 |
– |
– |
(89 612) |
(6 401)¹ |
– |
1 348 776 |
(243 263) |
1 105 513 |
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Borrowing costs capitalised on Project Lion II |
40 476 |
(2 195) |
38 281 |
– |
– |
– |
(2 024) |
– |
– |
40 476 |
(4 219) |
36 257 |
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Helena mine, Magareng mine and Mototolo UG2 plant |
359 121 |
(71 885) |
287 236 |
26 292 |
– |
– |
(28 612) |
– |
– |
385 413 |
(100 497) |
284 916 |
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Bokamoso pelletising plant |
202 848 |
(44 131) |
158 717 |
6 982 |
(5 730) |
5 730 |
(12 801) |
– |
– |
204 100 |
(51 202) |
152 898 |
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Corporate assets |
3 536 |
(2 604) |
932 |
1 625 |
– |
– |
(700) |
– |
– |
3 805 |
(1 988) |
1 817 |
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Capital work in progress (CWIP) |
132 315 |
– |
132 315 |
– |
(1 418) |
1 378 |
– |
– |
(33 139) |
99 176 |
– |
99 176 |
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Total |
4 104 202 |
(865 040) |
3 239 162 |
310 864 |
(254 943) |
254 903 |
(270 076)* |
(6 401) |
(33 139) |
4 127 046 |
(886 676) |
3 240 370 |
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Company 2015 |
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Land, mineral and surface rights |
4 023 |
(4 023) |
– |
– |
– |
– |
– |
– |
– |
4 023 |
(4 023) |
– |
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Corporate assets |
2 014 |
(1 443) |
571 |
224 |
(420) |
393 |
(252) |
– |
– |
1 818 |
(1 302) |
516 |
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Total |
6 037 |
(5 466) |
571 |
224 |
(420) |
393 |
(252) |
– |
– |
5 841 |
(5 325) |
516 |
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* |
R267.4m depreciation is recognised in the statement of comprehensive income. R2.7m relates to depreciation capitalised to inventory.
The property, plant and equipment is encumbered by a loan more fully described in note 9.2.
Management assessed the residual values of the permanent components of the smelters as higher than the carry values of these assets and therefore no depreciation has been calculated on these assets. This is consistent with
prior year. |
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1 |
This relates to transformers that failed prematurely and were replaced. |
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Group 2014 |
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Land, mineral and surface rights |
137 606 |
(71 035) |
66 571 |
– |
– |
– |
(3 032) |
– |
137 606 |
(74 067) |
63 539 |
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Boshoek smelter |
1 212 824 |
(167 984) |
1 044 840 |
58 935 |
(85 886) |
85 886 |
(103 053) |
– |
1 185 873 |
(185 151) |
1 000 722 |
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Horizon mine, Boshoek mine, Kroondal mine, Kanana UG2 plant and Lonmin UG2 plants |
312 890 |
(199 215) |
113 675 |
13 080 |
(9 135) |
9 135 |
(9 475) |
– |
316 835 |
(199 555) |
117 280 |
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Wonderkop smelter |
295 237 |
(111 628) |
183 609 |
16 943 |
(28 012) |
28 012 |
(24 783) |
– |
284 168 |
(108 399) |
175 769 |
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Tswelopele pelletising plant |
164 867 |
(6 395) |
158 472 |
6 075 |
(1 824) |
1 824 |
(8 802) |
– |
169 118 |
(13 373) |
155 745 |
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Wonderkop mine |
27 717 |
(14 507) |
13 210 |
– |
(320) |
320 |
(2 243) |
– |
27 397 |
(16 430) |
10 967 |
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Lion smelter |
412 649 |
(92 877) |
319 772 |
832 260 |
– |
– |
(54 373) |
– |
1 244 909 |
(147 250) |
1 097 659 |
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Borrowing costs capitalised on Project Lion II |
31 451 |
(657) |
30 794 |
9 025 |
– |
– |
(1 538) |
– |
40 476 |
(2 195) |
38 281 |
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Helena mine, Magareng mine and Mototolo UG2 plant |
323 740 |
(51 596) |
272 144 |
36 152 |
(771) |
771 |
(21 060) |
– |
359 121 |
(71 885) |
287 236 |
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Bokamoso pelletising plant |
197 036 |
(38 630) |
158 406 |
11 022 |
(5 210) |
5 210 |
(10 711) |
– |
202 848 |
(44 131) |
158 717 |
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Corporate assets |
3 469 |
(1 944) |
1 525 |
140 |
(73) |
58 |
(718) |
– |
3 536 |
(2 604) |
932 |
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Capital work in progress (CWIP) |
736 970 |
– |
736 970 |
– |
– |
– |
– |
(604 655) |
132 315 |
– |
132 315 |
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Total |
3 856 456 |
(756 468) |
3 099 988 |
983 632 |
(131 231) |
131 216 |
(239 788)* |
(604 655) |
4 104 202 |
(865 040) |
3 239 162 |
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Company 2015 |
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Land, mineral and surface rights |
4 023 |
(4 023) |
– |
– |
– |
– |
– |
– |
4 023 |
(4 023) |
– |
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Corporate assets |
1 947 |
(1 207) |
740 |
140 |
(73) |
58 |
(294) |
– |
2 014 |
(1 443) |
571 |
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Total |
5 970 |
(5 230) |
740 |
140 |
(73) |
58 |
(294) |
– |
6 037 |
(5 466) |
571 |
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* |
R237m of depreciation and impairment is recognised in the statement of comprehensive income which comprises R237m depreciation and nil impairments. R3m relates to depreciation capitalised in inventory.
The property, plant and equipment is encumbered by a loan more fully described in note 9.2.
Management has assessed the residual values of the permanent components of the smelters as higher than the carrying value of these assets and therefore no depreciation has been calculated on these assets. This is consistent with prior years. |
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Finance lease assets |
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The following finance lease assets where Merafe Ferrochrome is the lessee are included in the Boshoek and Lion ferrochrome smelters and corporate assets: |
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Plant and equipment |
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Cost |
49 611 |
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49 611 |
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322 |
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322 |
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Accumulated depreciation |
(13 286) |
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(11 213) |
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(304) |
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(232) |
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Carrying value at end of year |
36 325 |
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38 398 |
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18 |
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90 |
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Note: The cost and accumulated depreciation of the Lion and Boshoek assets as stated above relates to 100% of the leased assets as recognised in the Venture’s accounting records. Merafe's portion of the carrying value is R11,9m
(31 December 2014: R13m). |
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