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The consolidated financial statements were authorised for issue by the Board of Directors on 12 December 2023.
\n
\n
\n
Phoevos Pouroulis
\n
\n
\n
Michael Jones
\n
\n
\n
Director
\n
\n
\n
Director
\n

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\n

\n

\n
1.
\n
\n
CORPORATE
\n
\n
INFORMATION
\n
\n
\n
Tharisa plc (
\n
\u2018
\n
the Company
\n
\u2019
\n
) was incorporated in Cyprus on 20 February 2008 under registration number HE223412.
\n
The Company was
\n
converted to a public company and accordingly changed its name from Tharisa Limited to Tharisa plc on 19 January 2012. On 10 April 2014,
\n
the Company listed its ordinary share capital on the main board of the Johannesburg Stock Exchange (\u2018JSE\u2019) as the primary listing. On 8
\n
June 2016 the Company listed its ordinary share capital as a standard secondary listing on the main board of the London Stock Exchange
\n
(
\n
\u2018
\n
LSE
\n
\u2019
\n
)
\n
.
\n
\n
On
\n
6
\n
\n
February
\n
\n
201
\n
9
\n
\n
the Company listed its ordinary share capital as a secondary listing on the A2X Exchange
\n
\n
in South Africa
\n
.
\n
\n
\n\n
The Company\u2019s r
\n
egistered office is at Sofoklis Pittokopitis Business Centre, Offices 108
\n
-
\n
110, 17
\n
Neophytou Nicolaides and Kilkis Street
\n
s
\n
,
\n
8011 Paphos, Cyprus.
\n
\n

\n\n
\n
\n\n
The principal activity of the Group is the exploitation of metals and minerals, principally platinum group metals (
\n
\u2018
\n
PGMs
\n
\u2019
\n
) and chrome,
\n
the
\n
\n
associated sales and logistics operations
\n
\n
thereof as well as the development of a PGM mining project
\n
.
\n

\n\n
\n
\n
On 9 February 2009, the Company acquired 74
\n
.0
\n
% of the share capital of Tharisa Minerals Proprietary Limited
\n
\n
(\u2018Tharisa Minerals\u2019)
\n
, a
\n
company established in South Africa. The principal activity of Tharisa Minerals is PGM and chrome mining and processing. On 16 February
\n
2022, the Company acquired an additional 20.0% of the issued share capital of Tharisa Minerals from a non-controlling shareholder
\n
increasing its shareholding to 94.0%. On 20 May 2022, the Company acquired the remaining 6.0% of the issued share capital of Tharisa
\n
Minerals resulting in Tharisa Minerals becoming a wholly
\n
-
\n
owned subsidiary of the Company.
\n
\n
\n
On 2 November 2010, the
\n
Company incorporated Tharisa Investments Limited, a company established in Cyprus. The principal activity of
\n
Tharisa Investments Limited is that of investment holding.
\n
\n
\n
On 15 February 2012, Tharisa Investments Limited incorporated Tharisa Fujian Industrial Co.
\n
,
\n
\n
Ltd, a company established in China. The
\n
principal activity of Tharisa Fujian Industrial Co., Ltd is that of ferrochrome smelting. Tharisa Fujian Industrial Co., Ltd has not commenced
\n
operations up to the date of this report.
\n
\n
\n
On 4 February 2011, the Company incorporated Arxo Resources Limited, a company established in Cyprus. The principal activity
\n
of Arxo
\n
Resources Limited is the selling and distribution of chrome concentrates. On 7 December 2011, Arxo Resources Limited incorporated Arxo
\n
Metals Proprietary Limited, a company established in South Africa. The principal activity of Arxo Metals Proprietary Limited is metal
\n
processing. It currently produces foundry and chemical grade chrome concentrates, operates a chrome plant owned by a third party and is
\n
involved
\n
in various research and development test work, more specifically test work relating to the
\n
beneficiation of PGM concentrates.
\n
\n
\n
On 1 March 2011, the Company acquired 100% of the share capital of Arxo Logistics Proprietary Limited, a
\n
company established in South
\n
Africa. The principal activity of Arxo Logistics Proprietary Limited is the provision of logistics services.
\n
\n
\n
On 31 May 2011, the Company incorporated Tharisa Administration Services Limited
\n
\n
(\u2018Tharisa Administration\u2019)
\n
, a company established in
\n
Cyprus. Tharisa Administration provides management and administration services to the Group. On 1 April 2013, Tharisa Administration
\n
acquired Braeston Proprietary Limited, a company established in South Africa. The principal activity of Braeston Proprietary Limited is the
\n
provision of management services to the Group. On 19 July 2018, Braeston Proprietary Limited incorporated Ubhova Security Proprietary
\n
Limited, a company incorporated in South Africa. The principal activity of Ubhova Security Proprietary Limited is the provision of security
\n
services.
\n
\n
\n
On 30 May 2013, the Company incorporated Dinami Limited, a company established in Guernsey. The principal activity of Dinami
\n
Limited is
\n
the provision of consultancy services in relation to the sale of the Group\u2019s foundry and chemical grade chrome concentrate products. Limited
\n
operations were conducted during the financial years ended 30 September 2023 and 30 September 2022.
\n
\n
\n
On 12 June 2018, the Company acquired a 26.8% shareholding in Karo Mining Holdings
\n
plc
\n
\n
(\u2018Karo Mining\u2019)
\n
, a company incorporated in
\n
Cyprus. The principal activity of Karo Mining is that of an investment holding company. On 30 March 2022, the Company acquired a controlling
\n
interest in Karo Mining by increasing its shareholding to 66.34%. Subsequent to acquiring the controlling interest in Karo Mining, the Company
\n
increased its shareholding in Karo Mining to 70.0% by subscribing for additional shares issued by Karo Mining during the period 1 April 2022
\n
to 30 September 2022. During the year ended 30 September 2023, the Company subscribed for additional shares issued by Karo Mining
\n
increasing the Company\u2019s shareholding to 75.0%.
\n
\n
\n
The
\n
main subsidiary
\n
\n
of
\n
Karo Mining
\n
\n
is Karo
\n
Zimbabwe
\n
\n
Holdings
\n
(Private)
\n
Limited
\n
,
\n
\n
a company
\n
incorporated in
\n
Zimbabwe
\n
.
\n
Karo Zimbabwe
\n
Holdings (Private) Limited is the holding company of Karo Platinum (Private) Limited, Karo Power Generation (Private) Limited, Karo Refining
\n
(Private) Limited and Karo Coal Mines (Private) Limited. All subsidiary companies of Karo Zimbabwe Holdings (Private) limited are
\n
incorporated in Zimbabwe.
\n
\n
The functional currency of these entities is the United States Dollar.
\n
\n

\n\n
1.
\n
\n
CORPORATE INFORMATION (continued)
\n
\n
\n
On 29 June 2018, the Com
\n
pany incorporated Arxo Finance plc
\n
, a company incorporated in Cyprus. The principal activity of Arxo Finance
\n
plc
\n
\n
is to provide funding for Group entities.
\n
\n
\n
On 1 October 2019, the Company acquired 100% of the share capital of MetQ Proprietary Limited
\n
\n
(\u2018MetQ\u2019)
\n
, a company established in South
\n
Africa. The principal activity of MetQ is the manufacturing of mining equipment.
\n
\n
\n
On 31 March 2021, the Company acquired 100% of the share capital of Salene Chrome Zimbabwe (Private) Limite
\n
d (\u2018Salene Chrome\u2019)
\n
, a
\n
company incorporated in Zimbabwe. Salene Chrome\u2019s principal activity is exploration and mining. Salene Chrome has been awarded special
\n
grants under the Zimbabwe Mines and Minerals Act on the Eastern and Western sides of the Great Dyke in Zimbabwe, which entitles it to
\n
mine the minerals thereon.
\n
\n
\n
On 19 April 2021, the Company incorporated Arxo Prospecting (Cyprus) Limited, a company established in Cyprus. The principal
\n
activity of
\n
Arxo Prospecting (Cyprus) Limited is the prospecting for minerals and metals. Limited operations were conducted during the financial years
\n
ended 30
\n
\n
September 202
\n
3 and 30 September 2022
\n
.
\n
\n
\n
On 20 April 2021, the Company incorporated Arxo Exploration
\n
(Cyprus)
\n
Limited, a company established in Cyprus. The principal activity of
\n
Arxo Exploration (Cyprus) Limited is the exploration for various metals and minerals. Limited operations were conducted during the financial
\n
year
\n
s
\n
\n
ended 30
\n
\n
September 202
\n
3 and 30 September 2022
\n
.
\n
\n
\n
On 30 June 2021, the Company incorporated Arxo Technologies Limited, a company established in Cyprus. The principal activity
\n
of Arxo
\n
Technologies Limited is to perform research and development operations. Limited operations were conducted during the financial years
\n
ended 30
\n
\n
September 202
\n
3 and 30 September 2022
\n
.
\n
\n
\n
On
\n
16 December 2021
\n
, the Company incorporated
\n
Skyler Storm (Private) Limited
\n
, a company established in
\n
Zimbabwe
\n
. The principal activity
\n
of Skyler Storm (Private) Limited is to perform mining and beneficiation of chrome concentrate operations. Limited operations were conducted
\n
during the financial year
\n
s
\n
\n
ended 30
\n
\n
September 202
\n
3 and 30 September 2022
\n
.
\n
\n
\n
On
\n
18 April 2022
\n
, the Company incorporated
\n
Redox One
\n
Limited, a company established in Cyprus. The principal activity of
\n
Redox One
\n
\n
Limited is
\n
to perform
\n
r
\n
esearch and development
\n
operations, specifically
\n
in renewable energy
\n
solutions
\n
.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag353": { "value": "Tharisa plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag354": { "value": "Cyprus", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag355": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag358": { "value": "Tharisa plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag356": { "value": "\n
The Company\u2019s r
\n
egistered office is at Sofoklis Pittokopitis Business Centre, Offices 108
\n
-
\n
110, 17
\n
Neophytou Nicolaides and Kilkis Street
\n
s
\n
,
\n
8011 Paphos, Cyprus.
\n
\n

\n", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag359": { "value": "\n
The principal activity of the Group is the exploitation of metals and minerals, principally platinum group metals (
\n
\u2018
\n
PGMs
\n
\u2019
\n
) and chrome,
\n
the
\n
\n
associated sales and logistics operations
\n
\n
thereof as well as the development of a PGM mining project
\n
.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag357": { "value": "Cyprus", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag360": { "value": "Cyprus", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag331": { "value": "\n

\n

\n

\n

\n

\n
2.1.
\n
\n
BASIS OF PREPARATION
\n
\n
\n\n
Statement of compliance
\n
\n
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (\u2018I
\n
FRSs\u2019)
\n
,
\n
\n
the
\n
Listings Requirements of the Johannesburg Stock Exchange and the requirements of the Cyprus Companies Law, Cap. 113. Statutory
\n
consolidated financial statements of the Company were additionally prepared in accordance with IFRS as adopted by the EU and the
\n
requirements of the Cyprus Companies Law, Cap. 113. These have been approved and issued on the same date and there are no
\n
differences in the two sets of consolidated financial statements.
\n

\n\n
\n
\n
Basis of measurement
\n
\n
The consolidated financial
\n
statements are prepared on the historical cost basis except as otherwise stated in the accounting policies set out
\n
below.
\n
\n
\n\n

\n

\n
Accounting policies
\n
\n
The principal accounting policies applied in the preparation of these consolidated financial
\n
statements are set out below. Where an accounting
\n
policy is specific to a note, the policy is described in the note which it relates to. These policies have consistently been applied to all years
\n
presented.
\n
\n
\n\n
Functional and presentation currency
\n
\n
The consolidated financial statements are presented in United States Dollars (\u2018US$\u2019) which is the Company's functional curren
\n
cy and
\n
presentation currency. Amounts are rounded to the nearest thousand.
\n
\n
\n
The following US$: ZAR exchange rates were used in
\n
preparing the consolidated financial statements:
\n
\n
\u2022
\n
Closing rate:
\n
\n
ZAR
\n
18.
\n
91
\n
\n
(202
\n
2
\n
: ZAR1
\n
8
\n
.0
\n
7
\n
)
\n
\n
\u2022 Average rate: ZAR18.18 (2022: ZAR15.82)
\n

\n\n
\n\n
Going concern
\n
\n
These consolidated financial statements have been prepared on a going concern basis.
\n
\n
\n
Refer
\n
to note 3
\n
2
\n
\n
for
\n
\n
s
\n
tatements
\n
\n
on the Group\u2019s objectives, policies and processes for managing its capital, details of its financial instruments
\n
and hedging activities; its exposures to market risk in relation to commodity prices and foreign exchange risks; interest rate risk; credit risk;
\n
and liquidity risk.
\n

\n\n
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag332": { "value": "\n
Statement of compliance
\n
\n
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (\u2018I
\n
FRSs\u2019)
\n
,
\n
\n
the
\n
Listings Requirements of the Johannesburg Stock Exchange and the requirements of the Cyprus Companies Law, Cap. 113. Statutory
\n
consolidated financial statements of the Company were additionally prepared in accordance with IFRS as adopted by the EU and the
\n
requirements of the Cyprus Companies Law, Cap. 113. These have been approved and issued on the same date and there are no
\n
differences in the two sets of consolidated financial statements.
\n

\n", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag333": { "value": "\n

\n

\n
Accounting policies
\n
\n
The principal accounting policies applied in the preparation of these consolidated financial
\n
statements are set out below. Where an accounting
\n
policy is specific to a note, the policy is described in the note which it relates to. These policies have consistently been applied to all years
\n
presented.
\n
\n
\n\n
Functional and presentation currency
\n
\n
The consolidated financial statements are presented in United States Dollars (\u2018US$\u2019) which is the Company's functional curren
\n
cy and
\n
presentation currency. Amounts are rounded to the nearest thousand.
\n
\n
\n
The following US$: ZAR exchange rates were used in
\n
preparing the consolidated financial statements:
\n
\n
\u2022
\n
Closing rate:
\n
\n
ZAR
\n
18.
\n
91
\n
\n
(202
\n
2
\n
: ZAR1
\n
8
\n
.0
\n
7
\n
)
\n
\n
\u2022 Average rate: ZAR18.18 (2022: ZAR15.82)
\n

\n\n
\n\n
Going concern
\n
\n
These consolidated financial statements have been prepared on a going concern basis.
\n
\n
\n
Refer
\n
to note 3
\n
2
\n
\n
for
\n
\n
s
\n
tatements
\n
\n
on the Group\u2019s objectives, policies and processes for managing its capital, details of its financial instruments
\n
and hedging activities; its exposures to market risk in relation to commodity prices and foreign exchange risks; interest rate risk; credit risk;
\n
and liquidity risk.
\n

\n\n
\n

\n\n

\n\n
2.2.
\n
\n
STANDARDS AND INTERPRETATIONS ADOPTED IN THE CURRENT YEAR
\n
\n
\n
The Group has adopted the following new and/or revised standards and interpretations which became effective for the year ende
\n
d
\n
30 September 2023 for which the nature and effect of the changes as a result of the adoption of these new accounting standards are
\n
described below
\n
:
\n
\n
\n
Annual Improvements to IFRS Standards 2018
\n
-
\n
2020
\n
\n
As part of its process to make non
\n
-
\n
urgent but necessary amendments to IFRS Standards, the IASB has issued the Annual Improvements to
\n
IFRS Standards 2018\u20132020. The amendment applicable to the Group relates to IFRS 9 and clarifies which fees should be included in the
\n
10% test for derecognition of financial liabilities. The amendment has been applied prospectively and had no impact on the Group\u2019s results
\n
for the year ended 30 September 2023
\n
.
\n
\n
\n
Onerous Contracts
\n
\u2013
\n
\n
Costs of Fulfilling a Contract
\n
\u2013
\n
\n
Amendments to IAS 37
\n
\n
In May 2020, the IASB issued amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets to specify which c
\n
osts an
\n
entity needs to include when assessing whether a contract is onerous or loss-making. The amendments apply a \u2018directly related cost
\n
approach\u2019. The costs that relate directly to a contract to provide goods or services include both incremental costs (e.g. the costs of direct
\n
labour and materials) and an allocation of costs directly related to contract activities (e.g. depreciation of equipment used to fulfil the contract
\n
as well as costs of contract management and supervision). General and administrative costs do not relate directly to a contract and are
\n
excluded unless they are explicitly chargeable to the counterparty under the contract. The amendments apply to contracts for which an entity
\n
has not yet fulfilled all of its obligations at the beginning of the current financial year. The adoption of these amendments had no impact on
\n
the
\n
Group
\n
\u2019s results for the year ended 30
\n
September 2023.
\n
\n
\n
Reference to the Conceptual Framework
\n
\u2013
\n
\n
Amendments to IFRS 3
\n
\n
The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential \u2018day 2\u2019 gains or losse
\n
s arising for
\n
liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC
\n
21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the
\n
Conceptual Framework, to determine whether a present obligation exists at the acquisition date. These amendments had no impact on the
\n
Group\u2019s results for the year ended 30 September 2023
\n

\n\n

\n\n

\n\n
2.3.
\n
\n
STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET
\n
EFFECTIVE
\n
\n
\n
The new standards, interpretations and amendments to standards listed below are not effective and have not been early adopted
\n
, but will
\n
be adopted once these new standards, interpretations and amendments become effective. The Group notes the new standards, amendments
\n
and interpretations which have been issued but not yet effective and does not plan to early adopt any of the standards, amendments and
\n
interpretations. There are no other standards that are not yet effective and that would be expected to have a material impact on the Group
\n
in the current or future reporting periods.
\n
\n
\n
Classification of Liabilities as Current or Non
\n
-
\n
current
\n
and non
\n
-
\n
current liabilities with covenants
\n
\n
-
\n
\n
Amendments to IAS 1
\n
\n
The International Accounting Standards Board (IASB) issued Classification of Liabilities as Current or Non
\n
-
\n
current
\n
\n
and non
\n
-
\n
Current liabilities
\n
with Covenants, which amends IAS 1 Presentation of Financial Statements. The amendments affect requirements in IAS 1 for the
\n
classification of liabilities as current or non-current. The amendments clarify what is meant by a right to defer settlement, that a right to defer
\n
settlement must exist at the end of the reporting period, the classification is unaffected by the likelihood that an entity will exercise its deferral
\n
right, that only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its
\n
classification, as well as the required disclosures in this regard. The amendment must be applied retrospectively and is effective for annual
\n
periods beginning on or after 1 January 202
\n
4
\n
. Th
\n
ese
\n
\n
amendment
\n
s
\n
\n
is not expected to have a material impact on the Group.
\n
\n
\n
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
\n
\u2013
\n
\n
Amendments to IAS 12
\n
\n
In May 2021, the IASB issued amendments to IAS 12 Income Taxes which narrow the scope of the
\n
initial recognition exception under IAS
\n
\n
12,
\n
so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences.
\n
\n
\n
Under the amendments, the initial recognition exception does not apply to
\n
transactions that, on initial recognition, give rise to equal taxable
\n
and deductible temporary differences. It only applies if the recognition of a decommissioning asset and decommissioning liability (or lease
\n
asset or lease liability) give rise to taxable
\n
\n
and deductible temporary differences that are not equal.
\n
\n
\n
An entity should apply the amendments to transactions that occur on or after the beginning of the earliest comparative period
\n
\n
presented and
\n
is effective for annual periods beginning on or
\n
after 1 January 2023.
\n
\n
This amendment is not expected to have a material impact on the Group.
\n

\n\n

\n\n

\n\n
2.3.
\n
\n
STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET EFFECTIVE
\n
\n
(continued)
\n
\n
\n
Definition of Accounting Estimate
\n
\u2013
\n
\n
Amendments to IAS 8
\n
\n
The IASB has issued
\n
amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8) to clarify how entities
\n
should distinguish changes in accounting policies from changes in accounting estimates, with a primary focus on the definition of and
\n
clarifications on accounting estimates. This is due to the term \"accounting estimate\" not being defined and the previous definition of a \"change
\n
in accounting estimate\" being unclear.
\n
\n
\n
The amendments introduce a new definition for accounting
\n
estimates, clarifying that they are monetary amounts in the financial statements
\n
that are subject to measurement uncertainty. The amendment must be applied prospectively and is effective for annual periods beginning
\n
on or after 1 January 2023. This amendment is not expected to have a material impact on the Group.
\n
\n
\n
Disclosure of Accounting Policies
\n
\u2013
\n
\n
Amendments to IAS 1
\n
\n
To assist preparers of financial statements, the IASB had previously refined its definition of \u2018material\u2019 (effective 1 Jan
\n
uary
\n
\n
2020) and issued
\n
non-mandatory practical guidance on applying the concept of materiality. As the final step of the materiality improvements, the IASB issued
\n
amendments on the application of materiality to the disclosure of accounting policies. The key amendments include requirements for entities
\n
to disclose their material accounting policies rather than their significant accounting policies as well as certain clarifications regarding
\n
accounting policies related to material transactions or events.
\n
\n
\n
The amendment must be applied prospectively and is effective for annual periods beginning on or after 1 January 2023. This am
\n
endment is
\n
not expected to have a material impact on the Group.
\n
\n
\n
International Tax Reform
\n
\u2013
\n
\n
Pillar Two Model Rules
\n
-
\n
\n
Amendments to IAS 12
\n
\n
In May 2023, the
\n
IASB
\n
\n
issued amendments to IAS 12, which introduce a mandatory exception in IAS 12 from recognising and disclosing
\n
deferred tax assets and liabilities related to Pillar Two income taxes. The amendments clarify that IAS 12 applies to income taxes arising
\n
from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the Organization for Economic
\n
Cooperation and Development, including tax law that implements qualified domestic minimum top-up taxes. Such tax legislation, and the
\n
income taxes arising from it, are referred to as \u2018Pillar Two legislation\u2019 and \u2018Pillar Two income taxes\u2019, respectively. The amendments require
\n
an entity to disclose that it has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related
\n
to Pillar Two income taxes. An entity is required to separately disclose its current tax expense (income) related to Pillar Two income taxes,
\n
in the periods when the legislation is effective. The disclosure of the current tax expense related to Pillar Two income taxes and the
\n
disclosures in relation to periods before the legislation is effective are required for annual reporting periods beginning on or after 1 January
\n
2023
\n
.
\n
\n
Th
\n
e Company is currently assessing the impact of these amendments.
\n

\n\n

\n\n

\n
2.4.
\n
\n
BASIS OF CONSOLIDATION
\n
\n
\n
The consolidated financial statements include, on a line
\n
-
\n
by
\n
-
\n
line basis, the financial statements of all subsidiaries.
\n
\n
\n
The following policies have been
\n
applied during the consolidation process:
\n
\n\n
Subsidiaries
\n
\n
Subsidiaries are entities controlled by the Group. Control exists where the Group is exposed, or has rights to variable retur
\n
ns from its
\n
involvement with the entity and has the ability to affect those returns through its power over the investee. The financial statements of
\n
subsidiaries are included in the consolidated financial statements from the date on which the control commenced until the date on which
\n
control cease
\n
s
\n
.
\n

\n\n
\n
\n
Transactions eliminated on consolidation
\n
\n
Intra
\n
-
\n
group balances and transactions and any unrealised income and expenses arising from intra
\n
-
\n
group transactions are eliminated in
\n
preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated
\n
against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised
\n
gains, but only to the extent that there is no evidence of impairment.
\n
\n
\n
Foreign operations
\n
\n
As at the reporting date
\n
\n
and
\n
\n
on consolidation, the assets and liabilities of foreign subsidiaries, including goodwill and fair value adjustments
\n
arising on acquisition, are translated into the presentation currency of the Group (US$) at the rate of exchange ruling at the reporting date
\n
and their statements of comprehensive income are translated at the weighted monthly average exchange rate for the period. The exchange
\n
differences arising in the translation on consolidation are recognised in other comprehensive income. On disposal of a foreign entity, the
\n
deferred cumulative amount recognised in equity relating to that particular foreign operation is recognised in profit or loss
\n
.
\n
\n
\n
Non
\n
-
\n
current m
\n
onetary assets that are receivable from a foreign subsidiary and for which settlement is neither planned nor likely to occur
\n
in
\n
the foreseeable future, forms part of the net investment in a foreign operation and the resulting exchange differences are recognised in other
\n
comprehensive income. The repayment of such a balance is not considered to be a partial disposal and the cumulative exchange differences
\n
recognised in other comprehensive income is not reclassified to profit and loss, until the
\n
foreign entity is disposed of.
\n

\n\n

\n

\n
2.4.
\n
\n
BASIS OF CONSOLIDATION
\n
\n
\n\n
Foreign currency transactions
\n
\n
Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates
\n
\n
at the dates of
\n
the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional
\n
currency at the foreign exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised
\n
cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised
\n
cost in foreign currency translated at the exchange rate at the end of the year.
\n
\n
\n
Non
\n
-
\n
monetary assets and liabilities denominated in foreign currencies that are measured at fair value are
\n
retranslated to the functional
\n
currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that are measured in
\n
terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on
\n
retranslation are recognised in profit or loss.
\n
\n
Foreign currency gains and losses are reported on a net basis.
\n

\n\n
\n
\n\n
Loss of control
\n
\n
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related
\n
\n
non
\n
-
\n
controlling
\n
interest and other components of equity. Any relating gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary
\n
is measured at fair value when control is lost.
\n

\n\n

\n\n

\n\n
Accounting policy
\n
\n
Operating segments, and the amounts of each segment item reported in the consolidated financial statements, are
\n
identified from the financial
\n
information provided regularly to the Group\u2019s management for the purposes of allocating resources to, and assessing the performance of,
\n
the Group\u2019s various lines of business and geographical locations. The Board of Directors is of the view that the Group had four operating
\n
segments during the reporting period, the PGM segment, the chrome segment, the agency and trading segment and the manufacturing
\n
segment. The following is a description of the Group\u2019s current principal activities separated by reportable segment, from which the Group
\n
recognises its revenue.
\n
\n
\n
PGM segment
\n
\n
The PGM segment principally generates revenue from the sale of PGM concentrate, which consists of the sale of platinum, palla
\n
dium,
\n
rhodium, gold, ruthenium, iridium, nickel and copper. The Group enters into off-take agreements with customers for the supply of PGM
\n
concentrate.
\n
\n
\n
Chrome segment
\n
\n
The Group currently produces metallurgical chrome concentrate and specialty chrome concentrates. It generates revenue from th
\n
e sale of
\n
these products. The chrome market is typically a \u2018spot\u2019 market. The Group enters into short-term sale contracts. The Group also enters into
\n
long
\n
-
\n
term volume off
\n
-
\n
take agreements for the supply of chrome concentrates.
\n
\n
\n
Agency and trading segment
\n
\n
The Group operates a third party chrome plant and markets and sells the
\n
chrome concentrate produced at this plant. The Group determines
\n
whether it acts as principal or agent by assessing whether the Group controls the transaction and what its performance obligations are.
\n
Considerations to determine control include whether the Group provides the performance obligation itself, the Group is primarily responsible
\n
for fulfilling the promise to provide the specified chrome concentrates, the Group has inventory risk before the specified products are
\n
transferred to the customer and the Group determines the selling price. In the absence of any of the aforementioned factors, control of the
\n
transaction may be doubtful and the Group would recognise the margin achieved in revenue as an agent. The Group believes that these
\n
factors are present and consequently the Group acts as principal. Metallurgical chrome concentrates are produced at this plant. The Group
\n
enters into short
\n
-
\n
term contracts for the sale of these chrome concentrates.
\n
\n
\n
From time
\n
-
\n
to
\n
-
\n
time the Group enters into t
\n
hird
\n
-
\n
party logistics, third
\n
-
\n
party trading and third party chrome operations
\n
transactions which are
\n
aggregated together as the agency and trading segment.
\n

\n\n

\n\n

\n\n
Accounting policy (continued)
\n
\n
Manufacturing segment
\n
\n
The
\n
Group manufactures and sells mining and mineral processing equipment which represents the manufacturing segment.
\n
\n

\n\n

\n\n

\n\n
Accounting policy
\n
\n
Sales revenue is recognised on individual sales when control transfers to the customer. Control transfers to the customer upo
\n
n satisfaction
\n
of performance obligations within each contract. In most instances, control passes and sales revenue is recognised when the product is
\n
delivered to the vessel or vehicle on which it will be transported to the destination port or the customer\u2019s premises. There may be
\n
circumstances when judgment is required based on the five indicators of control below:
\n
\n
\n
\u2022 The customer has the significant risks and rewards of ownership and has the ability to direct the use of, and obtain substantially all of
\n
the remaining benefits from the good or service.
\n
\n
\u2022 The customer has a present obligation to pay in accordance with the terms of the sales contract. For shipments under the Incoterms
\n
Cost, Insurance and Freight (\u2018CIF\u2019) this is generally when the ship is loaded, at which time the obligation for payment is for both product
\n
and freight.
\n
\n
\u2022 The customer has accepted the asset. Sales revenue may be subject to adjustment if the product specification does not conform to
\n
the terms specified in the sales contract but this does not impact the passing of control.
\n
\n
\u2022
\n
The customer has legal title to the asset. The Group usually retains legal title until payment is received for credit risk pu
\n
rposes only.
\n
\n
\u2022 The customer has physical possession of the asset. This indicator may be less important as the customer may obtain control of an
\n
asset prior to obtaining physical possession, which may be
\n
the case for goods in transit.
\n
\n
\n
Revenue is presented net of Value Added Tax, rebates and discounts and after eliminating intergroup sales.
\n
\n
\n
PGM revenue
\n
\n
Revenue from the sale of PGM concentrate is recognised based on the quantity of PGM concentrate delivered, prevailing market
\n
prices
\n
and exchange rates, when delivered to the customers in terms of the off-take agreements. Revenue recognised includes variable
\n
consideration as revenue is subject to quality and quantity adjustments, final pricing and currency adjustments after the beneficiation
\n
process is completed. Revenue recognised is adjusted for expected final adjustments based on finally determined quality, quantity and
\n
spot rates, which are estimated based on prevailing market information and recognised as a separate component within revenue.
\n
Adjustments to the sale price occur based on movements in the metal market prices and exchange rates up to the date o
\n
f final pricing.
\n
\n
\n
Any subsequent changes that arise due to differences between initial and final assay are still considered within the scope of
\n
\n
IFRS
\n
\n
15 and
\n
are subject to the constraint on estimates of variable consideration. When considering the initial assay estimate, the Group has considered
\n
the requirements of IFRS 15 in relation to the constraint on estimates of variable consideration. It will only include amounts in the calculation
\n
of revenue where it is highly probable that a significant revenue reversal will not occur when the uncertainty relating to final
\n
quantity/assay/quality is subsequently determined.
\n
\n
\n
Consequently, at the time the concentrate passes to the customer, the Group will recognise a receivable as from that time it
\n
considers it
\n
has an unconditional right to consideration. This receivable is accounted for in accordance with IFRS 9.
\n
\n
\n
The provisional pricing features means the concentrate receivable fails to meet the requirements to be measured at amortised
\n
cost. Instead,
\n
the entire receivable is measured at fair value, with subsequent movements being recognised in profit or loss (
\n
refer to note 2
\n
0
\n
).
\n
\n
\n
Chrome and agency and trading revenue
\n
\n
Revenue arising from chrome concentrate sales under short
\n
-
\n
term sale contracts and off
\n
-
\n
take agreements is recognised when the chrome
\n
concentrate is delivered and a customer takes control of the chrome concentrate. Revenue is recognised based on the fixed sale price in
\n
terms of the contract, the quantity delivered and the quality as determined by an independent survey. Export sales may, as specified in the
\n
contract, be subject to a final survey upon arrival at destination port. Revenue recognised for export sales is adjusted for expected final
\n
quality and quantity
\n
adjustments, which are estimated based on historical data for similar transactions.
\n
\n
\n
The majority of the Group\u2019s metallurgical chrome concentrate is exported. For these export sales, the point of revenue recogn
\n
ition is
\n
dependent on the contract sales terms, known as the International Commercial Terms (\u2018Incoterms\u2019). For the Incoterms Cost, Insurance and
\n
Freight (\u2018CIF\u2019) the seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination. This
\n
means that the Group is responsible (acts as principal) for providing shipping services and, in some instances, insurance after the date at
\n
which control of goods passes to the customer at the loading port.
\n
\n
\n
Consequently, the freight service on export commodity contracts with CIF Incoterms represents a separate performance obligati
\n
on as
\n
defined under IFRS 15 and as such, a portion of the revenue earned under these contracts, representing the obligation to perform the
\n
freight service, is deferred and recognised over time as the obligation is been fulfilled, along with the associated costs (refer to notes 21
\n
and 2
\n
8
\n
).
\n
\n
\n
Since separate performance conditions exist for export commodity contracts with CIF Incoterms, the Group allocates the transa
\n
ction price
\n
to the separate performance conditions on a relative stand-alone selling price basis. Observable information with specific reference to sea
\n
freight costs is used for allocation of the transaction price.
\n

\n\n

\n\n

\n\n
Accounting policy: chrome and agency and trading revenue (continued)
\n
\n
The Group also provides inland logistics services to customers. These services include ad hoc
\n
short
\n
-
\n
haul
\n
logistics services. Revenue
\n
from
\n
ad hoc short-haul logistics services is recognised at a point in time as the performance obligation has been fulfilled which is the delivery of
\n
the specified goods. Any earned consideration, which is conditional, will be recognised as a contract asset rather than a trade and other
\n
receivable.
\n
\n
\n
Revenue is also generated from consulting services rendered. These services include geological, marketing and administration
\n
services.
\n
Revenue is recognised over time, using an input method to measure progress towards complete customer satisfaction.
\n
\n
\n
Payment terms and conditions vary by contract type and delivery method, although for
\n
Free Carrier (\u2018FCA\u2019)
\n
\n
sales terms generally include
\n
a requirement of payment upon completion of delivery of the products. For export chrome concentrate transactions, payment terms vary
\n
from 30 to 90 days, however, the Group obtains a letter of credit from a reputable bank in m
\n
ost instances before shipment occurs.
\n
\n
\n
In the instance where the timing of revenue recognition differs from the timing of invoicing, the Group has determined that d
\n
ue to the short
\n
-
\n
term nature, the contracts with customers generally do not include a significant financing component. The primary purpose of the Group\u2019s
\n
invoicing terms is to provide customers with simplified and predictable ways of purchasing products, not to receive financing from customers
\n
or to provide financing to customers. Similarly, due to the short-term nature of unearned revenue received, being less than 12 months. No
\n
financing component exists in line with the
\n
applied
\n
practical expedient
\n
\n
in IFRS15
\n
.
\n
\n
\n
Commissions recognised from costs to obtain a contract with a customer
\n
\n
The Group recognises the incremental costs, arising from the concluding of sale contracts, as expenses in cost of sales in th
\n
e statement
\n
of profit or loss
\n
when incurred. Such commission
\n
s
\n
\n
relate to the chrome segment and are short
\n
-
\n
term in nature.
\n
\n
\n
Manufacturing revenue
\n
\n
Revenue from the sale of mining equipment is recognised at the point in time when control of the asset is transferred to the
\n
customer,
\n
generally on delivery of the equipment at the customer\u2019s location. The Group considers whether there are other undertakings in the contract
\n
that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction
\n
price for the sale of mining equipment, the Group considers the effects of variable consideration, existence of a significant financing
\n
component, non-cash consideration, and consideration payable to the customer. Currently there aren\u2019t any other undertakings. Revenue
\n
is presented net of Value Added Tax, rebates and discounts.
\n

\n\n

\n\n

\n\n
Accounting policy: provident funds
\n
\n
The Group's salaried employees in South Africa are members of
\n
defined contribution retirement benefit plans. The contributions to the
\n
plans range from a minimum of 3.0% to a maximum of 15.0% of staff's pensionable salary. Contributions to the plans vest immediately.
\n
Contributions are accrued in the year in which the associated services are rendered by employees. The Group's employees in Cyprus do
\n
not participate in
\n
group
\n
retirement benefit plans.
\n
\n
\n
Accounting policy: short term benefits
\n
\n
Liabilities for employee benefits for wages, salaries and annual leave that
\n
are expected to be settled within 12 months from the reporting
\n
date are calculated at undiscounted amounts based on remuneration rates that the Group expects to pay as at the reporting date including
\n
related costs, such as workers compensation insurance and payroll tax. Non-accumulating monetary benefits such as medical aid
\n
contribution
\n
s
\n
\n
are expensed as the benefits are taken by the employees.
\n

\n\n

\n\n

\n
Accounting
\n
policy
\n
:
\n
\n
sundry sales
\n
\n
Proceeds from the sale of scrap metals are recognised as sundry sales when the right to receive payment has been
\n
established.
\n
\n
\n\n
Accounting policy: rental income
\n
\n
Rental income is recognised in profit or loss on a straight
\n
-
\n
line basis over the term of the lease. Lease incentives granted are recognised as
\n
an integral part of the total rental income, over the term of
\n
the lease.
\n

\n\n

\n\n

\n\n
Accounting policy
\n
\n
Equity settled share
\n
-
\n
based payments to employees are measured at the fair value of the equity instruments at the grant date. Details
\n
regarding the
\n
determination of the fair value of equity settled share
\n
-
\n
based transactions are set out in the supporting notes.
\n
\n
\n
The fair value determined at the grant d
\n
ate of the equity settled share
\n
-
\n
based payment is expensed on a straight line basis over the
\n
vesting
\n
period, based on the Company's estimate of equity instruments that will eventually vest, with a corresponding increase in the equity. At the
\n
end of each reporting period, the Company revises its estimate of the number of equity instruments expected to vest. The amount
\n
recogni
\n
s
\n
ed as an expense is adjusted to reflect the revision of the original estimate.
\n
\n
\n
\n
Where the Company has the right to elect settlement either equity set
\n
tled or cash settled, the share
\n
-
\n
based payment transactions will be
\n
treated as equity settled share
\n
-
\n
based payments.
\n

\n\n

\n\n

\n\n
Accounting policy
\n
\n
Refer to note 6 for the accounting policy relating to employee benefits. Other operating expenses
\n
\n
are
\n
recognised as incurred by the Company
\n
and are measured at
\n
undiscounted amounts
\n
based on the value
\n
that the
\n
Company
\n
\n
expects to pay as at the reporting date
\n

\n\n

\n\n

\n\n

\n\n

\n
Accounting policy: Finance income
\n
\n
Finance income comprises interest income on funds invested. Interest income is recognised in profit or loss as it accrues usi
\n
ng the effective
\n
interest
\n
rate
\n
method.
\n
\n
\n\n
Accounting policy: Finance costs
\n
\n
Finance costs comprise interest expense on
\n
borrowings
\n
\n
and
\n
\n
unwinding of the discount on provisions. Borrowing costs that are not directly
\n
attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest
\n
rate
\n
method.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Accounting policy
\n
\n
Income tax comprises current and deferred taxes. Income tax is recognised in profit or loss except to the extent that it
\n
relates to items
\n
recognised in other comprehensive income or directly in equity, in which case it is recognised in other comprehensive income or directly in
\n
equity, respectively.
\n
\n
\n
Current tax is the expected tax payable on the taxable income for the
\n
year, using tax rates enacted or substantively enacted at the reporting
\n
date, and any adjustments to tax payable in respect of previous years.
\n
\n
\n
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for fin
\n
ancial reporting
\n
purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to
\n
temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting d
\n
ate.
\n
\n
\n
Apart from certain limited exceptions, all deferred tax assets, to the extent that it is probable that future taxable profits
\n
\n
will be available
\n
against which the asset can be utilised, are recognised. Future taxable profits that may support the recognition of deferred tax assets arising
\n
from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided
\n
those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period
\n
as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can
\n
be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the
\n
recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate
\n
to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or
\n
credit can be utilised.
\n
\n
\n
The limited exceptions to recognition of deferred tax assets and
\n
liabilities are those temporary differences arising from goodwill not
\n
deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are
\n
not part of a business combination), and temporary differences relating to investments in subsidiaries to the extent that, in the case of
\n
taxable differences, the Group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable
\n
future, or in
\n
the case of deductible differences, unless it is probable that they will reverse in the future.
\n
\n
\n
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and
\n
assets, and they relate
\n
to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but which they intend to settle
\n
current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is
\n
recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits
\n
will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent
\n
that it is no longer probable that the related tax benefit will be realised.
\n
\n
\n
Additional income taxes arise from the distribution of dividends
\n
which
\n
are recognised at the same time as the
\n
right to receive
\n
/pay
\n
\n
is
\n
established.
\n
\n
\n
In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and
\n
\n
whether
\n
additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements
\n
about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of
\n
existing tax liabilities; such changes to tax liabilities will impact tax e
\n
xpense in the period that such a determination is made.
\n

\n\n

\n\n

\n\n

\n\n
Accounting policy
\n
\n
The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated
\n
by dividing
\n
the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding
\n
during the period. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the
\n
weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise instruments
\n
convertible into ordinary shares and share options granted to employees. The Group also presents headline earnings per share according
\n
to the JSE requirements, by adjusting the earnings as determined in IAS 33, excluding separate identifiable re-measurements, net of related
\n
tax (current and deferred) and related non-controlling interests other than re-measurements specifically included in headline earnings
\n
(included re
\n
-
\n
measurements).
\n
\n

\n\n

\n\n

\n\n

\n

\n
Accounting policy
\n
\n\n
Mining assets and infrastructure
\n
\n
Mining assets and infrastructure typically include those costs incurred for the development of the mine, including the design
\n
\n
of the mine
\n
plan, constructing and commissioning the facilities and preparation of the mine and necessary infrastructure for production. The mine
\n
development phase generally begins after completion of a feasibility study and ends upon the commencement of commercial production.
\n
Mining assets are measured at cost less accumulated depreciation and less any accumulated impairment losses. Expenditure, including
\n
evaluation costs, incurred to establish or expand productive capacity, to support and maintain that productive capacity prior to the
\n
commencement of commercial levels of production, are capitalised to assets under construction and transferred to mining assets and
\n
infrastructure when the mining venture reaches commercial production. Maintenance costs incurred to maintain current production are
\n
expensed.
\n
\n
\n
The
\n
Th
\n
arisa Mine
\n
\u2019s
\n
\n
(South Africa)
\n
remaining useful life of mine and infrastructure
\n
based on the remaining open pit life of mine and excluding
\n
future potential underground development, is currently estimated to be
\n
1
\n
8
\n
\n
(2022: 19 years)
\n
\n
years.
\n

\n\n
\n
\n\n
Deferred stripping costs
\n
\n
All
\n
stripping costs incurred (costs incurred in removing overburden to expose the reef) during the production phase of a mine are
\n
\n
treated
\n
as variable production costs and as a result are included in the cost of inventory during the period in which the stripping costs are incurred.
\n
However, any costs of overburden stripping in excess of the expected open-pit life average stripping ratio are deferred. Any costs deferred
\n
are capitalised to property, plant and equipment
\n
\n
provided all the following
\n
conditions are met:
\n
\n
\u2022 it is probable that the future economic benefit associated with the stripping activity will be realised;
\n
\u2022 the component of the ore body for which access has been improved can be identified; and
\n
\u2022
\n
the costs relating to the stripping activity associated with the improved access can be reliably measured
\n
.
\n
\n
If all of the criteria are not met, the production stripping costs are charged to the consolidated statement of
\n
profit or loss
\n
\n
as
\n
they are incurred.
\n
\n
\n
This
\n
deferred stripping
\n
asset is depreciated using the units of production method over the expected useful life of the identified component
\n
of the ore body that becomes more accessible as a result of the stripping activity.
\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n
Accounting policy (continued)
\n
\n
General
\n
\n
A
\n
ssets are initially measured at cost and are subsequently measured at cost less accumulated depreciation and less any accumul
\n
ated
\n
impairment losses. The cost of self-constructed assets includes the cost of materials, direct labour and an appropriate portion of normal
\n
production overheads. Directly attributable expenses relating to major capital projects and site preparation are capitalised until the asset is
\n
brought to a working condition for its intended use. These costs include dismantling and site restoration costs. Administrative and other
\n
general overhead costs are expensed as incurred. Purchased software that is integral to the functionality of the related equipment is
\n
capitalised as part of tha
\n
t equipment.
\n
\n
\n\n
Borrowing costs directly attributable to the construction or acquisition of qualifying assets are capitalised directly to the
\n
\n
cost of the qualifying
\n
asset. To the extent that funds are borrowed specifically for the purpose of obtaining a qualifying asset, these borrowing costs shall be
\n
determined as the actual borrowing costs incurred on that borrowing.
\n

\n\n
\n
\n
Where an item of property, plant and equipment comprises major components with different useful lives, the
\n
components are accounted for
\n
as separate items of property, plant and equipment.
\n
\n
\n
Expenditure incurred to replace a component of an item of property, plant and equipment that is accounted for separately, inc
\n
luding major
\n
inspection and overhaul expenditure, is capitalised when the costs can be reliably measured and if it is probable that the future economic
\n
benefits embodied within the component will flow to the Group. The carrying amount of the replaced component, if any, are der
\n
ecognised.
\n
\n
\n\n
Maintenance and day to day servicing and repairs, which neither materially add to the value of assets nor appreciably prolong
\n
\n
their useful
\n
lives, are recognised in profit or loss.
\n

\n\n
\n
\n
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the
\n
net
\n
proceeds from disposal with
\n
the carrying amount of the item and are recognised in profit or loss.
\n
\n
\n\n
Depreciation
\n
\n
Depreciation of mining assets and infrastructure is calculated using the units
\n
-
\n
of
\n
-
\n
production method
\n
based on estimated economically
\n
recoverable proved and probable mineral reserves. Proved and probable reserves reflect estimated quantities of economically recoverable
\n
resources which can be recovered in the future from known mineral deposits. Depreciation is first charged on mining assets and infrastructure
\n
from the date on which they are available for use.
\n
\n
\n
Mining fleet is depreciated using the units
\n
-
\n
of
\n
-
\n
production method based on estimated achievable machine hours.
\n
\n
\n
For other property, plant and
\n
equipment, depreciation is recognised in profit or loss on a straight
\n
-
\n
line basis at rates that will reduce the
\n
carrying amounts to estimated residual values over the estimated useful lives of the assets. Leasehold improvements on premises occupied
\n
under le
\n
ases are expensed over the shorter of the lease term and the useful lives.
\n
\n
\n
Depreciation, unless otherwise stated, is calculated as follows:
\n
\n
\u2022
\n
buildings at 10.0% pa
\n
\n
\u2022
\n
motor vehicles at 20.0% pa
\n
\n
\u2022
\n
computer equipment and software at 33.3% pa
\n
\n
\u2022 office equipment between 10.0% and 33.3% pa
\n
\u2022
\n
furniture at 20.0% pa
\n
\n
\n
No depreciation is provided on freehold land and mine development assets under construction.
\n
\n
\n
Depreciation methods, residual values and useful lives are reviewed at least annually, and
\n
adjusted prospectively if appropriate, at each
\n
reporting date.
\n
\n

\n\n
\n\n
Exploration and evaluation expenditure
\n
\n
All exploration and evaluation expenditure, prior to obtaining the legal rights to explore a specific area, is recognised in
\n
profit or loss.
\n
After
\n
the legal rights to explore are obtained, exploration and evaluation expenditure, comprising the costs of acquiring prospecting rights and
\n
directly attributable exploration expenditure, is capitalised as a separate class of property, plant and equipment, on a project-by-project basis,
\n
pending determination of the technical feasibility and commercial viability.
\n
\n
\n
The technical feasibility and commercial viability of extracting a mineral resource is generally considered to be determinabl
\n
e
\n
through a
\n
feasibility study and when proven reserves are determinable to exist. Upon determination of proven reserves, exploration and evaluation
\n
assets attributable to those reserves are first tested for impairment and then reclassified to another appropriate class of property, plant and
\n
equipment. Subsequently, all costs directly incurred to prepare an identified mineral asset for production are capitalised to mine development
\n
assets. Amortisation of these assets commences once these assets are available for use. These assets will be measured at cost less
\n
accumulated amortisation and impairment losses.
\n

\n\n

\n\n

\n\n

\n\n

\n
Accounting policy
\n
\n
Minerals reserve
\n
\n
The estimation of reserves impacts the amortisation of
\n
property, plant and equipment, the recoverable amount of property, plant and equipment
\n
and the timing of rehabilitation expenditure.
\n
\n
\n
Factors impacting the determination of proved and probable reserves
\n
\n
include
\n
:
\n
\n
\u2022
\n
commodity prices;
\n
\n
\u2022
\n
the grade of
\n
mineral reserves;
\n
\n
\u2022 operational issues at the mine; and
\n
\u2022
\n
the reliability of the measurement of the fair value or cost of the asset.
\n
\n
\n
The carrying amounts of the Group's non
\n
-
\n
financial assets are reviewed at each reporting date to determine whether
\n
there is any indication of
\n
impairment. If any such indication exists, the asset's recoverable amount is estimated. An impairment loss is recognised whenever the carrying
\n
amount of an asset or its related CGU exceeds its recoverable amount. A CGU is the smallest identifiable asset group that generates cash
\n
flows that are largely independent from other assets and groups. Impairment losses are recognised in profit or loss. Impairment losses
\n
recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGUs (group of units) and
\n
then, to reduce the carrying amount of the other assets in the CGU (group of units) on a pro rata basis.
\n
\n
\n
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assess
\n
ing value in use,
\n
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments
\n
of the time value of money and the risks specific to the assets. For the purpose of impairment testing, assets that cannot be tested individually
\n
are grouped together into the smallest group of assets that generates cash flows from continuing use that are largely independent of the cash
\n
inflows of the other assets of the CGU.
\n
\n
\n
Impairment losses recognised in prior periods are assessed at each reporting date for any indication that the loss has decrea
\n
sed or no longer
\n
exists. An impairment loss is reversed through profit or loss if there has been a change in the estimates used to determine the recoverable
\n
amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would
\n
have been determined, net of depreciation or amortisation, i
\n
f no impairment loss had been recognised.
\n
\n
\n\n

\n
Accounting policy: leases
\n
\n
The Group recognises a right
\n
-
\n
of
\n
-
\n
use asset at the commencement date of the contract for all leases conveying the right to control the use of
\n
identified assets for a specified period. The commencement date is the date on which a lessor makes an underlying asset available for use
\n
by the lessee.
\n
\n
\n
The right
\n
-
\n
of
\n
-
\n
use assets are initially measured at cost, which comprises the amount of initial measurement of the lease liability adjusted
\n
for
\n
any lease payments made at or before the commencement date plus any initial direct costs incurred by the lessee and an estimate of costs
\n
to be incurred by the lessee in dismantling and removing the underlying assets or restoring the site on which the assets are located, less
\n
any lease incentives.
\n
\n
\n\n
Subsequent to initial measurement, the right
\n
-
\n
of
\n
-
\n
use assets are depreciated from the commencement date using the straight
\n
-
\n
line method
\n
over the shorter of the estimated useful lives of the
\n
right
\n
-
\n
of
\n
-
\n
use assets or the end of lease term. These are as follows:
\n
\n
\n
Right
\n
-
\n
of
\n
-
\n
use asset
\n
\n
Depreciation term in years
\n
\n
Buildings and premises
\n
\n
Straight
\n
-
\n
line over the respective lease terms, between 3 and 5 years
\n
\n
Mining fleet
\n
\n
Based on estimated
\n
production hours
\n
\n

\n\n
\n
After the commencement date, the right
\n
-
\n
of
\n
-
\n
use assets are measured at cost less any accumulated depreciation and any accumulated
\n
impairment losses and adjusted for any re
\n
-
\n
measurement of the lease liability.
\n
\n
\n
Short
\n
-
\n
term leases and
\n
leases of low
\n
-
\n
value assets:
\n
\n
The Group has elected not to recognise right
\n
-
\n
of
\n
-
\n
use assets for short
\n
-
\n
term leases that
\n
do not contain a purchase option and
\n
have a lease
\n
term of 12 months or less and leases of low
\n
-
\n
value assets such as computer
\n
equipment.
\n
\n
\n
\n
As a lessor
\n
\n
In the event of lease contracts based on which the Group is acting as a lessor, each of its leases is classified as either an
\n
\n
operating or
\n
finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership to the
\n
lessee. Indicators of a finance lease include whether the lease is for the major part of the economic life of the asset, whether the lease
\n
transfers ownership of the asset to the lessee by the end of the lease term and whether at inception date of the lease, the present value of
\n
the minimum lease payments amount to substantially all of the fair value of the leased asset.
\n
\n
\n
Leases where a significant portion of the risks and rewards incidental to ownership are retained by the lessor, are classifie
\n
d as operating
\n
leases.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n
Accounting
\n
policy
\n
\n
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible
\n
assets are carried
\n
at cost less any accumulated amortisation and accumulated impairment losses. The useful lives of intangible assets are assessed as either
\n
finite or indefinite.
\n
\n
\n
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually
\n
\n
or at the cash
\n
-
\n
generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be
\n
supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.
\n
\n
\n
Intangible assets with finite useful lives are
\n
amortised using the straight
\n
-
\n
line method over their estimated useful lives. Residual values of
\n
intangible assets are presumed to be zero and along with their useful lives are reassessed on an annual basis.
\n
\n
\n\n

\n\n
\n\n
Impairment of goodwill
\n
\n
The carrying
\n
amounts of the Group's non
\n
-
\n
financial assets are reviewed at each reporting date to determine whether there is any indication
\n
of impairment. For goodwill and intangible assets that have indefinite lives or are not yet available for use, the recoverable amount is estimated
\n
annually
\n
as to
\n
whether or not there is any indication of impairment.
\n
\n
\n
For the purposes of goodwill impairment testing, goodwill acquired in a business combination is allocated to groups of CGUs t
\n
hat are expected
\n
to benefit from the synergies of the combination.
\n
\n
An impairment loss in respect of goodwill is not reversed.
\n
\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n
Accounting policy
\n
\n
Measurement: Financial assets at amortised cost
\n
\n
Financial assets at amortised cost are initially recognised at fair value, and subsequently carried at amortised cost less an
\n
y
\n
allowance for
\n
impairment.
\n
\n
\n\n
Measurement: Financial assets at fair value through profit or loss
\n
\n
Financial assets carried at fair value through profit or loss are initially recorded at fair value and transaction costs are
\n
expensed in the
\n
statement of profit or loss. Realised and unrealised gains and losses arising from changes in the fair value of the financial assets held at fair
\n
value through profit or loss are included in the statement of profit or loss in the period in which they arise.
\n

\n\n
\n
\n\n
Derecognition: Financial assets
\n
\n
The Group derecognises financial assets only when the contractual
\n
rights to cash flows from the financial assets expire, or when it transfers
\n
the financial assets and substantially all the associated risks and rewards of ownership to another entity. Gains and losses on derecognition
\n
are generally recognised in the statem
\n
ent of profit or loss
\n
.
\n

\n\n
\n
\n\n

\n\n
Hedge accounting
\n
\n
The Group does not apply hedge accounting.
\n

\n\n

\n\n
\n
\n\n
Accounting policy: Impairment
\n
\n
Financial asset at amortised cost
\n
\n
The classification of financial assets at initial recognition depends on the financial
\n
asset\u2019s contractual cash flow characteristics and the
\n
Group\u2019s business model for managing them.
\n
\n
\n
In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are
\n
\u2018solely payments of
\n
principal and interest\u2019 (\u2018SPPI\u2019) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
\n
instrument level.
\n
\n
\n
The Group\u2019s business model for managing financial assets refers to how it manages its
\n
financial assets in order to generate cash flows. The
\n
business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets
\n
, or both.
\n
\n
\n
Impairment requirements are based on expected credit losses (expected credit loss model). Expected credit losses (\u2018ECLs\u2019) are
\n
\n
an estimate
\n
of credit losses over the life of a financial instrument and are recognised as a loss allowance or provision. The amount of ECLs to be
\n
recognised depends on the extent of credit deterioration since initial recognition.
\n
\n
\n
The Group applies the expected credit loss model to all debt instruments classified as measured at amortised cost, or at fair
\n
\n
value through
\n
other comprehensive income, including lease receivables and
\n
contract assets.
\n
\n
\n
The Group considers both approaches: the general approach and the simplified approach. For trade receivables (not subject to
\n
provisional
\n
pricing) due in less than 12 months, the group applies the simplified approach in calculating ECLs. Therefore, the Group does not track
\n
changes in credit risk, but instead, recognises a loss allowance based on the financial asset\u2019s lifetime ECL at each reporting date. The Group
\n
considers its historical credit loss experience, adjusted for forward looking factors that could indicate impairments taking into account the
\n
specific debtors and the economic environment.
\n
\n
\n
The general approach requires the assessment of financial assets to be split into 3 stages:
\n
\n
Stage 1: no significant
\n
deterioration in credit quality. This identifies financial assets as having a low credit risk, and the asset is considered
\n
to be performing as anticipated. At this stage, a 12 month expected credit loss assessment is required.
\n
\n
\n
Stage 2: significant deterioration in credit quality of the financial asset but no indication of a credit loss event. This st
\n
age identifies assets as
\n
under
\n
-
\n
performing. Lifetime expected credit losses are required to be assessed.
\n
\n
\n
Stage 3: clear and objective evidence of
\n
impairment is present. This stage identifies assets as non
\n
-
\n
performing financial instruments. Lifetime
\n
expected credit losses are required to be assessed
\n
.
\n
\n
\n
Once a default has occurred, it is considered a deterioration of credit risk and therefore an increase in the credit risk.
\n
\n
\n
The Group considers a wide variety of indicators when assessing the increase in credit risk as well as the probability of the
\n
\n
default happening
\n
for impairment purposes. Some indicators considered include: Significant changes in the expected performance and behaviour of the debtor;
\n
past due information; significant changes in external market indicators including market information related to the debtor, existing or forecast
\n
adverse changes in business, financial or economic conditions; an actual or expected significant adverse change in the regulatory, economic,
\n
or technological environment; actual or expected significant internal credit rating downgrade or decrease; actual or expected significant
\n
change in the operating results of the debtor.
\n
\n
\n
The expected credit loss value is determined as the estimated cash shortfall that would be incurred, multiplied by the probab
\n
ility of the default
\n
occurring
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Accounting
\n
policy
\n
\n
\n
\n
Inventories comprising PGM and chrome concentrates, ore stockpiled, in
\n
-
\n
process metal contained in ore and consumable items are measured
\n
at the lower of cost and net realisable value. The cost is determined using the weighted average method and includes direct mining expenditure
\n
and an appropriate portion of overhead expenditure. Net realisable value is the estimated selling price in the ordinary course of business, less
\n
the estimated costs of completion and costs to sell. Obsolete, redundant and slow-moving inventories are identified and written down to net
\n
realisable value.
\n

\n\n

\n\n

\n\n
Accounting policy
\n
\n
Trade and other receivables, excluding
\n
the PGM discounting receivable
\n
, prepayments
\n
,
\n
\n
deposits and
\n
value added tax, are non
\n
-
\n
derivative
\n
financial assets categorised as financial assets measured at amortised cost.
\n
\n
\n
\n
The
\n
se
\n
\n
non
\n
-
\n
derivative financial assets are initially recognised at fair value and subsequently carried at amortised cost less allowance
\n
for
\n
impairment. Estimates made for impairment are based on a review of all outstanding amounts at year end in line with the impairment policy
\n
described
\n
in note 1
\n
7
\n
.
\n
Irrecoverable
\n
\n
amounts are written off during the period in which they are identified.
\n
\n
\n
The Group entered into offtake agreements in terms of which the concentrate of the PGMs is treated by the offtake parties.
\n
\n
The PGM
\n
discounting receivable is measured at fair value through profit or loss from the date of recognition up to date of settlement, as it fails the IFRS
\n
9 amortised cost requirement of cash flows representing solely payment of principal and interest. Payment is due on the last day of the fourth
\n
month following delivery.
\n
\n
\n
The fair value changes due to non
\n
-
\n
market variability (that is, changes based on quantity and quality of the contained metal) are considered to
\n
be variable consideration within the scope of IFRS 15 as the Group's right to consideration is contingent upon the physical attributes of the
\n
contained metal. Therefore, the variable consideration is considered to be constrained. At each subsequent reporting date the receivable is
\n
restated to reflect the fair value movements (market variability) in the pricing mechanism which are recognised in revenue. Foreign exchange
\n
movements subsequent to the recognition of a sale are recognised as a foreign exchange gain or loss in profit or loss.
\n

\n\n

\n\n
Accounting policy
\n
\n
\n
\n
Contract assets
\n
\n
are non
\n
-
\n
derivative financial assets categorised as
\n
other
\n
financial assets
\n
recognised and
\n
measured at
\n
the amount of
\n
consideration the Group is contractually entitled to in exchange for the transfer of goods and services. Timing of revenue recognition may
\n
differ from the timing of invoicing to customers. The Group records a contract asset in the statement of financial position, when goods or
\n
services have been transferred to a customer before the customer pays the consideration or before payment is due.
\n

\n\n

\n\n
Accounting policy
\n
\n
\n
\n
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other
\n
financial institutions, and short
\n
-
\n
term,
\n
highly liquid investments held for the purpose of meeting short-term cash commitments that are readily convertible into known amounts of
\n
cash and which are subject to insignificant risk of changes in value, having been within three months of maturity at acquisition. Cash and cash
\n
equivalents are stated at amortised cost less any expected credit losses.
\n
\n

\n\n

\n\n

\n

\n\n
Accounting policy
\n
: share capital
\n
\n
The share capital is stated at nominal value. The difference between the fair value of the consideration received by the Comp
\n
any and the
\n
nominal value of the share capital being issued is taken to the share premium account. Incremental costs directly attributable to the issue of
\n
ordinary shares are recognised as a deduction from equity, net of any tax effects.
\n
\n
\n
When share options are exercised
\n
\n
in terms of the Tharisa Share Award Plan
\n
, the Company issues new shares or issues shares from
\n
treasury shares held. The proceeds received net of any directly attributable transaction costs are credited to share capital and share
\n
premium.
\n

\n\n
\n
\n\n
Accounting policy: non
\n
-
\n
controlling interest
\n
\n
Non
\n
-
\n
controlling interests are measured at their proportionate share of the acquiree\u2019s identifiable net assets at the date of the
\n
acquisition.
\n
Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control, are accounted for as equi
\n
ty transactions.
\n

\n\n

\n\n

\n\n

\n
Accounting policy
\n
\n
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events where it i
\n
s probable that
\n
an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the
\n
obligation can be made. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market
\n
assessments of the time value of money and the risks specific to the liability.
\n
\n
\n
Long
\n
-
\n
term environmental obligations are based on the Group
\n
\u2019
\n
s environmental management plans, in compliance with the current
\n
environmental and regulatory requirements.
\n
\n
\n
Where it is not possible that an outflow of economic benefits will be
\n
required, or the amount cannot be estimated reliably, the obligation is
\n
disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will
\n
only be confirmed by the occurrence or non-occurrence of one or more future events are disclosed as contingent liabilities unless the
\n
probability of outflow of economic benefits is remote.
\n
\n
\n\n
Rehabilitation costs
\n
\n
The net present value of estimated future costs for mine closure and
\n
rehabilitation is recognised and provided for in the consolidated financial
\n
statements and capitalised within mining assets on initial recognition. Rehabilitation will generally occur on closure or after closure of a mine.
\n
Initial recognition of the provis
\n
ion is at the time that the disturbance occurs and thereafter as and when additional disturbances take place.
\n
\n
\n
The estimates are reviewed bi
\n
-
\n
annually to take into account the effects of inflation and changes in estimates and are discounted using rates
\n
that reflect the time value of money. Bi-annual increases in the provision due to the passage of time are recognised in profit or loss as an
\n
unwinding of the value of the provision expense. The present value of additional disturbances and changes in the estimate of the rehabilitation
\n
liability is recognised in mining assets as a direct cost against an increase in the rehabilitation provision. The rehabilitation asset is depreciated
\n
as per the Group\u2019s accounting policy on depreciation. Rehabilitation projects undertaken, included in the estimates, are charged to the
\n
provision as incurred.
\n
\n
\n
Costs for restoration and rehabilitation which are created on an ongoing basis during production of inventories are provided
\n
for at their net
\n
present values and included as part of inventory costs. Environmental liabilities, other than rehabilitation costs, which relate to liabilities
\n
arising from specific events, are recognised in the consolidated statement of financial position when they are known, probable and may be
\n
reasonably estimated.
\n
\n
G
\n
ains or losses from the expected disposal of assets are not taken
\n
\n
into account when determining the provision.
\n
\n

\n\n

\n\n

\n\n

\n

\n\n
Accounting policy: borrowings
\n
\n
Borrowings are non
\n
-
\n
derivative financial liabilities categorised as othisfinancial liabilities. Borrowings are recognised initially at fair valu
\n
e,
\n
net of transaction costs incurred, where applicable and subsequently measured at amortised cost using the effective interest rate method.
\n
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12
\n
months after the
\n
reporting date.
\n

\n\n
\n
\n\n
Accounting policy: leases
\n
\n
The Group recognises a lease liability at the commencement date of the contract for all leases conveying the right to ccontrol
\n
\n
the use of
\n
an
\n
identified assets for a specified period. The commencement date is the date on which a lessor makes an underlying asset available for use
\n
by the lessee.
\n
\n
\n
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement and
\n
te, discounted
\n
using the interis the implicit rate in the lease or, if that rate cannot be readily theermined, the Group\u2019s incremental borrowing rate. Generally,
\n
the Group uses its incremental borrowing rate as the discount rate.
\n
\n
\n
Lease payments included in the measurement of the lease liability include the following:
\n
\n
\u2022
\n
Fixed payments, less
\n
any lease incentives receivable;
\n
\n
\u2022
\n
Variable lease payments that depend on an index or rate, initially measured using the index or rate as at the commencement da
\n
te;
\n
\n
\u2022 Amounts expected to be payable by the lessee under residual value guarantees;
\n
\u2022
\n
The exercise price of a purchase option if the lessee is reasonably certain to exercise that option;
\n
\n
\u2022
\n
Lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option; and
\n
\n
\u2022
\n
Payments of penalties for early terminating the lease, unless the Group is reasonably certain not to terminate early.
\n
\n
\n
The lease liability is measured at amortised cost using the effective interest rate method. It is remeasured when there is a
\n
change in future
\n
lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable
\n
under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, an extension or a
\n
termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use
\n
asset, or is recorded in profit or loss if the carrying amount of the right
\n
-
\n
of
\n
-
\n
use asset has been reduced to zero.
\n
\n
\n
Short
\n
-
\n
term leases and leases of low
\n
-
\n
value assets:
\n
\n
The Group has elected not to recognise lease liabilities for short
\n
-
\n
term leases that
\n
do not contain a purchase option and
\n
have a lease term
\n
of 12 months or less and leases of low
\n
-
\n
value assets such as computer equipment.
\n

\n\n

\n\n

\n

\n

\n\n

\n

\n
Accounting policy
\n
\n\n
Measurement: Financial liabilities at fair value through profit or loss
\n
\n
Financial liabilities carried at
\n
fair value through profit or loss are initially recorded at fair value and transaction costs are expensed in the
\n
statement of profit or loss. Realised and unrealised gains and losses arising from changes in the fair value of the financial liabilities held at
\n
fair value through profit or loss are included in the statement of profit or loss in the period in which they arise. Where management has
\n
designated to recognise a financial liability at fair value through profit or loss, any changes associated with the Group\u2019s own credit risk will be
\n
recognised in other comprehensive income.
\n
\n

\n\n
\n\n
Derecognition: Financial liabilities
\n
\n
The Group derecognises financial liabilities only when its obligations under the financial liabilities are discharged, cancel
\n
led or
\n
expired. The
\n
difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-
\n
cash assets transferred or liabilities assumed, is recognised in profit or loss.
\n

\n\n
\n

\n\n

\n\n

\n\n
Accounting policy
\n
\n
\n
\n
Trade and other payables, excluding payroll creditors and leave pay accruals are non
\n
-
\n
derivative financial liabilities categorised as other
\n
financial liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the
\n
effective interest
\n
rate
\n
method.
\n
\n
\n
\n
\n
Provision is made for employee entitlement benefits accumulated as a result of employees rendering services up to the reporti
\n
ng date.
\n
Liabilities arising in respect of salaries, annual leave and other benefits due to be settled within 12 months of the reporting date are measured
\n
at rates which are expected to be paid when the liability is settled.
\n

\n\n

\n\n
Accounting policy
\n
\n
Contract liabilities
\n
\n
are non
\n
-
\n
derivative financial liabilities categorised as other financial liabilities.
\n
Contract liabilities
\n
\n
are recognised
\n
when a
\n
customer has paid the consideration or the payment is due from the customer before the entity has transferred all of the promised goods or
\n
services in a contract. Timing of revenue recognition may differ from the timing of invoicing to customers. A contract liability is measured based
\n
on the unearned revenue received (income received in advance) within a contract and is presented as a current liability in the statement of
\n
financial position due to its short
\n
-
\n
term nature
\n
.
\n

\n\n

\n\n

\n\n
Accounting policy
\n
\n
The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consi
\n
deration
\n
transferred in the acquisition is generally measured at fair value, as are the identifiable net
\n
assets acquired.
\n
\n
\n
Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss im
\n
mediately.
\n
Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does
\n
not include amounts related to the settlement of pre
\n
-
\n
existing relationships. Such amounts are generally recognised in profit or loss.
\n
\n
\n
Any contingent consideration is measured at the fair value at the date of acquisition. If an obligation to pay the contingent
\n
\n
consideration
\n
that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted within equity.
\n
Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in fair value of the
\n
contingent consideration are recognised in profit or loss.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Accounting
\n
policy: Financial instruments
\n
\n
-
\n
\n
classification
\n
\n
The Group classifies its financial instruments in the following categories:
\n
\n
\u2022 At fair value through profit or loss
\n
\u2022 At fair value through other comprehensive income
\n
\u2022
\n
At amortised cost
\n
\n
\n
The Group
\n
determines the classification of financial assets at initial recognition. Theclassificationofdebt instruments is driven by
\n
\n
the
\n
Group\u2019s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held
\n
for trading are classified at fair value through profit or loss, for other equity instruments, on the day of acquisition the Group can make an
\n
irrevocable election (on an instrument-by-instrument basis) to designate them as at fair value through other comprehensive income.
\n
Financial liabilities are measured at amortised cost, unless they are required to be measured at fair value through profit or loss (such as
\n
derivatives) or the Group has designated to measure them at fair value through profit
\n
\n
or loss.
\n
\n
\n
The following table presents the classification of the Group\u2019s financial instruments:
\n
\n
\n
Financial assets
\n
\n
\n
Classification
\n
\n
\n
\n
\n
Other financial assets
\n
\n
\n
\n
Investments in money markets, current accounts, cash funds and income
\n
funds
\n
\n
\n
Fair
\n
value through profit or loss
\n
\n
PGM commodity hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
PGM discount facility hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
Investment in equity instruments
\n
\n
\n
Fair value through profit or loss
\n
\n
Trade
\n
and other receivables
\n
\n
\n
Amortised cost
\n
\n
PGM
\n
receivables and PGM
\n
discounting
\n
receivable
\n
\n
\n
Fair value through profit or loss
\n
\n
Cash and cash equivalents
\n
\n
\n
Amortised cost
\n
\n
\n
\n
\n
Financial liabilities
\n
\n
\n
Classification
\n
\n
\n
\n
\n
Borrowings
\n
\n
\n
Amortised cost
\n
\n
Option
\n
granted to NCI to call upon shares in Karo Platinum (Private) Limited
\n
\n
\n
Fair value through profit or loss
\n
\n
PGM discount facility hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
Forward exchange contracts
\n
\n
\n
Fair value through profit or loss
\n
\n
Trade
\n
and other payables
\n
\n
\n
Amortised cost
\n
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Accounting policy
\n
\n
A
\n
\n
party is considered to be related to the Group if:
\n
\n
\u2022 the party has the ability, directly or indirectly through one or more intermediaries, to control the Group or exercise significant
\n
influence over the Group in making financial and operating policy decisions, or has joint control over the Group;
\n
\n
\u2022
\n
the Group and the party are subject to common control;
\n
\n
\u2022
\n
the party is an associate of the Group or a joint venture in which the Group is a venturer;
\n
\n
\u2022 the party is a member of key management personnel of the Group or the Group's parent, or a close family member of such
\n
individual, or is an entity under the control, joint control or significant influence of such individuals;
\n
\n
\u2022 the party is a close family member of a party referred to in the first bullet point above or is an entity under the control, joint control
\n
or significant influence of such individuals; or
\n
\n
\u2022 the party is a post-employment benefit plan which is for the benefit of employees of the Group or of any entity that is a related
\n
party of the Group.
\n
\n
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that in
\n
dividual in
\n
their dealings with the Group.
\n

\n\n

\n\n
Accounting policies: Events after the reporting period
\n
\n
Assets and liabilities are adjusted for events that occurred during the period from
\n
the reporting date to the date of approval of the financial
\n
statements by the Board of Directors, when these events provide additional information for the valuation of amounts relating to events existing
\n
at the reporting date or imply that the going concer
\n
n concept in relation to part or whole of the Group is not appropriate.
\n

\n\n

\n\n
Accounting policy
\n
: Dividends
\n
\n
Dividends are recognised as a liability in the period they are declared according to IAS 10.
\n
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag334": { "value": "\n
Functional and presentation currency
\n
\n
The consolidated financial statements are presented in United States Dollars (\u2018US$\u2019) which is the Company's functional curren
\n
cy and
\n
presentation currency. Amounts are rounded to the nearest thousand.
\n
\n
\n
The following US$: ZAR exchange rates were used in
\n
preparing the consolidated financial statements:
\n
\n
\u2022
\n
Closing rate:
\n
\n
ZAR
\n
18.
\n
91
\n
\n
(202
\n
2
\n
: ZAR1
\n
8
\n
.0
\n
7
\n
)
\n
\n
\u2022 Average rate: ZAR18.18 (2022: ZAR15.82)
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag335": { "value": "\n
Going concern
\n
\n
These consolidated financial statements have been prepared on a going concern basis.
\n
\n
\n
Refer
\n
to note 3
\n
2
\n
\n
for
\n
\n
s
\n
tatements
\n
\n
on the Group\u2019s objectives, policies and processes for managing its capital, details of its financial instruments
\n
and hedging activities; its exposures to market risk in relation to commodity prices and foreign exchange risks; interest rate risk; credit risk;
\n
and liquidity risk.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag336": { "value": "\n

\n\n

\n\n
2.2.
\n
\n
STANDARDS AND INTERPRETATIONS ADOPTED IN THE CURRENT YEAR
\n
\n
\n
The Group has adopted the following new and/or revised standards and interpretations which became effective for the year ende
\n
d
\n
30 September 2023 for which the nature and effect of the changes as a result of the adoption of these new accounting standards are
\n
described below
\n
:
\n
\n
\n
Annual Improvements to IFRS Standards 2018
\n
-
\n
2020
\n
\n
As part of its process to make non
\n
-
\n
urgent but necessary amendments to IFRS Standards, the IASB has issued the Annual Improvements to
\n
IFRS Standards 2018\u20132020. The amendment applicable to the Group relates to IFRS 9 and clarifies which fees should be included in the
\n
10% test for derecognition of financial liabilities. The amendment has been applied prospectively and had no impact on the Group\u2019s results
\n
for the year ended 30 September 2023
\n
.
\n
\n
\n
Onerous Contracts
\n
\u2013
\n
\n
Costs of Fulfilling a Contract
\n
\u2013
\n
\n
Amendments to IAS 37
\n
\n
In May 2020, the IASB issued amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets to specify which c
\n
osts an
\n
entity needs to include when assessing whether a contract is onerous or loss-making. The amendments apply a \u2018directly related cost
\n
approach\u2019. The costs that relate directly to a contract to provide goods or services include both incremental costs (e.g. the costs of direct
\n
labour and materials) and an allocation of costs directly related to contract activities (e.g. depreciation of equipment used to fulfil the contract
\n
as well as costs of contract management and supervision). General and administrative costs do not relate directly to a contract and are
\n
excluded unless they are explicitly chargeable to the counterparty under the contract. The amendments apply to contracts for which an entity
\n
has not yet fulfilled all of its obligations at the beginning of the current financial year. The adoption of these amendments had no impact on
\n
the
\n
Group
\n
\u2019s results for the year ended 30
\n
September 2023.
\n
\n
\n
Reference to the Conceptual Framework
\n
\u2013
\n
\n
Amendments to IFRS 3
\n
\n
The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential \u2018day 2\u2019 gains or losse
\n
s arising for
\n
liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC
\n
21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the
\n
Conceptual Framework, to determine whether a present obligation exists at the acquisition date. These amendments had no impact on the
\n
Group\u2019s results for the year ended 30 September 2023
\n

\n\n

\n\n
.
\n

\n\n

\n\n

\n\n
2.3.
\n
\n
STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET
\n
EFFECTIVE
\n
\n
\n
The new standards, interpretations and amendments to standards listed below are not effective and have not been early adopted
\n
, but will
\n
be adopted once these new standards, interpretations and amendments become effective. The Group notes the new standards, amendments
\n
and interpretations which have been issued but not yet effective and does not plan to early adopt any of the standards, amendments and
\n
interpretations. There are no other standards that are not yet effective and that would be expected to have a material impact on the Group
\n
in the current or future reporting periods.
\n
\n
\n
Classification of Liabilities as Current or Non
\n
-
\n
current
\n
and non
\n
-
\n
current liabilities with covenants
\n
\n
-
\n
\n
Amendments to IAS 1
\n
\n
The International Accounting Standards Board (IASB) issued Classification of Liabilities as Current or Non
\n
-
\n
current
\n
\n
and non
\n
-
\n
Current liabilities
\n
with Covenants, which amends IAS 1 Presentation of Financial Statements. The amendments affect requirements in IAS 1 for the
\n
classification of liabilities as current or non-current. The amendments clarify what is meant by a right to defer settlement, that a right to defer
\n
settlement must exist at the end of the reporting period, the classification is unaffected by the likelihood that an entity will exercise its deferral
\n
right, that only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its
\n
classification, as well as the required disclosures in this regard. The amendment must be applied retrospectively and is effective for annual
\n
periods beginning on or after 1 January 202
\n
4
\n
. Th
\n
ese
\n
\n
amendment
\n
s
\n
\n
is not expected to have a material impact on the Group.
\n
\n
\n
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
\n
\u2013
\n
\n
Amendments to IAS 12
\n
\n
In May 2021, the IASB issued amendments to IAS 12 Income Taxes which narrow the scope of the
\n
initial recognition exception under IAS
\n
\n
12,
\n
so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences.
\n
\n
\n
Under the amendments, the initial recognition exception does not apply to
\n
transactions that, on initial recognition, give rise to equal taxable
\n
and deductible temporary differences. It only applies if the recognition of a decommissioning asset and decommissioning liability (or lease
\n
asset or lease liability) give rise to taxable
\n
\n
and deductible temporary differences that are not equal.
\n
\n
\n
An entity should apply the amendments to transactions that occur on or after the beginning of the earliest comparative period
\n
\n
presented and
\n
is effective for annual periods beginning on or
\n
after 1 January 2023.
\n
\n
This amendment is not expected to have a material impact on the Group.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
2.3.
\n
\n
STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET EFFECTIVE
\n
\n
(continued)
\n
\n
\n
Definition of Accounting Estimate
\n
\u2013
\n
\n
Amendments to IAS 8
\n
\n
The IASB has issued
\n
amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8) to clarify how entities
\n
should distinguish changes in accounting policies from changes in accounting estimates, with a primary focus on the definition of and
\n
clarifications on accounting estimates. This is due to the term \"accounting estimate\" not being defined and the previous definition of a \"change
\n
in accounting estimate\" being unclear.
\n
\n
\n
The amendments introduce a new definition for accounting
\n
estimates, clarifying that they are monetary amounts in the financial statements
\n
that are subject to measurement uncertainty. The amendment must be applied prospectively and is effective for annual periods beginning
\n
on or after 1 January 2023. This amendment is not expected to have a material impact on the Group.
\n
\n
\n
Disclosure of Accounting Policies
\n
\u2013
\n
\n
Amendments to IAS 1
\n
\n
To assist preparers of financial statements, the IASB had previously refined its definition of \u2018material\u2019 (effective 1 Jan
\n
uary
\n
\n
2020) and issued
\n
non-mandatory practical guidance on applying the concept of materiality. As the final step of the materiality improvements, the IASB issued
\n
amendments on the application of materiality to the disclosure of accounting policies. The key amendments include requirements for entities
\n
to disclose their material accounting policies rather than their significant accounting policies as well as certain clarifications regarding
\n
accounting policies related to material transactions or events.
\n
\n
\n
The amendment must be applied prospectively and is effective for annual periods beginning on or after 1 January 2023. This am
\n
endment is
\n
not expected to have a material impact on the Group.
\n
\n
\n
International Tax Reform
\n
\u2013
\n
\n
Pillar Two Model Rules
\n
-
\n
\n
Amendments to IAS 12
\n
\n
In May 2023, the
\n
IASB
\n
\n
issued amendments to IAS 12, which introduce a mandatory exception in IAS 12 from recognising and disclosing
\n
deferred tax assets and liabilities related to Pillar Two income taxes. The amendments clarify that IAS 12 applies to income taxes arising
\n
from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the Organization for Economic
\n
Cooperation and Development, including tax law that implements qualified domestic minimum top-up taxes. Such tax legislation, and the
\n
income taxes arising from it, are referred to as \u2018Pillar Two legislation\u2019 and \u2018Pillar Two income taxes\u2019, respectively. The amendments require
\n
an entity to disclose that it has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related
\n
to Pillar Two income taxes. An entity is required to separately disclose its current tax expense (income) related to Pillar Two income taxes,
\n
in the periods when the legislation is effective. The disclosure of the current tax expense related to Pillar Two income taxes and the
\n
disclosures in relation to periods before the legislation is effective are required for annual reporting periods beginning on or after 1 January
\n
2023
\n
.
\n
\n
Th
\n
e Company is currently assessing the impact of these amendments.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag337": { "value": "\n
2.2.
\n
\n
STANDARDS AND INTERPRETATIONS ADOPTED IN THE CURRENT YEAR
\n
\n
\n
The Group has adopted the following new and/or revised standards and interpretations which became effective for the year ende
\n
d
\n
30 September 2023 for which the nature and effect of the changes as a result of the adoption of these new accounting standards are
\n
described below
\n
:
\n
\n
\n
Annual Improvements to IFRS Standards 2018
\n
-
\n
2020
\n
\n
As part of its process to make non
\n
-
\n
urgent but necessary amendments to IFRS Standards, the IASB has issued the Annual Improvements to
\n
IFRS Standards 2018\u20132020. The amendment applicable to the Group relates to IFRS 9 and clarifies which fees should be included in the
\n
10% test for derecognition of financial liabilities. The amendment has been applied prospectively and had no impact on the Group\u2019s results
\n
for the year ended 30 September 2023
\n
.
\n
\n
\n
Onerous Contracts
\n
\u2013
\n
\n
Costs of Fulfilling a Contract
\n
\u2013
\n
\n
Amendments to IAS 37
\n
\n
In May 2020, the IASB issued amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets to specify which c
\n
osts an
\n
entity needs to include when assessing whether a contract is onerous or loss-making. The amendments apply a \u2018directly related cost
\n
approach\u2019. The costs that relate directly to a contract to provide goods or services include both incremental costs (e.g. the costs of direct
\n
labour and materials) and an allocation of costs directly related to contract activities (e.g. depreciation of equipment used to fulfil the contract
\n
as well as costs of contract management and supervision). General and administrative costs do not relate directly to a contract and are
\n
excluded unless they are explicitly chargeable to the counterparty under the contract. The amendments apply to contracts for which an entity
\n
has not yet fulfilled all of its obligations at the beginning of the current financial year. The adoption of these amendments had no impact on
\n
the
\n
Group
\n
\u2019s results for the year ended 30
\n
September 2023.
\n
\n
\n
Reference to the Conceptual Framework
\n
\u2013
\n
\n
Amendments to IFRS 3
\n
\n
The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential \u2018day 2\u2019 gains or losse
\n
s arising for
\n
liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC
\n
21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the
\n
Conceptual Framework, to determine whether a present obligation exists at the acquisition date. These amendments had no impact on the
\n
Group\u2019s results for the year ended 30 September 2023
\n

\n\n
2.3.
\n
\n
STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET
\n
EFFECTIVE
\n
\n
\n
The new standards, interpretations and amendments to standards listed below are not effective and have not been early adopted
\n
, but will
\n
be adopted once these new standards, interpretations and amendments become effective. The Group notes the new standards, amendments
\n
and interpretations which have been issued but not yet effective and does not plan to early adopt any of the standards, amendments and
\n
interpretations. There are no other standards that are not yet effective and that would be expected to have a material impact on the Group
\n
in the current or future reporting periods.
\n
\n
\n
Classification of Liabilities as Current or Non
\n
-
\n
current
\n
and non
\n
-
\n
current liabilities with covenants
\n
\n
-
\n
\n
Amendments to IAS 1
\n
\n
The International Accounting Standards Board (IASB) issued Classification of Liabilities as Current or Non
\n
-
\n
current
\n
\n
and non
\n
-
\n
Current liabilities
\n
with Covenants, which amends IAS 1 Presentation of Financial Statements. The amendments affect requirements in IAS 1 for the
\n
classification of liabilities as current or non-current. The amendments clarify what is meant by a right to defer settlement, that a right to defer
\n
settlement must exist at the end of the reporting period, the classification is unaffected by the likelihood that an entity will exercise its deferral
\n
right, that only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its
\n
classification, as well as the required disclosures in this regard. The amendment must be applied retrospectively and is effective for annual
\n
periods beginning on or after 1 January 202
\n
4
\n
. Th
\n
ese
\n
\n
amendment
\n
s
\n
\n
is not expected to have a material impact on the Group.
\n
\n
\n
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
\n
\u2013
\n
\n
Amendments to IAS 12
\n
\n
In May 2021, the IASB issued amendments to IAS 12 Income Taxes which narrow the scope of the
\n
initial recognition exception under IAS
\n
\n
12,
\n
so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences.
\n
\n
\n
Under the amendments, the initial recognition exception does not apply to
\n
transactions that, on initial recognition, give rise to equal taxable
\n
and deductible temporary differences. It only applies if the recognition of a decommissioning asset and decommissioning liability (or lease
\n
asset or lease liability) give rise to taxable
\n
\n
and deductible temporary differences that are not equal.
\n
\n
\n
An entity should apply the amendments to transactions that occur on or after the beginning of the earliest comparative period
\n
\n
presented and
\n
is effective for annual periods beginning on or
\n
after 1 January 2023.
\n
\n
This amendment is not expected to have a material impact on the Group.
\n

\n\n
2.3.
\n
\n
STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET EFFECTIVE
\n
\n
(continued)
\n
\n
\n
Definition of Accounting Estimate
\n
\u2013
\n
\n
Amendments to IAS 8
\n
\n
The IASB has issued
\n
amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8) to clarify how entities
\n
should distinguish changes in accounting policies from changes in accounting estimates, with a primary focus on the definition of and
\n
clarifications on accounting estimates. This is due to the term \"accounting estimate\" not being defined and the previous definition of a \"change
\n
in accounting estimate\" being unclear.
\n
\n
\n
The amendments introduce a new definition for accounting
\n
estimates, clarifying that they are monetary amounts in the financial statements
\n
that are subject to measurement uncertainty. The amendment must be applied prospectively and is effective for annual periods beginning
\n
on or after 1 January 2023. This amendment is not expected to have a material impact on the Group.
\n
\n
\n
Disclosure of Accounting Policies
\n
\u2013
\n
\n
Amendments to IAS 1
\n
\n
To assist preparers of financial statements, the IASB had previously refined its definition of \u2018material\u2019 (effective 1 Jan
\n
uary
\n
\n
2020) and issued
\n
non-mandatory practical guidance on applying the concept of materiality. As the final step of the materiality improvements, the IASB issued
\n
amendments on the application of materiality to the disclosure of accounting policies. The key amendments include requirements for entities
\n
to disclose their material accounting policies rather than their significant accounting policies as well as certain clarifications regarding
\n
accounting policies related to material transactions or events.
\n
\n
\n
The amendment must be applied prospectively and is effective for annual periods beginning on or after 1 January 2023. This am
\n
endment is
\n
not expected to have a material impact on the Group.
\n
\n
\n
International Tax Reform
\n
\u2013
\n
\n
Pillar Two Model Rules
\n
-
\n
\n
Amendments to IAS 12
\n
\n
In May 2023, the
\n
IASB
\n
\n
issued amendments to IAS 12, which introduce a mandatory exception in IAS 12 from recognising and disclosing
\n
deferred tax assets and liabilities related to Pillar Two income taxes. The amendments clarify that IAS 12 applies to income taxes arising
\n
from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the Organization for Economic
\n
Cooperation and Development, including tax law that implements qualified domestic minimum top-up taxes. Such tax legislation, and the
\n
income taxes arising from it, are referred to as \u2018Pillar Two legislation\u2019 and \u2018Pillar Two income taxes\u2019, respectively. The amendments require
\n
an entity to disclose that it has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related
\n
to Pillar Two income taxes. An entity is required to separately disclose its current tax expense (income) related to Pillar Two income taxes,
\n
in the periods when the legislation is effective. The disclosure of the current tax expense related to Pillar Two income taxes and the
\n
disclosures in relation to periods before the legislation is effective are required for annual reporting periods beginning on or after 1 January
\n
2023
\n
.
\n
\n
Th
\n
e Company is currently assessing the impact of these amendments.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag338": { "value": "\n

\n\n

\n
2.4.
\n
\n
BASIS OF CONSOLIDATION
\n
\n
\n
The consolidated financial statements include, on a line
\n
-
\n
by
\n
-
\n
line basis, the financial statements of all subsidiaries.
\n
\n
\n
The following policies have been
\n
applied during the consolidation process:
\n
\n\n
Subsidiaries
\n
\n
Subsidiaries are entities controlled by the Group. Control exists where the Group is exposed, or has rights to variable retur
\n
ns from its
\n
involvement with the entity and has the ability to affect those returns through its power over the investee. The financial statements of
\n
subsidiaries are included in the consolidated financial statements from the date on which the control commenced until the date on which
\n
control cease
\n
s
\n
.
\n

\n\n
\n
\n
Transactions eliminated on consolidation
\n
\n
Intra
\n
-
\n
group balances and transactions and any unrealised income and expenses arising from intra
\n
-
\n
group transactions are eliminated in
\n
preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated
\n
against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised
\n
gains, but only to the extent that there is no evidence of impairment.
\n
\n
\n
Foreign operations
\n
\n
As at the reporting date
\n
\n
and
\n
\n
on consolidation, the assets and liabilities of foreign subsidiaries, including goodwill and fair value adjustments
\n
arising on acquisition, are translated into the presentation currency of the Group (US$) at the rate of exchange ruling at the reporting date
\n
and their statements of comprehensive income are translated at the weighted monthly average exchange rate for the period. The exchange
\n
differences arising in the translation on consolidation are recognised in other comprehensive income. On disposal of a foreign entity, the
\n
deferred cumulative amount recognised in equity relating to that particular foreign operation is recognised in profit or loss
\n
.
\n
\n
\n
Non
\n
-
\n
current m
\n
onetary assets that are receivable from a foreign subsidiary and for which settlement is neither planned nor likely to occur
\n
in
\n
the foreseeable future, forms part of the net investment in a foreign operation and the resulting exchange differences are recognised in other
\n
comprehensive income. The repayment of such a balance is not considered to be a partial disposal and the cumulative exchange differences
\n
recognised in other comprehensive income is not reclassified to profit and loss, until the
\n
foreign entity is disposed of.
\n

\n\n
\n

\n\n

\n\n

\n

\n
2.4.
\n
\n
BASIS OF CONSOLIDATION
\n
\n
\n\n
Foreign currency transactions
\n
\n
Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates
\n
\n
at the dates of
\n
the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional
\n
currency at the foreign exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised
\n
cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised
\n
cost in foreign currency translated at the exchange rate at the end of the year.
\n
\n
\n
Non
\n
-
\n
monetary assets and liabilities denominated in foreign currencies that are measured at fair value are
\n
retranslated to the functional
\n
currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that are measured in
\n
terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on
\n
retranslation are recognised in profit or loss.
\n
\n
Foreign currency gains and losses are reported on a net basis.
\n

\n\n
\n
\n\n
Loss of control
\n
\n
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related
\n
\n
non
\n
-
\n
controlling
\n
interest and other components of equity. Any relating gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary
\n
is measured at fair value when control is lost.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag339": { "value": "\n
Subsidiaries
\n
\n
Subsidiaries are entities controlled by the Group. Control exists where the Group is exposed, or has rights to variable retur
\n
ns from its
\n
involvement with the entity and has the ability to affect those returns through its power over the investee. The financial statements of
\n
subsidiaries are included in the consolidated financial statements from the date on which the control commenced until the date on which
\n
control cease
\n
s
\n
.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag340": { "value": "\n
Foreign currency transactions
\n
\n
Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates
\n
\n
at the dates of
\n
the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional
\n
currency at the foreign exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised
\n
cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised
\n
cost in foreign currency translated at the exchange rate at the end of the year.
\n
\n
\n
Non
\n
-
\n
monetary assets and liabilities denominated in foreign currencies that are measured at fair value are
\n
retranslated to the functional
\n
currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that are measured in
\n
terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on
\n
retranslation are recognised in profit or loss.
\n
\n
Foreign currency gains and losses are reported on a net basis.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag341": { "value": "\n
Loss of control
\n
\n
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related
\n
\n
non
\n
-
\n
controlling
\n
interest and other components of equity. Any relating gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary
\n
is measured at fair value when control is lost.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag342": { "value": "\n
3.
\n
\n
USE OF JUDGEMENTS AND ESTIMATES
\n
\n
\n
The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, esti
\n
mates and
\n
assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses and the
\n
accompanying disclosures, and the disclosure of contingent liabilities. The estimates and associated assumptions are based on historical
\n
experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of
\n
making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may
\n
differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
\n
are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future
\n
periods if the revision affects both current and future periods. Judgements and estimates made by management in the application of IFRS
\n
that have a significant effect on the consolidated financial statements and major sources of estimation uncertainty are disclosed in the note
\n
relevant to the specific judgement or estimate.
\n

\n\n
Judgement and estimates
\n
\n
Third
\n
-
\n
party logistics, third
\n
-
\n
party trading and third party chrome operations are evaluated individually but aggregated together as the agency and
\n
trading segment. The Group believes that the nature of these operations are similar and it will be impractical to report on these operations
\n
individually. Consequently, these operations have been aggregated together as the agency and trading segment.
\n

\n\n
Judgements and estimates
\n
\n
A significant portion of the Group\u2019s chrome revenue is derived from commodity sales for which the point of recognition is
\n
dependent on the
\n
contract sales terms known as the International Commercial Terms (\u2018Incoterms\u2019). Under Incoterms cost, insurance and freight (\u2018CIF\u2019), the
\n
seller is required to contract, and pay, for the costs and freight necessary to bring the goods to a n
\n
amed port of destination.
\n
\n
\n
Consequently, the Group believes that the freight service on export commodity contracts with CIF Incoterms represents a separ
\n
ate
\n
performance obligation as defined under IFRS 15 and as such, a portion of the revenue earned under these contracts, representing the
\n
obligation to perform the freight service, is deferred and recognised
\n
over time
\n
as
\n
\n
th
\n
e
\n
\n
obligation
\n
is
\n
\n
fulfilled, along with the associated costs.
\n
\n
\n
Since separate performance conditions exist for export commodity contracts with CIF Incoterms, the Group allocates the transa
\n
ction price to
\n
the separate performance conditions on a relative stand-alone selling price basis. Observable information with specific reference to sea freight
\n
costs is used for allocation of the transaction price.
\n
\n
\n
The determination of revenue from the sale of PGM concentrates from the time of initial recognition of the sale through to fi
\n
nal pricing requires
\n
management to re-estimate fair value of the price adjustment feature continuously. Management determines this with reference to actual spot
\n
prices.
\n

\n\n
Judgements and estimates
\n
\n
The Group measures the cost of equity
\n
-
\n
settled transactions with employees by reference to the fair value of the equity instruments at the date
\n
at which they are granted. The fair value is determined by present valuing the share price on grant date less the expected dividends and by
\n
using a Binomial Tree model
\n
, using the
\n
aforementioned assumptions.
\n
\n

\n\n
Judgement and estimates: taxes
\n
\n
Judgement is required in determining the liability for income taxes due to the complexity of legislation. There are many tran
\n
sactions and
\n
calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for
\n
anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is
\n
different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in
\n
which such determination is made.
\n
\n
\n
The Group recognises the net future tax
\n
benefit related to deferred income tax assets to the extent that it is probable that the deductible
\n
temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred income tax assets requires the Company
\n
to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash
\n
flows from operations and the application of existing tax laws.
\n
\n
\n
Judgement and estimates: most meaningful tax rate
\n
\n
IAS 12 requires entities to disclose a tax rate reconciliation
\n
to enable users to understand whether the relationship between the accounting
\n
profit and taxation is unusual and to understand significant factors that could affect that relationship in the future. In preparation of the tax rate
\n
reconciliation, entities select a most meaningful tax rate to which the profit before tax is applied and to which the tax charge for the year is
\n
then reconciled. The Group previously selected the Cyprus corporate income tax rate as the most meaningful tax rate. Since the majority of
\n
the Group\u2019s profits are currently earned in South Africa, management considers that it is appropriate to include a tax rate reconciliation for
\n
which the South African income tax rate is select
\n
ed as the most meaningful tax rate.
\n

\n\n
Judgements and estimates: mineral reserves estimates
\n
\n
Economically recoverable ore reserves represent the estimated quantity of product in an area of interest that can be expected
\n
\n
to be profitably
\n
extracted, processed and sold under current and foreseeable economic conditions. The determination of ore reserves includes estimates and
\n
assumptions about a range of geological, technical and economic factors, including: quantities, grades, production techniques, recovery rates,
\n
production costs, transport costs, commodity demand, commodity prices and exchange rates. Changes in ore reserves impact the assessment
\n
of recoverability of exploration and evaluation assets, property, plant and equipment, the carrying amount of assets depreciated on a
\n
units-of-production basis, provision for site rehabilitation and the recognition of deferred tax assets, including tax losses. The mineral reserve
\n
is re-assessed annually. The Group estimates and reports mineral reserves in accordance with the principles and guidelines contained in the
\n
South African Code for Reporting of
\n
Mineral Reserves of 2007, revised in 2016 (SAMREC 2016).
\n
\n
\n
Judgements and estimates:
\n
assessment of CGU
\n
\n
The Group\u2019s main subsidiary, Tharisa Minerals Proprietary Limited (\u2018Tharisa Minerals\u2019) is a vertically integrated operation.
\n
The Group believes
\n
that there is no active market for the run of mine ore (\u2018ROM\u2019) mined at Tharisa Minerals due to the high volume being processed and as the
\n
ROM is of a relative low grade compared to other deposits in the same region. Tharisa Minerals\u2019 integrated processing plants are specifically
\n
designed to treat the volume and low grade ROM. Tharisa Minerals produces PGMs and chrome concentrates on a co-product basis and the
\n
operation is managed as a joint product mine. The Group therefore believes that the processing plants together with the mining assets are
\n
dependent on each other in order to generate cash inflows.
\n
\n
\n
The Group therefore believes that the mining fleet and mining assets cannot generate cash inflows that are largely independen
\n
t of the cash
\n
inflows from the processing plants and other assets or group of assets and as a result are not separate cash generating units. Consequently
\n
the Group believes that the mining assets and the processing plants together represents the smallest identifiable group of assets that generates
\n
cash inflows largely independent from other assets and represents a single CGU.
\n
\n
\n
Karo Mining Holdings plc (\u2018Karo\u2019) and subsidiary companies collectively in future will collectively generate cash inflows ind
\n
ependently. The
\n
Group therefore believes that Karo together represents the smallest identifiable group of assets that will generate cash inflows largely
\n
independent from other assets and represents
\n
another
\n
single CGU
\n
.
\n
\n
\n
Judgements and estimates: impairment of assets
\n
\n
Indicators for impairment on non
\n
-
\n
financial assets are assessed at each reporting period. Should an
\n
indication exist, individual assessments of
\n
property, plant and equipment are performed based on the technical, economic an
\n
d
\n
\n
business circumstances
\n
.
\n
\n

\n\n
Judgements and estimates: depreciation
\n
\n
Mi
\n
ning assets
\n
and infrastructure are
\n
\n
depreciated using the units
\n
-
\n
of
\n
-
\n
production method. Management has elected to use the tonnes mined in
\n
relation to tonnes proved and probable mineral reserve as an appropriate units-of-production depreciation method. Changes in the proved and
\n
probable mineral reserve will impact the useful lives of the assets depreciated based on this method. The average remaining useful life of the
\n
open pit mine is
\n
estimated at 1
\n
8
\n
\n
years
\n
\n
(2022: 1
\n
9
\n
\n
years)
\n
.
\n
\n
\n
Re
\n
fer to the Accounting Policies f
\n
or the
\n
depreciation of the remaining assets.
\n
\n
\n
Judgements and estimates: deferred stripping
\n
\n
IFRIC 20 requires that production stripping costs in a surface mine be capitalised to non
\n
-
\n
current assets if, and only if, all of the following criteria
\n
are met:
\n
\n
\u2022 it is probable that the future economic benefit associated with the stripping activity will flow to the entity;
\n
\u2022 the entity can identify the component of the ore body for which access has been improved; and
\n
\u2022
\n
t
\n
he costs relating to the stripping activity
\n
associated with that component can be measured.
\n
\n
\n
The Group uses a long
\n
-
\n
term life of opencast mine stripping ratio which consist
\n
s
\n
\n
of actual historical numbers and forecast numbers. The
\n
forecast numbers are updated annually according to the Reserve and Resource Statement. In the event that the actual stripping ratio exceeds
\n
the life of mine stripping ratio, the actual weighted average stripping cost associated with the stripping ratio that is in excess of the life of mine
\n
stripping ratio is deferred and capitalised to property, plant and equipment. Excess deferred stripping costs are only capitalised if it can be
\n
reliably measured and if the open pit is improved and
\n
/or the ore body is
\n
exposed for future benefit.
\n

\n\n
Judgements and estimates: allocation of goodwill
\n
\n
T
\n
he Group believes that the mining assets and the processing plants together represents the smallest identifiable Group of ass
\n
ets that
\n
generates cash inflows largely independent from other assets and represents a single CGU, refer to note 14. IAS 36 does not prohibit entities
\n
having a CGU larger than its operating segments. However, in such circumstances where a CGU is larger than its operating segments, goodwill
\n
should be allocated and tested on an operating segment level. The Group has consequently allocated and tested the goodwill on an operating
\n
segments
\n
\n
level
\n
.
\n

\n\n
Judgement
\n
s
\n
\n
and estimates: assessment of intergroup loans as net investments in foreign operations
\n
\n
Settlement of certain intergroup loans to South African entities denominated in US$ is neither planned nor likely to occur in
\n
\n
the foreseeable
\n
future and the loans are therefore considered to be in substance part of the Group\u2019s net investment in the foreign operations. The exchange
\n
differences arising on these loans are recognised in the Group\u2019s other comprehensive income and reclassified from equity to profit or loss on
\n
disposal of the net investment.
\n

\n\n
Judgement and estimates: net realisable value and measurement of inventories
\n
\n
Net realisable value tests are performed at least
\n
quarterly
\n
\n
based on the estimated future sales price of the products based on prevailing metal
\n
prices, less estimated costs to complete production and bring the product to sale. The nature of the net realisable value test inherently limits
\n
the ability to precisely m
\n
onitor recoverability levels and may result in additional write
\n
-
\n
downs of inventories in future periods.
\n
\n
\n
The prevailing PGM basket price and chrome concentrate prices as at 30 September 20
\n
2
\n
3
\n
\n
were used as estimated selling prices less forecast
\n
selling costs to determine the net realisable value of the Group\u2019s inventories. At 30 September 2023, except for certain PGM finished products
\n
and low
\n
-
\n
grade chrome concentrates,
\n
the calculated net realisable values exceeded the cost of inventories.
\n
\n
\n
Below
\n
are
\n
the prices and exchange rate used to determine the net realisable value of inventories:
\n
\n
\n
202
\n
3
\n
\n
\n
20
\n
22
\n
\n
\n
\n
\n
\n
Platinum
\n
\n
US$/oz
\n
\n
922
\n
\n
\n
878
\n
\n
\n
Palladium
\n
\n
US$/oz
\n
\n
1
\n
\n
238
\n
\n
\n
2
\n
\n
113
\n
\n
\n
Rhodium
\n
\n
US$/oz
\n
\n
3
\n
\n
918
\n
\n
\n
13
\n
\n
709
\n
\n
\n
Gold
\n
\n
US$/oz
\n
\n
1
\n
\n
918
\n
\n
\n
1
\n
\n
684
\n
\n
\n
Ruthenium
\n
\n
US$/oz
\n
\n
388
\n
\n
\n
440
\n
\n
\n
Iridium
\n
\n
US$/oz
\n
\n
4
\n
\n
311
\n
\n
\n
3
\n
\n
638
\n
\n
\n
Metallurgical chrome concentrate
\n
\n
US$/tonne
\n
\n
28
\n
4
\n
\n
\n
209
\n
\n
US$: ZAR exchange rate
\n
\n
\n
18.98
\n
\n
\n
17.57
\n

\n\n
Judgements and estimates: expected
\n
credit losses (\u2018ECL\u2019)
\n
\n
\n
\n
The Group applies a simplified approach to measure the loss allowance for trade receivables classified at amortised cost, usi
\n
ng the lifetime
\n
expected loss provision. The expected credit loss on trade receivables is estimated using a provision matrix by reference to past default
\n
experience and credit rating if available, adjusted as appropriate for current observable data.
\n
\n
\n
The customer base of the Group consists of a limited number of premium customers of high credit quality and no historical
\n
defaults, with
\n
relationships that have been established over many years. The sale of products typically is of a high quantity and consequently high value.
\n
The Group\u2019s policy and preference is to sell products in large quantities to only established premium customers. The Group believes that this
\n
policy reduces the overall group credit risk.
\n
\n
\n
PGM concentrate is sold in terms of off
\n
-
\n
take agreements
\n
\n
to a limited number of clients
\n
. The following entity
\n
-
\n
specific observable data
\n
was
\n
\n
considered for each of the PGM customers:
\n
\n
\u2022
\n
An assessment of the accessibility and transparency of the business relationship with the customer, with specific reference t
\n
o how
\n
differences (if any) in assayed results had been resolved and whether any requests to amend contractual terms had been receiv
\n
ed;
\n
\n
\u2022
\n
\n
The payment history and history of credit limits granted;
\n
\n
\u2022
\n
A general assessment of the bi
\n
-
\n
annual financial statements with specific reference to cash flow information, servicing of outstanding
\n
debt and outstanding
\n
commitments;
\n
\n
\u2022
\n
\n
A general review of the quarterly production and operational information; and
\n
\n
\u2022
\n
\n
An assessment of the reputation of the customer across the mining industry.
\n
\n
\n
The majority of chrome concentrates are exported from South Africa.
\n
F
\n
or export
\n
chrome concentrate transactions, payment terms vary from
\n
30 days to 90 days, however, the Group obtains letters of credit from reputable financial institutions before shipment occurs. The Group only
\n
accepts letters of credit from financial institutions that are approved by the Group\u2019s financiers. Before entering into an export chrome
\n
concentrate sale agreement, the Group ensures that the customer/potential customer is able to provide a letter of credit from such an
\n
acceptable financial institution.
\n

\n\n
Judgements and estimates:
\n
ECL (continued)
\n
\n
The Group also sells chrome concentrates locally. The following entity
\n
-
\n
specific observable data was considered for local customers:
\n
\n
\u2022 An assessment of the accessibility and transparency of the business relationship with the customer, with specific reference to the
\n
manner how differences (if any) in results and quantities delivered were resolved and whether any requests to amend contractual
\n
terms had been rec
\n
eived;
\n
\n
\u2022
\n
The payment history and record of the credit limit granted;
\n
\n
\u2022 A comparison between the Group\u2019s balance owing in terms of the unsecured loan financing and the credit provided to the customer;
\n
and
\n
\n
\u2022
\n
An assessment of the reputation of the customer across the mining industry.
\n
\n
\n
The following entity
\n
-
\n
specific forward looking information was considered in estimating the ECL allowance:
\n
\n
\u2022
\n
PGM pricing forecast and global supply and demand;
\n
\n
\u2022 Chrome supply and demand through the value chain i.e. to stainless steel production and general state of growth in the global
\n
economy;
\n
\n
\u2022
\n
Chinese chrome port stocks;
\n
\n
\u2022
\n
Banks credit ratings
\n
\n
and inflation
\n
;
\n
\n
\u2022
\n
Trade facilities available to the Group;
\n
\n
and
\n
\n
\u2022
\n
For chrome concentrate sales the
\n
South African
\n
rail and port infrastructure.
\n
\n
\n
For customers of the manufacturing operating segment, a combination of the aforementioned considerations are taken into accou
\n
nt to estimate
\n
the ECL allowance.
\n

\n\n
Judgement and estimates:
\n
closure objectives as set out in the Environmental Management Plan
\n
\n
The
\n
Group
\n
\u2019s mining and exploration activities are subject to extensive environmental laws and regulations. The
\n
Group
\n
\n
has made, and expects
\n
to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures.
\n
Estimated future rehabilitation costs are based principally on legal and regulatory requirements. The approved Environmental Management
\n
Programme (\u2018EMPr\u2019) of Tharisa Minerals Proprietary Limited (\u2018Tharisa Minerals\u2019) commits the company to completely backfill the pit voids to
\n
natural ground level and restore the pre-mining land potential, namely agricultural land with grazing and wilderness capabilities. Tharisa
\n
Minerals has evaluated alternative mine closure strategies building on the establishment of a post-mining economy with socioeconomic
\n
benefits. An amendment application has been submitted to the Department of Mineral Resources and Energy (\u2018DMRE\u2019) seeking its approval
\n
for a backfill of the pit voids concurrent with mining only, also called in-pit dumping, which results in a partial void and associated pit lake which
\n
is profiled and \u2018made safe\u2019 before rehabilitation of the surface with the residual waste rock stockpiles remaining on surface (\u2018pit-lake option\u2019).
\n
This application was supported by the necessary specialty studies. On 19 September 2023 the DMRE advised that it had decided to refuse
\n
the application. Tharisa Minerals has submitted an appeal of this decision in terms of the applicable regulations and is confident of a successful
\n
ruling in its favour on the appeal. As there is uncertainty as to the successful outcome of the appeal, Tharisa Minerals has applied a probability
\n
weighted factor in calculating the mine closure liability applying a 60% (2022: 60%) probability to the successful outcome of the appeal and
\n
approval of the pit-lake option. In the alternative, Tharisa Minerals has applied a 30% (2022: 40%) probability to an alternative \u2018make safe\u2019
\n
option with the partial backfilling of the pit whereby the walls of the pit will be profiled at 24 degrees on a stepped basis for each bench and,
\n
with the passage of time, result in a pit-lake forming in the void. In view of the adverse record of decision by the DMRE and notwithstanding
\n
Tharisa Minerals\u2019 expectation of a favourable ruling on the appeal, Tharisa Minerals has applied a 10% (2022: nil) probability to the complete
\n
backfill of the pit voids to natural ground level. The rehabilitation expense and provision has been accounted for on this basis. Tharisa Minerals
\n
is confident of the successful outcome of the appeal in its engagement with the DMRE, failing which it will proceed to challenge the decision
\n
through the judicial system. It is not possible to determine and measure any additional requirements that may be required as the amended
\n
EMPr is advanced through the various regulatory process, hence no provision has
\n
been made for any such potential additional requirements.
\n
\n
\n
At 30 September 2023 the Group performed a sensitivity analysis by applying different
\n
weighted
\n
probabili
\n
ties to the actual weighted
\n
probability
\n
factor used in determining the provision for rehabilitation. A 57.5% probability was applied to the successful outcome of the appeal and
\n
approval of the pit-lake option, a 27.5% probability used to an alternative \u2018make safe\u2019 option with the partial backfilling of the pit and a 15.0%
\n
probability to the complete backfill of the pit voids to natural ground level. By using these probabilities, the provision for rehabilitation would
\n
increase by
\n
US$3.
\n
4
\n
\n
million (ZAR
\n
6
\n
5.2 million).
\n

\n\n
Estimation of fair values
\n
\n
\n
\n
The fair value of financial instruments that are not traded in an active market (for example, over the counter derivatives) i
\n
s determined by using
\n
valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at the end
\n
of each reporting period. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining
\n
financial instruments. The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the end of
\n
the reporting period.
\n
\n
\n
T
\n
he carrying value less impairment allowance of trade receivables and the carrying value of trade payables are assumed to appr
\n
oximate their
\n
fair values as the short term effect of discounting is not material. The fair value of financial liabilities for disclosure purposes is estimated by
\n
discounting the future contractual cash flows at the current market interest rate that is available to the Company for simila
\n
r financial instrument
\n
s.
\n
\n
\n
T
\n
he
\n
carrying v
\n
alue of financial assets and liabilities at amortised cost approximates its fair value.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag343": { "value": "\n

\n
4.
\n
\n
OPERATING SEGMENTS
\n
\n
\n\n

\n\n
Accounting policy
\n
\n
Operating segments, and the amounts of each segment item reported in the consolidated financial statements, are
\n
identified from the financial
\n
information provided regularly to the Group\u2019s management for the purposes of allocating resources to, and assessing the performance of,
\n
the Group\u2019s various lines of business and geographical locations. The Board of Directors is of the view that the Group had four operating
\n
segments during the reporting period, the PGM segment, the chrome segment, the agency and trading segment and the manufacturing
\n
segment. The following is a description of the Group\u2019s current principal activities separated by reportable segment, from which the Group
\n
recognises its revenue.
\n
\n
\n
PGM segment
\n
\n
The PGM segment principally generates revenue from the sale of PGM concentrate, which consists of the sale of platinum, palla
\n
dium,
\n
rhodium, gold, ruthenium, iridium, nickel and copper. The Group enters into off-take agreements with customers for the supply of PGM
\n
concentrate.
\n
\n
\n
Chrome segment
\n
\n
The Group currently produces metallurgical chrome concentrate and specialty chrome concentrates. It generates revenue from th
\n
e sale of
\n
these products. The chrome market is typically a \u2018spot\u2019 market. The Group enters into short-term sale contracts. The Group also enters into
\n
long
\n
-
\n
term volume off
\n
-
\n
take agreements for the supply of chrome concentrates.
\n
\n
\n
Agency and trading segment
\n
\n
The Group operates a third party chrome plant and markets and sells the
\n
chrome concentrate produced at this plant. The Group determines
\n
whether it acts as principal or agent by assessing whether the Group controls the transaction and what its performance obligations are.
\n
Considerations to determine control include whether the Group provides the performance obligation itself, the Group is primarily responsible
\n
for fulfilling the promise to provide the specified chrome concentrates, the Group has inventory risk before the specified products are
\n
transferred to the customer and the Group determines the selling price. In the absence of any of the aforementioned factors, control of the
\n
transaction may be doubtful and the Group would recognise the margin achieved in revenue as an agent. The Group believes that these
\n
factors are present and consequently the Group acts as principal. Metallurgical chrome concentrates are produced at this plant. The Group
\n
enters into short
\n
-
\n
term contracts for the sale of these chrome concentrates.
\n
\n
\n
From time
\n
-
\n
to
\n
-
\n
time the Group enters into t
\n
hird
\n
-
\n
party logistics, third
\n
-
\n
party trading and third party chrome operations
\n
transactions which are
\n
aggregated together as the agency and trading segment.
\n

\n\n

\n\n

\n\n

\n
4.
\n
\n
OPERATING SEGMENTS
\n
\n
(continued)
\n
\n
\n

\n\n

\n\n
Accounting policy (continued)
\n
\n
Manufacturing segment
\n
\n
The
\n
Group manufactures and sells mining and mineral processing equipment which represents the manufacturing segment.
\n
\n

\n\n

\n\n
\n
For management purposes, the chief operating decision maker of the Group, being the executive directors of the Company and th
\n
e
\n
executive
\n
directors of the subsidiaries, reports its results per segment. The Group currently has the following four segments:
\n
\n
PGM segment
\n
\n
Chrome segment
\n
\n
Agency and trading segment
\n
\n
Manufacturing segment
\n
\n
\n
The operating results of each segment are monitored separately by the chief
\n
operating
\n
decision maker in order to assist them in making
\n
decisions regarding resource allocation as well as enabling them to evaluate performance. Segment performance is evaluated on a PGM
\n
ounce production and sales basis and a chrome concentrate tonnes production and sales basis. The agency and trading segment
\n
performance is evaluated on third-party chrome concentrate tonnes production and sales basis. Third-party logistics, third-party trading and
\n
third party chrome operations are evaluated individually but aggregated together as the agency and trading segment. For the manufacturing
\n
segment, performance is evaluated on sales and gross profit basis.
\n
\n
\n
The Group\u2019s
\n
administrative costs, financing (including finance income and finance costs) and income taxes are managed on a group basis
\n
and are not allocated to a segment.
\n
\n
\n
Due to the in
\n
tegrated
\n
\n
nature of the Group\u2019s PGM and chrome concentrate production processes, assets are reported on a consolidated basis
\n
and cannot necessarily be allocated to a specific segment. Consequently, assets are not disclosed per segment in the following segmental
\n
information
\n
2023
\n
PGM
\n
US$\u2019000
\n
Chrome
\n
US$\u2019000
\n
Agency and
\n
trading
\n
US$\u2019000
\n
Manufacturing
\n
US$\u2019000
\n
Total
\n
US$\u2019000
\n
Revenue
\n
\n
198
\n
\n
498
\n
\n
\n
389
\n
\n
972
\n
\n
\n
55
\n
\n
961
\n
\n
\n
5
\n
\n
462
\n
\n
\n
649
\n
\n
893
\n
\n
\n
\n
\n
\n
\n
\n
\n
Cost of sales
\n
\n
\n
\n
\n
\n
\n
\n
Manufacturing costs
\n
\n
(15
\n
3
\n
\n
267
\n
)
\n
\n
(17
\n
6
\n
\n
903
\n
)
\n
\n
(3
\n
7
\n
\n
275
\n
)
\n
\n
(4
\n
\n
37
\n
2
\n
)
\n
\n
(37
\n
1
\n
\n
817
\n
)
\n
\n
\n
Selling costs
\n
\n
(550)
\n
\n
(78
\n
\n
713)
\n
\n
(9
\n
\n
0
\n
02
\n
)
\n
\n
-
\n
\n
\n
(88
\n
\n
2
\n
6
\n
5)
\n
\n
\n
Freight services
\n
\n
-
\n
\n
\n
(32
\n
\n
133)
\n
\n
(4
\n
\n
347)
\n
\n
-
\n
\n
\n
(36
\n
\n
480)
\n
\n
\n
(153
\n
\n
8
\n
17)
\n
\n
(28
\n
7
\n
\n
749
\n
)
\n
\n
(50
\n
\n
624
\n
)
\n
\n
(4
\n
\n
37
\n
2
\n
)
\n
\n
(49
\n
6
\n
\n
562
\n
)
\n
\n
\n
\n
\n
\n
\n
\n
Gross profit
\n
\n
44
\n
\n
6
\n
81
\n
\n
\n
10
\n
2
\n
\n
223
\n
\n
\n
5
\n
\n
3
\n
3
\n
7
\n
\n
\n
1
\n
\n
0
\n
90
\n
\n
\n
15
\n
3
\n
\n
331
\n
\n
\n
\n
\n
\n
\n
\n
\n
202
\n
2
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Revenue
\n
\n
346
\n
\n
781
\n
\n
\n
295
\n
\n
178
\n
\n
\n
40
\n
\n
526
\n
\n
\n
3
\n
\n
511
\n
\n
\n
685
\n
\n
996
\n
\n
\n
\n
\n
\n
\n
\n
\n
Cost of sales
\n
\n
\n
\n
\n
\n
\n
\n
Manufacturing costs
\n
\n
(193
\n
\n
362)
\n
\n
(90 799)
\n
\n
(21
\n
\n
190)
\n
\n
(3
\n
\n
229)
\n
\n
(308
\n
\n
580)
\n
\n
\n
Selling costs
\n
\n
(785)
\n
\n
(69
\n
\n
490)
\n
\n
(9
\n
\n
238)
\n
\n
-
\n
\n
\n
(79
\n
\n
513)
\n
\n
\n
Freight services
\n
\n
-
\n
\n
\n
(45
\n
\n
475)
\n
\n
(6
\n
\n
768)
\n
\n
-
\n
\n
\n
(52
\n
\n
243)
\n
\n
\n
(194
\n
\n
147)
\n
\n
(205 764)
\n
\n
(37
\n
\n
196)
\n
\n
(3
\n
\n
229)
\n
\n
(440 336)
\n
\n
\n
\n
\n
\n
\n
\n
Gross profit
\n
\n
152
\n
\n
634
\n
\n
\n
89
\n
\n
414
\n
\n
\n
3
\n
\n
330
\n
\n
\n
282
\n
\n
\n
245
\n
\n
660
\n
\n
The shared costs relating to the manufacturing of PGM and chrome concentrates are allocated to the relevant operating
\n
segments based on
\n
the relative sales value per product on an ex-works basis. During the year ended 30 September 2023, the relative sales value of chrome
\n
concentrates increased compared to the relative sales value of PGM concentrate compared to the comparative year and consequently the
\n
allocation basis of shared costs was revised to 45.0% for PGM concentrate and 55.0% for chrome concentrates. The allocation basis of shared
\n
costs was
\n
7
\n
0.0% (PGM concentrates) and
\n
3
\n
0.0% (chrome concentrate) for the year ended 3
\n
0 September 202
\n
2
\n
.
\n
\n
\n
Cost of sales includes a charge for the write off of property, plant and equipment totalling US
\n
$
\n
3.2
\n
\n
million (202
\n
2
\n
: US$
\n
1
\n
.
\n
3
\n
\n
million) which mainly
\n
relates to mining equipment. The write off has been allocated to the PGM and chrome segments in accordance with the allocation basis of
\n
shared costs as described in the preceding paragraph. Refer to the consolidated statement of profit or loss for a reconciliation between the
\n
gross profit and net profit after tax.
\n

\n\n

\n

\n
4.
\n
\n
OPERATING SEGMENTS
\n
(continued)
\n
\n
\n
\n
\n
Geographical information
\n
\n
The following table sets out information about the geographical location of:
\n
\n
\n
(i)
\n
\n
the Group's revenue from external customers and
\n
\n
(ii)
\n
\n
the Group's property, plant and equipment
\n
\n
and
\n
\n
intangible assets (\u2018specified non
\n
-
\n
current assets\u2019).
\n
\n
\n
The geographical location analysis of revenue from external customers is based on the country of establishment of each custom
\n
er. The
\n
geographical location of the specified non-current assets is based on the physical location of the asset in the case of property, plant and
\n
equipment and intellectual property and the location of the operation to which they are allocated in the case of goodwill.
\n
\n
\n
\n
\n
\n\n
(i)
\n
\n
Revenue from external customers
\n
\n
\n
\n
2023
\n
\n
PGM
\n
US$\u2019000
\n
\n
Chrome
\n
US$\u2019000
\n
\n
Agency and
\n
trading
\n
US$\u2019000
\n
\n
Manufacturing
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
South Africa
\n
\n
198
\n
\n
498
\n
\n
\n
47
\n
\n
365
\n
\n
\n
3
\n
\n
686
\n
\n
\n
5
\n
\n
081
\n
\n
\n
254
\n
\n
630
\n
\n
\n
China
\n
\n
-
\n
\n
\n
170
\n
\n
659
\n
\n
\n
52
\n
\n
275
\n
\n
\n
-
\n
\n
\n
222
\n
\n
934
\n
\n
\n
Singapore
\n
\n
-
\n
\n
\n
133
\n
\n
103
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
133
\n
\n
103
\n
\n
\n
Hong Kong
\n
\n
-
\n
\n
\n
17
\n
\n
313
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
17
\n
\n
313
\n
\n
\n
Australia
\n
\n
-
\n
\n
\n
5
\n
\n
381
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
5
\n
\n
381
\n
\n
\n
United Arab Emirates
\n
\n
-
\n
\n
\n
16
\n
\n
029
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
16
\n
\n
029
\n
\n
\n
Japan
\n
\n
-
\n
\n
\n
122
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
122
\n
\n
\n
Other countries
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
38
\n
1
\n
\n
\n
38
\n
1
\n
\n
\n
\n
198
\n
\n
498
\n
\n
\n
389
\n
\n
972
\n
\n
\n
55
\n
\n
961
\n
\n
\n
5
\n
\n
462
\n
\n
\n
649
\n
\n
893
\n
\n
\n
\n
\n
\n
\n
\n
\n
202
\n
2
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
South Africa
\n
\n
346 781 47 276 4 040 2 703 400 800
\n
China
\n
\n
- 96 388 24 554 - 120 942
\n
Singapore
\n
\n
-
\n
\n
\n
79 779 5 485 - 85 264
\n
Hong Kong
\n
\n
-
\n
\n
\n
59 536 1 433 - 60 969
\n
Australia
\n
\n
-
\n
\n
\n
3 358 - - 3 358
\n
Japan
\n
\n
-
\n
\n
\n
8 748 4 846 - 13 594
\n
Other countries
\n
-
\n
\n
\n
93 168 808 1 069
\n
\n
346
\n
\n
781
\n
\n
\n
295 178
\n
\n
\n
40
\n
\n
526
\n
\n
\n
3
\n
\n
511
\n
\n
\n
685
\n
\n
996
\n
\n
\n
\n
\n
\n
Revenue represents the sales value of goods supplied to customers, net of value
\n
-
\n
added tax. The following table summarises sales to customers
\n
with whom transactions have individually exceeded
\n
5.0% (202
\n
2
\n
: 5
\n
.0%
\n
)
\n
\n
of the Group's revenues.
\n
\n
\n
\n
202
\n
3
\n
\n
202
\n
2
\n
\n
\n
Segment
\n
\n
US$\u2019000
\n
\n
Segment
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Customer 1
\n
\n
PGM
\n
\n
128
\n
\n
131
\n
\n
\n
PGM
\n
\n
262 073
\n
\n
\n
Customer 2
\n
\n
Chrome
\n
\n
118
\n
\n
978
\n
\n
\n
PGM and Agency and trading
\n
\n
84
\n
\n
449
\n
\n
\n
Customer 3
\n
\n
Chrome and Agency and trading
\n
\n
51
\n
\n
187
\n
\n
\n
Chrome
\n
\n
53
\n
\n
721
\n
\n
\n
Customer 4
\n
\n
Chrome and Agency and trading
\n
\n
48
\n
\n
854
\n
\n
\n
Chrome and Agency and trading
\n
\n
49
\n
\n
160
\n
\n
\n
Customer 5
\n
\n
PGM
\n
\n
41
\n
\n
543
\n
\n
\n
Chrome and
\n
Agency and trading
\n
\n
37
\n
\n
487
\n
\n
\n
Customer
\n
6
\n
\n
Chrome and Agency and trading
\n
\n
39
\n
\n
100
\n
\n
\n
-
\n
\n
-
\n
\n

\n\n
\n
\n
\n
\n
\n
\n
(ii)
\n
\n
Specified non
\n
-
\n
current assets
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
South Africa
\n
\n
346
\n
\n
389
\n
\n
\n
350
\n
\n
008
\n
\n
\n
Zimbabwe
\n
\n
263
\n
\n
656
\n
\n
\n
220
\n
\n
152
\n
\n
\n
Cyprus
\n
\n
1
\n
\n
20
\n
4
\n
\n
\n
360
\n
\n
\n
\n
611
\n
\n
249
\n
\n
\n
570
\n
\n
520
\n
\n
\n
\n
\n
\n
Non
\n
-
\n
current assets includes property, plant and equipment
\n
\n
and
\n
\n
intangible assets.
\n
\n
\n\n
Judgement and estimates
\n
\n
Third
\n
-
\n
party logistics, third
\n
-
\n
party trading and third party chrome operations are evaluated individually but aggregated together as the agency and
\n
trading segment. The Group believes that the nature of these operations are similar and it will be impractical to report on these operations
\n
individually. Consequently, these operations have been aggregated together as the agency and trading segment.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag344": { "value": "\n
Accounting policy
\n
\n
Operating segments, and the amounts of each segment item reported in the consolidated financial statements, are
\n
identified from the financial
\n
information provided regularly to the Group\u2019s management for the purposes of allocating resources to, and assessing the performance of,
\n
the Group\u2019s various lines of business and geographical locations. The Board of Directors is of the view that the Group had four operating
\n
segments during the reporting period, the PGM segment, the chrome segment, the agency and trading segment and the manufacturing
\n
segment. The following is a description of the Group\u2019s current principal activities separated by reportable segment, from which the Group
\n
recognises its revenue.
\n
\n
\n
PGM segment
\n
\n
The PGM segment principally generates revenue from the sale of PGM concentrate, which consists of the sale of platinum, palla
\n
dium,
\n
rhodium, gold, ruthenium, iridium, nickel and copper. The Group enters into off-take agreements with customers for the supply of PGM
\n
concentrate.
\n
\n
\n
Chrome segment
\n
\n
The Group currently produces metallurgical chrome concentrate and specialty chrome concentrates. It generates revenue from th
\n
e sale of
\n
these products. The chrome market is typically a \u2018spot\u2019 market. The Group enters into short-term sale contracts. The Group also enters into
\n
long
\n
-
\n
term volume off
\n
-
\n
take agreements for the supply of chrome concentrates.
\n
\n
\n
Agency and trading segment
\n
\n
The Group operates a third party chrome plant and markets and sells the
\n
chrome concentrate produced at this plant. The Group determines
\n
whether it acts as principal or agent by assessing whether the Group controls the transaction and what its performance obligations are.
\n
Considerations to determine control include whether the Group provides the performance obligation itself, the Group is primarily responsible
\n
for fulfilling the promise to provide the specified chrome concentrates, the Group has inventory risk before the specified products are
\n
transferred to the customer and the Group determines the selling price. In the absence of any of the aforementioned factors, control of the
\n
transaction may be doubtful and the Group would recognise the margin achieved in revenue as an agent. The Group believes that these
\n
factors are present and consequently the Group acts as principal. Metallurgical chrome concentrates are produced at this plant. The Group
\n
enters into short
\n
-
\n
term contracts for the sale of these chrome concentrates.
\n
\n
\n
From time
\n
-
\n
to
\n
-
\n
time the Group enters into t
\n
hird
\n
-
\n
party logistics, third
\n
-
\n
party trading and third party chrome operations
\n
transactions which are
\n
aggregated together as the agency and trading segment.
\n

\n\n
Accounting policy (continued)
\n
\n
Manufacturing segment
\n
\n
The
\n
Group manufactures and sells mining and mineral processing equipment which represents the manufacturing segment.
\n
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag345": { "value": "\n
(i)
\n
\n
Revenue from external customers
\n
\n
\n
\n
2023
\n
\n
PGM
\n
US$\u2019000
\n
\n
Chrome
\n
US$\u2019000
\n
\n
Agency and
\n
trading
\n
US$\u2019000
\n
\n
Manufacturing
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
South Africa
\n
\n
198
\n
\n
498
\n
\n
\n
47
\n
\n
365
\n
\n
\n
3
\n
\n
686
\n
\n
\n
5
\n
\n
081
\n
\n
\n
254
\n
\n
630
\n
\n
\n
China
\n
\n
-
\n
\n
\n
170
\n
\n
659
\n
\n
\n
52
\n
\n
275
\n
\n
\n
-
\n
\n
\n
222
\n
\n
934
\n
\n
\n
Singapore
\n
\n
-
\n
\n
\n
133
\n
\n
103
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
133
\n
\n
103
\n
\n
\n
Hong Kong
\n
\n
-
\n
\n
\n
17
\n
\n
313
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
17
\n
\n
313
\n
\n
\n
Australia
\n
\n
-
\n
\n
\n
5
\n
\n
381
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
5
\n
\n
381
\n
\n
\n
United Arab Emirates
\n
\n
-
\n
\n
\n
16
\n
\n
029
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
16
\n
\n
029
\n
\n
\n
Japan
\n
\n
-
\n
\n
\n
122
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
122
\n
\n
\n
Other countries
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
38
\n
1
\n
\n
\n
38
\n
1
\n
\n
\n
\n
198
\n
\n
498
\n
\n
\n
389
\n
\n
972
\n
\n
\n
55
\n
\n
961
\n
\n
\n
5
\n
\n
462
\n
\n
\n
649
\n
\n
893
\n
\n
\n
\n
\n
\n
\n
\n
\n
202
\n
2
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
South Africa
\n
\n
346 781 47 276 4 040 2 703 400 800
\n
China
\n
\n
- 96 388 24 554 - 120 942
\n
Singapore
\n
\n
-
\n
\n
\n
79 779 5 485 - 85 264
\n
Hong Kong
\n
\n
-
\n
\n
\n
59 536 1 433 - 60 969
\n
Australia
\n
\n
-
\n
\n
\n
3 358 - - 3 358
\n
Japan
\n
\n
-
\n
\n
\n
8 748 4 846 - 13 594
\n
Other countries
\n
-
\n
\n
\n
93 168 808 1 069
\n
\n
346
\n
\n
781
\n
\n
\n
295 178
\n
\n
\n
40
\n
\n
526
\n
\n
\n
3
\n
\n
511
\n
\n
\n
685
\n
\n
996
\n
\n
\n
\n
\n
\n
Revenue represents the sales value of goods supplied to customers, net of value
\n
-
\n
added tax. The following table summarises sales to customers
\n
with whom transactions have individually exceeded
\n
5.0% (202
\n
2
\n
: 5
\n
.0%
\n
)
\n
\n
of the Group's revenues.
\n
\n
\n
\n
202
\n
3
\n
\n
202
\n
2
\n
\n
\n
Segment
\n
\n
US$\u2019000
\n
\n
Segment
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Customer 1
\n
\n
PGM
\n
\n
128
\n
\n
131
\n
\n
\n
PGM
\n
\n
262 073
\n
\n
\n
Customer 2
\n
\n
Chrome
\n
\n
118
\n
\n
978
\n
\n
\n
PGM and Agency and trading
\n
\n
84
\n
\n
449
\n
\n
\n
Customer 3
\n
\n
Chrome and Agency and trading
\n
\n
51
\n
\n
187
\n
\n
\n
Chrome
\n
\n
53
\n
\n
721
\n
\n
\n
Customer 4
\n
\n
Chrome and Agency and trading
\n
\n
48
\n
\n
854
\n
\n
\n
Chrome and Agency and trading
\n
\n
49
\n
\n
160
\n
\n
\n
Customer 5
\n
\n
PGM
\n
\n
41
\n
\n
543
\n
\n
\n
Chrome and
\n
Agency and trading
\n
\n
37
\n
\n
487
\n
\n
\n
Customer
\n
6
\n
\n
Chrome and Agency and trading
\n
\n
39
\n
\n
100
\n
\n
\n
-
\n
\n
-
\n
\n

\n\n
2023
\n
\n
PGM
\n
US$\u2019000
\n
\n
Chrome
\n
US$\u2019000
\n
\n
Agency and
\n
trading
\n
US$\u2019000
\n
\n
Manufacturing
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Revenue recognised at a point in
\n
time
\n
\n
\n
\n
\n
\n
\n
\n
Variable revenue based on initial results
\n
\n
218
\n
\n
843
\n
\n
\n
313
\n
\n
648
\n
\n
\n
49
\n
\n
737
\n
\n
\n
-
\n
\n
\n
582
\n
\n
228
\n
\n
\n
\n
Quality and q
\n
uantity adjustments
\n
\n
(5
\n
\n
289)
\n
\n
(3
\n
\n
174)
\n
\n
(100)
\n
\n
-
\n
\n
\n
(8
\n
\n
563)
\n
\n
\n
Revenue based on fixed selling prices
\n
\n
-
\n
\n
\n
47
\n
\n
365
\n
\n
\n
1
\n
\n
977
\n
\n
\n
5
\n
\n
462
\n
\n
\n
54
\n
\n
804
\n
\n
\n
Revenue
\n
recognised over time
\n
\n
\n
\n
\n
\n
\n
\n
Freight services
\n
\n
-
\n
\n
\n
32
\n
\n
133
\n
\n
\n
4
\n
\n
347
\n
\n
\n
-
\n
\n
\n
36
\n
\n
480
\n
\n
\n
Revenue from contracts with
\n
customers
\n
\n
213 554 389 972 55 961 5 462 664 949
\n
\n
Fair value adjustments (refer
\n
to note 3
\n
2
\n
)
\n
\n
(15
\n
\n
056)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(15
\n
\n
056)
\n
\n
Total revenue
\n
\n
198
\n
\n
498
\n
\n
\n
389
\n
\n
972
\n
\n
\n
55
\n
\n
961
\n
\n
\n
5
\n
\n
462
\n
\n
\n
649
\n
\n
893
\n
\n
\n
\n
\n
\n
\n
\n
\n
202
\n
2
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Revenue recognised at a point in time
\n
\n
\n
\n
\n
\n
\n
\n
Variable revenue based on initial results
\n
\n
360
\n
\n
082
\n
\n
\n
204
\n
\n
178
\n
\n
\n
29
\n
\n
856
\n
\n
\n
-
\n
\n
\n
594
\n
\n
116
\n
\n
\n
\n
Quality and q
\n
uantity adjustments
\n
\n
(27
\n
\n
573)
\n
\n
(1
\n
\n
751)
\n
\n
(24)
\n
\n
-
\n
\n
\n
(29
\n
\n
348)
\n
\n
\n
Revenue based on fixed selling prices
\n
\n
-
\n
\n
\n
47
\n
\n
276
\n
\n
\n
3
\n
\n
926
\n
\n
\n
3
\n
\n
511
\n
\n
\n
54
\n
\n
713
\n
\n
\n
Revenue recognised over time
\n
\n
\n
\n
\n
\n
\n
\n
Freight services
\n
\n
-
\n
\n
\n
45
\n
\n
475
\n
\n
\n
6
\n
\n
768
\n
\n
\n
-
\n
\n
\n
52
\n
\n
243
\n
\n
\n
Revenue from contracts with customers
\n
\n
332
\n
\n
509
\n
\n
\n
295
\n
\n
178
\n
\n
\n
40
\n
\n
526
\n
\n
\n
3
\n
\n
511
\n
\n
\n
671
\n
\n
724
\n
\n
\n
\n
Fair value adjustments (refer to note 3
\n
2
\n
)
\n
\n
14
\n
\n
272
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
14
\n
\n
272
\n
\n
\n
Total revenue
\n
\n
346
\n
\n
781
\n
\n
\n
295
\n
\n
178
\n
\n
\n
40
\n
\n
526
\n
\n
\n
3
\n
\n
511
\n
\n
\n
685
\n
\n
996
\n

\n\n

\n
21.
\n
\n
CONTRACT ASSETS
\n
\n
\n
\n
\n
\n
\n\n
Accounting policy
\n
\n
\n
\n
Contract assets
\n
\n
are non
\n
-
\n
derivative financial assets categorised as
\n
other
\n
financial assets
\n
recognised and
\n
measured at
\n
the amount of
\n
consideration the Group is contractually entitled to in exchange for the transfer of goods and services. Timing of revenue recognition may
\n
differ from the timing of invoicing to customers. The Group records a contract asset in the statement of financial position, when goods or
\n
services have been transferred to a customer before the customer pays the consideration or before payment is due.
\n

\n\n
\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
Freight services
\n
\n
1 876
\n
\n
\n
2 078
\n
\n
\n
\n
\n
\n
The balance represents prepaid freight costs
\n
\n
and will be recognised in cost of sales upon completion of the performance obligations
\n
.
\n

\n\n

\n
28.
\n
\n
CONTRACT LIABILITIES
\n
\n
\n
\n
\n
\n
\n\n
Accounting policy
\n
\n
Contract liabilities
\n
\n
are non
\n
-
\n
derivative financial liabilities categorised as other financial liabilities.
\n
Contract liabilities
\n
\n
are recognised
\n
when a
\n
customer has paid the consideration or the payment is due from the customer before the entity has transferred all of the promised goods or
\n
services in a contract. Timing of revenue recognition may differ from the timing of invoicing to customers. A contract liability is measured based
\n
on the unearned revenue received (income received in advance) within a contract and is presented as a current liability in the statement of
\n
financial position due to its short
\n
-
\n
term nature
\n
.
\n

\n\n
\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Freight services
\n
\n
1
\n
\n
876
\n
\n
\n
2 078
\n
\n
\n
\n
\n
\n
The balance represents deferred revenue for which performance conditions still have to be satisfied.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag346": { "value": "\n

\n
5.
\n
\n
REVENUE
\n
\n
\n
\n\n

\n\n
Accounting policy
\n
\n
Sales revenue is recognised on individual sales when control transfers to the customer. Control transfers to the customer upo
\n
n satisfaction
\n
of performance obligations within each contract. In most instances, control passes and sales revenue is recognised when the product is
\n
delivered to the vessel or vehicle on which it will be transported to the destination port or the customer\u2019s premises. There may be
\n
circumstances when judgment is required based on the five indicators of control below:
\n
\n
\n
\u2022 The customer has the significant risks and rewards of ownership and has the ability to direct the use of, and obtain substantially all of
\n
the remaining benefits from the good or service.
\n
\n
\u2022 The customer has a present obligation to pay in accordance with the terms of the sales contract. For shipments under the Incoterms
\n
Cost, Insurance and Freight (\u2018CIF\u2019) this is generally when the ship is loaded, at which time the obligation for payment is for both product
\n
and freight.
\n
\n
\u2022 The customer has accepted the asset. Sales revenue may be subject to adjustment if the product specification does not conform to
\n
the terms specified in the sales contract but this does not impact the passing of control.
\n
\n
\u2022
\n
The customer has legal title to the asset. The Group usually retains legal title until payment is received for credit risk pu
\n
rposes only.
\n
\n
\u2022 The customer has physical possession of the asset. This indicator may be less important as the customer may obtain control of an
\n
asset prior to obtaining physical possession, which may be
\n
the case for goods in transit.
\n
\n
\n
Revenue is presented net of Value Added Tax, rebates and discounts and after eliminating intergroup sales.
\n
\n
\n
PGM revenue
\n
\n
Revenue from the sale of PGM concentrate is recognised based on the quantity of PGM concentrate delivered, prevailing market
\n
prices
\n
and exchange rates, when delivered to the customers in terms of the off-take agreements. Revenue recognised includes variable
\n
consideration as revenue is subject to quality and quantity adjustments, final pricing and currency adjustments after the beneficiation
\n
process is completed. Revenue recognised is adjusted for expected final adjustments based on finally determined quality, quantity and
\n
spot rates, which are estimated based on prevailing market information and recognised as a separate component within revenue.
\n
Adjustments to the sale price occur based on movements in the metal market prices and exchange rates up to the date o
\n
f final pricing.
\n
\n
\n
Any subsequent changes that arise due to differences between initial and final assay are still considered within the scope of
\n
\n
IFRS
\n
\n
15 and
\n
are subject to the constraint on estimates of variable consideration. When considering the initial assay estimate, the Group has considered
\n
the requirements of IFRS 15 in relation to the constraint on estimates of variable consideration. It will only include amounts in the calculation
\n
of revenue where it is highly probable that a significant revenue reversal will not occur when the uncertainty relating to final
\n
quantity/assay/quality is subsequently determined.
\n
\n
\n
Consequently, at the time the concentrate passes to the customer, the Group will recognise a receivable as from that time it
\n
considers it
\n
has an unconditional right to consideration. This receivable is accounted for in accordance with IFRS 9.
\n
\n
\n
The provisional pricing features means the concentrate receivable fails to meet the requirements to be measured at amortised
\n
cost. Instead,
\n
the entire receivable is measured at fair value, with subsequent movements being recognised in profit or loss (
\n
refer to note 2
\n
0
\n
).
\n
\n
\n
Chrome and agency and trading revenue
\n
\n
Revenue arising from chrome concentrate sales under short
\n
-
\n
term sale contracts and off
\n
-
\n
take agreements is recognised when the chrome
\n
concentrate is delivered and a customer takes control of the chrome concentrate. Revenue is recognised based on the fixed sale price in
\n
terms of the contract, the quantity delivered and the quality as determined by an independent survey. Export sales may, as specified in the
\n
contract, be subject to a final survey upon arrival at destination port. Revenue recognised for export sales is adjusted for expected final
\n
quality and quantity
\n
adjustments, which are estimated based on historical data for similar transactions.
\n
\n
\n
The majority of the Group\u2019s metallurgical chrome concentrate is exported. For these export sales, the point of revenue recogn
\n
ition is
\n
dependent on the contract sales terms, known as the International Commercial Terms (\u2018Incoterms\u2019). For the Incoterms Cost, Insurance and
\n
Freight (\u2018CIF\u2019) the seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination. This
\n
means that the Group is responsible (acts as principal) for providing shipping services and, in some instances, insurance after the date at
\n
which control of goods passes to the customer at the loading port.
\n
\n
\n
Consequently, the freight service on export commodity contracts with CIF Incoterms represents a separate performance obligati
\n
on as
\n
defined under IFRS 15 and as such, a portion of the revenue earned under these contracts, representing the obligation to perform the
\n
freight service, is deferred and recognised over time as the obligation is been fulfilled, along with the associated costs (refer to notes 21
\n
and 2
\n
8
\n
).
\n
\n
\n
Since separate performance conditions exist for export commodity contracts with CIF Incoterms, the Group allocates the transa
\n
ction price
\n
to the separate performance conditions on a relative stand-alone selling price basis. Observable information with specific reference to sea
\n
freight costs is used for allocation of the transaction price.
\n

\n\n

\n\n

\n\n

\n

\n
5.
\n
\n
REVENUE
\n
\n
(continued)
\n
\n
\n\n

\n\n
Accounting policy: chrome and agency and trading revenue (continued)
\n
\n
The Group also provides inland logistics services to customers. These services include ad hoc
\n
short
\n
-
\n
haul
\n
logistics services. Revenue
\n
from
\n
ad hoc short-haul logistics services is recognised at a point in time as the performance obligation has been fulfilled which is the delivery of
\n
the specified goods. Any earned consideration, which is conditional, will be recognised as a contract asset rather than a trade and other
\n
receivable.
\n
\n
\n
Revenue is also generated from consulting services rendered. These services include geological, marketing and administration
\n
services.
\n
Revenue is recognised over time, using an input method to measure progress towards complete customer satisfaction.
\n
\n
\n
Payment terms and conditions vary by contract type and delivery method, although for
\n
Free Carrier (\u2018FCA\u2019)
\n
\n
sales terms generally include
\n
a requirement of payment upon completion of delivery of the products. For export chrome concentrate transactions, payment terms vary
\n
from 30 to 90 days, however, the Group obtains a letter of credit from a reputable bank in m
\n
ost instances before shipment occurs.
\n
\n
\n
In the instance where the timing of revenue recognition differs from the timing of invoicing, the Group has determined that d
\n
ue to the short
\n
-
\n
term nature, the contracts with customers generally do not include a significant financing component. The primary purpose of the Group\u2019s
\n
invoicing terms is to provide customers with simplified and predictable ways of purchasing products, not to receive financing from customers
\n
or to provide financing to customers. Similarly, due to the short-term nature of unearned revenue received, being less than 12 months. No
\n
financing component exists in line with the
\n
applied
\n
practical expedient
\n
\n
in IFRS15
\n
.
\n
\n
\n
Commissions recognised from costs to obtain a contract with a customer
\n
\n
The Group recognises the incremental costs, arising from the concluding of sale contracts, as expenses in cost of sales in th
\n
e statement
\n
of profit or loss
\n
when incurred. Such commission
\n
s
\n
\n
relate to the chrome segment and are short
\n
-
\n
term in nature.
\n
\n
\n
Manufacturing revenue
\n
\n
Revenue from the sale of mining equipment is recognised at the point in time when control of the asset is transferred to the
\n
customer,
\n
generally on delivery of the equipment at the customer\u2019s location. The Group considers whether there are other undertakings in the contract
\n
that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction
\n
price for the sale of mining equipment, the Group considers the effects of variable consideration, existence of a significant financing
\n
component, non-cash consideration, and consideration payable to the customer. Currently there aren\u2019t any other undertakings. Revenue
\n
is presented net of Value Added Tax, rebates and discounts.
\n

\n\n

\n\n
\n
\n
\n
\n
\n
\n\n
2023
\n
\n
PGM
\n
US$\u2019000
\n
\n
Chrome
\n
US$\u2019000
\n
\n
Agency and
\n
trading
\n
US$\u2019000
\n
\n
Manufacturing
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Revenue recognised at a point in
\n
time
\n
\n
\n
\n
\n
\n
\n
\n
Variable revenue based on initial results
\n
\n
218
\n
\n
843
\n
\n
\n
313
\n
\n
648
\n
\n
\n
49
\n
\n
737
\n
\n
\n
-
\n
\n
\n
582
\n
\n
228
\n
\n
\n
\n
Quality and q
\n
uantity adjustments
\n
\n
(5
\n
\n
289)
\n
\n
(3
\n
\n
174)
\n
\n
(100)
\n
\n
-
\n
\n
\n
(8
\n
\n
563)
\n
\n
\n
Revenue based on fixed selling prices
\n
\n
-
\n
\n
\n
47
\n
\n
365
\n
\n
\n
1
\n
\n
977
\n
\n
\n
5
\n
\n
462
\n
\n
\n
54
\n
\n
804
\n
\n
\n
Revenue
\n
recognised over time
\n
\n
\n
\n
\n
\n
\n
\n
Freight services
\n
\n
-
\n
\n
\n
32
\n
\n
133
\n
\n
\n
4
\n
\n
347
\n
\n
\n
-
\n
\n
\n
36
\n
\n
480
\n
\n
\n
Revenue from contracts with
\n
customers
\n
\n
213 554 389 972 55 961 5 462 664 949
\n
\n
Fair value adjustments (refer
\n
to note 3
\n
2
\n
)
\n
\n
(15
\n
\n
056)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(15
\n
\n
056)
\n
\n
Total revenue
\n
\n
198
\n
\n
498
\n
\n
\n
389
\n
\n
972
\n
\n
\n
55
\n
\n
961
\n
\n
\n
5
\n
\n
462
\n
\n
\n
649
\n
\n
893
\n
\n
\n
\n
\n
\n
\n
\n
\n
202
\n
2
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Revenue recognised at a point in time
\n
\n
\n
\n
\n
\n
\n
\n
Variable revenue based on initial results
\n
\n
360
\n
\n
082
\n
\n
\n
204
\n
\n
178
\n
\n
\n
29
\n
\n
856
\n
\n
\n
-
\n
\n
\n
594
\n
\n
116
\n
\n
\n
\n
Quality and q
\n
uantity adjustments
\n
\n
(27
\n
\n
573)
\n
\n
(1
\n
\n
751)
\n
\n
(24)
\n
\n
-
\n
\n
\n
(29
\n
\n
348)
\n
\n
\n
Revenue based on fixed selling prices
\n
\n
-
\n
\n
\n
47
\n
\n
276
\n
\n
\n
3
\n
\n
926
\n
\n
\n
3
\n
\n
511
\n
\n
\n
54
\n
\n
713
\n
\n
\n
Revenue recognised over time
\n
\n
\n
\n
\n
\n
\n
\n
Freight services
\n
\n
-
\n
\n
\n
45
\n
\n
475
\n
\n
\n
6
\n
\n
768
\n
\n
\n
-
\n
\n
\n
52
\n
\n
243
\n
\n
\n
Revenue from contracts with customers
\n
\n
332
\n
\n
509
\n
\n
\n
295
\n
\n
178
\n
\n
\n
40
\n
\n
526
\n
\n
\n
3
\n
\n
511
\n
\n
\n
671
\n
\n
724
\n
\n
\n
\n
Fair value adjustments (refer to note 3
\n
2
\n
)
\n
\n
14
\n
\n
272
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
14
\n
\n
272
\n
\n
\n
Total revenue
\n
\n
346
\n
\n
781
\n
\n
\n
295
\n
\n
178
\n
\n
\n
40
\n
\n
526
\n
\n
\n
3
\n
\n
511
\n
\n
\n
685
\n
\n
996
\n

\n\n
\n
\n
\n
\n
\n
\n
\n
\n
During the year ended 30 September 2023, revenue from freight services of US$2.1 million (2022: US$2.4 million) was recognised which was
\n
classified as a contract liability at 30 September 202
\n
2 (2022: 30 September 2021)
\n
.
\n
\n
\n
The year ended 30 September 2023 includes
\n
a reversal of
\n
quality and quantity
\n
adjustments of US$4.1 million (2022
\n
: US$1.4 million
\n
\n
additional
\n
revenue) relating to PGM revenue and US$0.1 million (2022: US$0.5 million) increase in revenue relating to chrome revenue which was based
\n
on finalised prices and surveys that became available during the current year for provisional PGM and chrome revenue transactions
\n
recognised during the year ended 30 September 202
\n
2
\n
.
\n

\n\n

\n
5.
\n
\n
REVENUE
\n
\n
(continued)
\n
\n
\n
\n
\n\n
Judgements and estimates
\n
\n
A significant portion of the Group\u2019s chrome revenue is derived from commodity sales for which the point of recognition is
\n
dependent on the
\n
contract sales terms known as the International Commercial Terms (\u2018Incoterms\u2019). Under Incoterms cost, insurance and freight (\u2018CIF\u2019), the
\n
seller is required to contract, and pay, for the costs and freight necessary to bring the goods to a n
\n
amed port of destination.
\n
\n
\n
Consequently, the Group believes that the freight service on export commodity contracts with CIF Incoterms represents a separ
\n
ate
\n
performance obligation as defined under IFRS 15 and as such, a portion of the revenue earned under these contracts, representing the
\n
obligation to perform the freight service, is deferred and recognised
\n
over time
\n
as
\n
\n
th
\n
e
\n
\n
obligation
\n
is
\n
\n
fulfilled, along with the associated costs.
\n
\n
\n
Since separate performance conditions exist for export commodity contracts with CIF Incoterms, the Group allocates the transa
\n
ction price to
\n
the separate performance conditions on a relative stand-alone selling price basis. Observable information with specific reference to sea freight
\n
costs is used for allocation of the transaction price.
\n
\n
\n
The determination of revenue from the sale of PGM concentrates from the time of initial recognition of the sale through to fi
\n
nal pricing requires
\n
management to re-estimate fair value of the price adjustment feature continuously. Management determines this with reference to actual spot
\n
prices.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag347": { "value": "\n
Accounting policy
\n
\n
Sales revenue is recognised on individual sales when control transfers to the customer. Control transfers to the customer upo
\n
n satisfaction
\n
of performance obligations within each contract. In most instances, control passes and sales revenue is recognised when the product is
\n
delivered to the vessel or vehicle on which it will be transported to the destination port or the customer\u2019s premises. There may be
\n
circumstances when judgment is required based on the five indicators of control below:
\n
\n
\n
\u2022 The customer has the significant risks and rewards of ownership and has the ability to direct the use of, and obtain substantially all of
\n
the remaining benefits from the good or service.
\n
\n
\u2022 The customer has a present obligation to pay in accordance with the terms of the sales contract. For shipments under the Incoterms
\n
Cost, Insurance and Freight (\u2018CIF\u2019) this is generally when the ship is loaded, at which time the obligation for payment is for both product
\n
and freight.
\n
\n
\u2022 The customer has accepted the asset. Sales revenue may be subject to adjustment if the product specification does not conform to
\n
the terms specified in the sales contract but this does not impact the passing of control.
\n
\n
\u2022
\n
The customer has legal title to the asset. The Group usually retains legal title until payment is received for credit risk pu
\n
rposes only.
\n
\n
\u2022 The customer has physical possession of the asset. This indicator may be less important as the customer may obtain control of an
\n
asset prior to obtaining physical possession, which may be
\n
the case for goods in transit.
\n
\n
\n
Revenue is presented net of Value Added Tax, rebates and discounts and after eliminating intergroup sales.
\n
\n
\n
PGM revenue
\n
\n
Revenue from the sale of PGM concentrate is recognised based on the quantity of PGM concentrate delivered, prevailing market
\n
prices
\n
and exchange rates, when delivered to the customers in terms of the off-take agreements. Revenue recognised includes variable
\n
consideration as revenue is subject to quality and quantity adjustments, final pricing and currency adjustments after the beneficiation
\n
process is completed. Revenue recognised is adjusted for expected final adjustments based on finally determined quality, quantity and
\n
spot rates, which are estimated based on prevailing market information and recognised as a separate component within revenue.
\n
Adjustments to the sale price occur based on movements in the metal market prices and exchange rates up to the date o
\n
f final pricing.
\n
\n
\n
Any subsequent changes that arise due to differences between initial and final assay are still considered within the scope of
\n
\n
IFRS
\n
\n
15 and
\n
are subject to the constraint on estimates of variable consideration. When considering the initial assay estimate, the Group has considered
\n
the requirements of IFRS 15 in relation to the constraint on estimates of variable consideration. It will only include amounts in the calculation
\n
of revenue where it is highly probable that a significant revenue reversal will not occur when the uncertainty relating to final
\n
quantity/assay/quality is subsequently determined.
\n
\n
\n
Consequently, at the time the concentrate passes to the customer, the Group will recognise a receivable as from that time it
\n
considers it
\n
has an unconditional right to consideration. This receivable is accounted for in accordance with IFRS 9.
\n
\n
\n
The provisional pricing features means the concentrate receivable fails to meet the requirements to be measured at amortised
\n
cost. Instead,
\n
the entire receivable is measured at fair value, with subsequent movements being recognised in profit or loss (
\n
refer to note 2
\n
0
\n
).
\n
\n
\n
Chrome and agency and trading revenue
\n
\n
Revenue arising from chrome concentrate sales under short
\n
-
\n
term sale contracts and off
\n
-
\n
take agreements is recognised when the chrome
\n
concentrate is delivered and a customer takes control of the chrome concentrate. Revenue is recognised based on the fixed sale price in
\n
terms of the contract, the quantity delivered and the quality as determined by an independent survey. Export sales may, as specified in the
\n
contract, be subject to a final survey upon arrival at destination port. Revenue recognised for export sales is adjusted for expected final
\n
quality and quantity
\n
adjustments, which are estimated based on historical data for similar transactions.
\n
\n
\n
The majority of the Group\u2019s metallurgical chrome concentrate is exported. For these export sales, the point of revenue recogn
\n
ition is
\n
dependent on the contract sales terms, known as the International Commercial Terms (\u2018Incoterms\u2019). For the Incoterms Cost, Insurance and
\n
Freight (\u2018CIF\u2019) the seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination. This
\n
means that the Group is responsible (acts as principal) for providing shipping services and, in some instances, insurance after the date at
\n
which control of goods passes to the customer at the loading port.
\n
\n
\n
Consequently, the freight service on export commodity contracts with CIF Incoterms represents a separate performance obligati
\n
on as
\n
defined under IFRS 15 and as such, a portion of the revenue earned under these contracts, representing the obligation to perform the
\n
freight service, is deferred and recognised over time as the obligation is been fulfilled, along with the associated costs (refer to notes 21
\n
and 2
\n
8
\n
).
\n
\n
\n
Since separate performance conditions exist for export commodity contracts with CIF Incoterms, the Group allocates the transa
\n
ction price
\n
to the separate performance conditions on a relative stand-alone selling price basis. Observable information with specific reference to sea
\n
freight costs is used for allocation of the transaction price.
\n

\n\n
Accounting policy: chrome and agency and trading revenue (continued)
\n
\n
The Group also provides inland logistics services to customers. These services include ad hoc
\n
short
\n
-
\n
haul
\n
logistics services. Revenue
\n
from
\n
ad hoc short-haul logistics services is recognised at a point in time as the performance obligation has been fulfilled which is the delivery of
\n
the specified goods. Any earned consideration, which is conditional, will be recognised as a contract asset rather than a trade and other
\n
receivable.
\n
\n
\n
Revenue is also generated from consulting services rendered. These services include geological, marketing and administration
\n
services.
\n
Revenue is recognised over time, using an input method to measure progress towards complete customer satisfaction.
\n
\n
\n
Payment terms and conditions vary by contract type and delivery method, although for
\n
Free Carrier (\u2018FCA\u2019)
\n
\n
sales terms generally include
\n
a requirement of payment upon completion of delivery of the products. For export chrome concentrate transactions, payment terms vary
\n
from 30 to 90 days, however, the Group obtains a letter of credit from a reputable bank in m
\n
ost instances before shipment occurs.
\n
\n
\n
In the instance where the timing of revenue recognition differs from the timing of invoicing, the Group has determined that d
\n
ue to the short
\n
-
\n
term nature, the contracts with customers generally do not include a significant financing component. The primary purpose of the Group\u2019s
\n
invoicing terms is to provide customers with simplified and predictable ways of purchasing products, not to receive financing from customers
\n
or to provide financing to customers. Similarly, due to the short-term nature of unearned revenue received, being less than 12 months. No
\n
financing component exists in line with the
\n
applied
\n
practical expedient
\n
\n
in IFRS15
\n
.
\n
\n
\n
Commissions recognised from costs to obtain a contract with a customer
\n
\n
The Group recognises the incremental costs, arising from the concluding of sale contracts, as expenses in cost of sales in th
\n
e statement
\n
of profit or loss
\n
when incurred. Such commission
\n
s
\n
\n
relate to the chrome segment and are short
\n
-
\n
term in nature.
\n
\n
\n
Manufacturing revenue
\n
\n
Revenue from the sale of mining equipment is recognised at the point in time when control of the asset is transferred to the
\n
customer,
\n
generally on delivery of the equipment at the customer\u2019s location. The Group considers whether there are other undertakings in the contract
\n
that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction
\n
price for the sale of mining equipment, the Group considers the effects of variable consideration, existence of a significant financing
\n
component, non-cash consideration, and consideration payable to the customer. Currently there aren\u2019t any other undertakings. Revenue
\n
is presented net of Value Added Tax, rebates and discounts.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag348": { "value": "\n

\n
6.
\n
\n
COST OF SALES
\n
\n
\n
\n
\n\n

\n\n
Accounting policy: provident funds
\n
\n
The Group's salaried employees in South Africa are members of
\n
defined contribution retirement benefit plans. The contributions to the
\n
plans range from a minimum of 3.0% to a maximum of 15.0% of staff's pensionable salary. Contributions to the plans vest immediately.
\n
Contributions are accrued in the year in which the associated services are rendered by employees. The Group's employees in Cyprus do
\n
not participate in
\n
group
\n
retirement benefit plans.
\n
\n
\n
Accounting policy: short term benefits
\n
\n
Liabilities for employee benefits for wages, salaries and annual leave that
\n
are expected to be settled within 12 months from the reporting
\n
date are calculated at undiscounted amounts based on remuneration rates that the Group expects to pay as at the reporting date including
\n
related costs, such as workers compensation insurance and payroll tax. Non-accumulating monetary benefits such as medical aid
\n
contribution
\n
s
\n
\n
are expensed as the benefits are taken by the employees.
\n

\n\n

\n\n
\n
\n
\n
2023
\n
\n
Mining
\n
US$\u2019000
\n
\n
Processing
\n
US$\u2019000
\n
\n
Manufacturing
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Drill and blast
\n
\n
31
\n
\n
097
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
31
\n
\n
097
\n
\n
\n
Load and haul
\n
\n
29
\n
\n
614
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
29
\n
\n
614
\n
\n
\n
Diesel
\n
\n
43
\n
\n
122
\n
\n
\n
1
\n
\n
562
\n
\n
\n
-
\n
\n
\n
44
\n
\n
684
\n
\n
\n
Maintenance
\n
\n
29
\n
\n
871
\n
\n
\n
4
\n
\n
319
\n
\n
\n
-
\n
\n
\n
34
\n
\n
190
\n
\n
\n
Salaries and wages
\n
\n
33
\n
\n
686
\n
\n
\n
16
\n
\n
040
\n
\n
\n
1
\n
\n
269
\n
\n
\n
50
\n
\n
995
\n
\n
\n
Provident fund contributions
\n
\n
2
\n
\n
145
\n
\n
\n
2
\n
\n
474
\n
\n
\n
129
\n
\n
\n
4
\n
\n
748
\n
\n
\n
Mining
\n
contractor
\n
\n
1
\n
\n
797
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
1
\n
\n
797
\n
\n
\n
Depreciation
\n
\n
27
\n
\n
422
\n
\n
\n
9
\n
\n
487
\n
\n
\n
116
\n
\n
\n
37
\n
\n
025
\n
\n
\n
Cost of commodities
\n
*
\n
\n
56
\n
\n
766
\n
\n
\n
28
\n
\n
688
\n
\n
\n
-
\n
\n
\n
85
\n
\n
454
\n
\n
\n
W
\n
rite off of property, plant and equipment
\n
\n
3
\n
\n
208
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
3
\n
\n
208
\n
\n
\n
Utilities
\n
\n
910
\n
\n
\n
16
\n
\n
732
\n
\n
\n
82
\n
\n
\n
17
\n
\n
724
\n
\n
\n
Materials and
\n
consumables
\n
\n
-
\n
\n
\n
26
\n
\n
409
\n
\n
\n
2
\n
\n
380
\n
\n
\n
28
\n
\n
789
\n
\n
\n
Overheads
\n
\n
797
\n
\n
\n
2
\n
\n
606
\n
\n
\n
396
\n
\n
\n
3
\n
\n
799
\n
\n
\n
Contractor and equipment hire
\n
\n
-
\n
\n
\n
5
\n
\n
483
\n
\n
\n
-
\n
\n
\n
5
\n
\n
483
\n
\n
\n
\n
260
\n
\n
435
\n
\n
\n
113
\n
\n
800
\n
\n
\n
4
\n
\n
372
\n
\n
\n
378
\n
\n
607
\n
\n
\n
\n
\n
\n
\n
\n
State royalties
\n
\n
\n
\n
\n
9
\n
\n
714
\n
\n
\n
Change in inventories
\n
\u2013
\n
\n
finished products and ore
\n
stockpile
\n
\n
\n
\n
\n
(16
\n
\n
504)
\n
\n
Selling costs
\n
\n
\n
\n
\n
88
\n
\n
2
\n
6
\n
5
\n
\n
\n
Freight services
\n
\n
\n
\n
\n
36
\n
\n
480
\n
\n
\n
Cost of sales
\n
\n
\n
\n
\n
496
\n
\n
562
\n
\n
\n
\n
\n
\n
\n
\n
*
\n
\n
Due to certain limitations on mining activities,
\n
\n
Tharisa Minerals Proprietary Limited purchased ROM ore to maintain
\n
optimal
\n
plant
\n
throughput.
\n

\n\n
6.
\n
\n
COST OF SALES
\n
\n
(continued)
\n
\n
\n
\n
\n
\n
2022
\n
\n
Mining
\n
US$\u2019000
\n
\n
Processing
\n
US$\u2019000
\n
\n
Manufacturing
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Drill and blast
\n
\n
26
\n
\n
842
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
26
\n
\n
842
\n
\n
\n
Load and haul
\n
\n
25
\n
\n
379
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
25
\n
\n
379
\n
\n
\n
Diesel
\n
\n
36
\n
\n
707
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
36
\n
\n
707
\n
\n
\n
Maintenance
\n
\n
29
\n
\n
964
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
29
\n
\n
964
\n
\n
\n
Salaries and wages
\n
\n
29
\n
\n
172
\n
\n
\n
16
\n
\n
376
\n
\n
\n
1
\n
\n
277
\n
\n
\n
46
\n
\n
825
\n
\n
\n
Provident fund contributions
\n
\n
3
\n
\n
738
\n
\n
\n
2
\n
\n
109
\n
\n
\n
118
\n
\n
\n
5
\n
\n
965
\n
\n
\n
Mining contractor
\n
\n
2
\n
\n
210
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
2
\n
\n
210
\n
\n
\n
Depreciation
\n
\n
21
\n
\n
303
\n
\n
\n
15
\n
\n
186
\n
\n
\n
104
\n
\n
\n
36
\n
\n
593
\n
\n
\n
Cost of commodities
\n
\n
20
\n
\n
270
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
20
\n
\n
270
\n
\n
\n
W
\n
rite off of property, plant and equipment
\n
\n
1
\n
\n
313
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
1
\n
\n
313
\n
\n
\n
Utilities
\n
\n
-
\n
\n
\n
16
\n
\n
408
\n
\n
\n
50
\n
\n
\n
16
\n
\n
458
\n
\n
\n
Materials and consumables
\n
\n
-
\n
\n
\n
19
\n
\n
927
\n
\n
\n
2
\n
\n
073
\n
\n
\n
22
\n
\n
000
\n
\n
\n
Overheads
\n
\n
-
\n
\n
\n
6
\n
\n
528
\n
\n
\n
235
\n
\n
\n
6
\n
\n
763
\n
\n
\n
Contractor and equipment hire
\n
\n
-
\n
\n
\n
14
\n
\n
840
\n
\n
\n
-
\n
\n
\n
14
\n
\n
840
\n
\n
\n
\n
196
\n
\n
898
\n
\n
\n
91
\n
\n
374
\n
\n
\n
3
\n
\n
857
\n
\n
\n
292
\n
\n
129
\n
\n
\n
\n
\n
\n
\n
\n
State royalties
\n
\n
\n
\n
\n
31
\n
\n
082
\n
\n
\n
Change in inventories
\n
\u2013
\n
\n
finished products and ore stockpile
\n
\n
\n
\n
(14
\n
\n
631)
\n
\n
Selling costs
\n
\n
\n
\n
\n
79
\n
\n
513
\n
\n
\n
Freight services
\n
\n
\n
\n
\n
52
\n
\n
243
\n
\n
\n
Cost of sales
\n
\n
\n
\n
\n
440 336
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag349": { "value": "\n
Accounting policy: provident funds
\n
\n
The Group's salaried employees in South Africa are members of
\n
defined contribution retirement benefit plans. The contributions to the
\n
plans range from a minimum of 3.0% to a maximum of 15.0% of staff's pensionable salary. Contributions to the plans vest immediately.
\n
Contributions are accrued in the year in which the associated services are rendered by employees. The Group's employees in Cyprus do
\n
not participate in
\n
group
\n
retirement benefit plans.
\n
\n
\n
Accounting policy: short term benefits
\n
\n
Liabilities for employee benefits for wages, salaries and annual leave that
\n
are expected to be settled within 12 months from the reporting
\n
date are calculated at undiscounted amounts based on remuneration rates that the Group expects to pay as at the reporting date including
\n
related costs, such as workers compensation insurance and payroll tax. Non-accumulating monetary benefits such as medical aid
\n
contribution
\n
s
\n
\n
are expensed as the benefits are taken by the employees.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag350": { "value": "\n

\n\n

\n
7.
\n
\n
OTHER INCOME
\n
\n
\n\n

\n
Accounting
\n
policy
\n
:
\n
\n
sundry sales
\n
\n
Proceeds from the sale of scrap metals are recognised as sundry sales when the right to receive payment has been
\n
established.
\n
\n
\n\n
Accounting policy: rental income
\n
\n
Rental income is recognised in profit or loss on a straight
\n
-
\n
line basis over the term of the lease. Lease incentives granted are recognised as
\n
an integral part of the total rental income, over the term of
\n
the lease.
\n

\n\n

\n\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
Insurance proceeds received
\n
\n
1
\n
\n
497
\n
\n
\n
-
\n
\n
\n
Profit on disposal of property, plant and equipment
\n
\n
19
\n
\n
\n
-
\n
\n
\n
Reversal of credit loss allowance
\n
\n
114
\n
\n
\n
-
\n
\n
\n
Sundry sales
\n
\n
573
\n
\n
\n
629
\n
\n
\n
Consulting fees received
\n
\n
152
\n
\n
\n
74
\n
\n
\n
Rental income
\n
\n
\u2013
\n
\n
as lessor
\n
\n
17
\n
\n
\n
17
\n
\n
\n
\n
2
\n
\n
37
\n
2
\n
\n
\n
720
\n

\n\n

\n\n

\n\n

\n
9.
\n
\n
OTHER OPERATING EXPENSES
\n
\n
\n\n

\n\n
Accounting policy
\n
\n
Refer to note 6 for the accounting policy relating to employee benefits. Other operating expenses
\n
\n
are
\n
recognised as incurred by the Company
\n
and are measured at
\n
undiscounted amounts
\n
based on the value
\n
that the
\n
Company
\n
\n
expects to pay as at the reporting date
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n
9.
\n
\n
OTHER OPERATING EXPENSES (continued)
\n
\n
\n
\n
\n
\n
\n
\n\n

\n\n

\n\n

\n\n

\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Directors and staff costs
\n
\n
\n
\n
\n
Non
\n
-
\n
e
\n
xecutive
\n
d
\n
irectors (
\n
refer to note 11)
\n
\n
637
\n
\n
\n
642
\n
\n
\n
\n
Employees:
\n
\n
\n
salaries
\n
\n
19
\n
\n
889
\n
\n
\n
19
\n
\n
215
\n
\n
\n
\n
bonuses
\n
\n
2
\n
\n
920
\n
\n
\n
2
\n
\n
889
\n
\n
\n
\n
provident
\n
\n
fund, medical aid and other contributions
\n
\n
2
\n
\n
690
\n
\n
\n
2
\n
\n
226
\n
\n
\n
\n
26
\n
\n
136
\n
\n
\n
24
\n
\n
972
\n
\n
\n
Fees paid to external auditors
\n
\u2013
\n
\n
external audit services
\n
\n
7
\n
65
\n
\n
\n
808
\n
\n
\n
Fees paid to external auditors
\n
\u2013
\n
\n
tax compliance
\n
\n
services
\n
\n
5
\n
\n
\n
-
\n
\n
\n
Bank charges and
\n
related fees
\n
\n
732
\n
\n
\n
774
\n
\n
\n
Consulting and business development cost
\n
\n
5
\n
\n
249
\n
\n
\n
1
\n
\n
798
\n
\n
\n
Consumables and r
\n
epairs and maintenance
\n
\n
1
\n
\n
751
\n
\n
\n
2
\n
\n
138
\n
\n
\n
Corporate and social investment
\n
\n
480
\n
\n
\n
247
\n
\n
\n
Depreciation
\n
\n
and amortisation
\n
\n
2
\n
\n
216
\n
\n
\n
2
\n
\n
203
\n
\n
\n
Equity
\n
-
\n
settled share
\n
-
\n
based payment expense
\n
\n
1
\n
\n
999
\n
\n
\n
1
\n
\n
709
\n
\n
\n
Expected credit loss allowance
\n
\n
-
\n
\n
\n
47
\n
\n
\n
Health and safety
\n
\n
2
\n
\n
277
\n
\n
\n
2
\n
\n
572
\n
\n
\n
Impairment of goodwill
\n
\n
(note 15)
\n
\n
-
\n
\n
\n
1
\n
\n
852
\n
\n
\n
Impairment of property, plant and equipment
\n
\n
-
\n
\n
\n
8 366
\n
\n
\n
Insurance
\n
\n
3
\n
\n
088
\n
\n
\n
3
\n
\n
318
\n
\n
\n
Internal audit
\n
\n
-
\n
\n
\n
20
\n
\n
\n
Legal and professional
\n
\n
563
\n
\n
\n
1
\n
\n
653
\n
\n
\n
Listing fees and investor relations
\n
\n
455
\n
\n
\n
735
\n
\n
\n
Loss on
\n
disposal of property, plant and equipment
\n
\n
-
\n
\n
\n
1 482
\n
\n
\n
Office administration, rent and utilities
\n
\n
2
\n
\n
046
\n
\n
\n
1
\n
\n
747
\n
\n
\n
Research and development
\n
\n
1
\n
\n
247
\n
\n
\n
692
\n
\n
\n
Security
\n
\n
1
\n
\n
406
\n
\n
\n
1
\n
\n
036
\n
\n
\n
Telecommunications and IT related
\n
\n
5
\n
\n
245
\n
\n
\n
4
\n
\n
471
\n
\n
\n
Training
\n
\n
514
\n
\n
\n
499
\n
\n
\n
Travelling and accommodation
\n
\n
590
\n
\n
\n
333
\n
\n
\n
Write offs of property, plant and equipment
\n
\n
246
\n
\n
\n
15
\n
\n
\n
Sundry
\n
\n
4
\n
1
\n
2
\n
\n
\n
393
\n
\n
\n
\n
57
\n
\n
4
\n
2
\n
2
\n
\n
\n
63 880
\n
\n
\n
\n
\n
\n\n
Number of employees
\n
\n
2
\n
\n
377
\n
\n
\n
2
\n
\n
202
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag351": { "value": "\n

\n
7.
\n
\n
OTHER INCOME
\n
\n
\n\n

\n
Accounting
\n
policy
\n
:
\n
\n
sundry sales
\n
\n
Proceeds from the sale of scrap metals are recognised as sundry sales when the right to receive payment has been
\n
established.
\n
\n
\n\n
Accounting policy: rental income
\n
\n
Rental income is recognised in profit or loss on a straight
\n
-
\n
line basis over the term of the lease. Lease incentives granted are recognised as
\n
an integral part of the total rental income, over the term of
\n
the lease.
\n

\n\n

\n\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
Insurance proceeds received
\n
\n
1
\n
\n
497
\n
\n
\n
-
\n
\n
\n
Profit on disposal of property, plant and equipment
\n
\n
19
\n
\n
\n
-
\n
\n
\n
Reversal of credit loss allowance
\n
\n
114
\n
\n
\n
-
\n
\n
\n
Sundry sales
\n
\n
573
\n
\n
\n
629
\n
\n
\n
Consulting fees received
\n
\n
152
\n
\n
\n
74
\n
\n
\n
Rental income
\n
\n
\u2013
\n
\n
as lessor
\n
\n
17
\n
\n
\n
17
\n
\n
\n
\n
2
\n
\n
37
\n
2
\n
\n
\n
720
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag352": { "value": "\n
Accounting policy: rental income
\n
\n
Rental income is recognised in profit or loss on a straight
\n
-
\n
line basis over the term of the lease. Lease incentives granted are recognised as
\n
an integral part of the total rental income, over the term of
\n
the lease.
\n

\n\n

\n
Accounting policy: leases
\n
\n
The Group recognises a right
\n
-
\n
of
\n
-
\n
use asset at the commencement date of the contract for all leases conveying the right to control the use of
\n
identified assets for a specified period. The commencement date is the date on which a lessor makes an underlying asset available for use
\n
by the lessee.
\n
\n
\n
The right
\n
-
\n
of
\n
-
\n
use assets are initially measured at cost, which comprises the amount of initial measurement of the lease liability adjusted
\n
for
\n
any lease payments made at or before the commencement date plus any initial direct costs incurred by the lessee and an estimate of costs
\n
to be incurred by the lessee in dismantling and removing the underlying assets or restoring the site on which the assets are located, less
\n
any lease incentives.
\n
\n
\n\n
Subsequent to initial measurement, the right
\n
-
\n
of
\n
-
\n
use assets are depreciated from the commencement date using the straight
\n
-
\n
line method
\n
over the shorter of the estimated useful lives of the
\n
right
\n
-
\n
of
\n
-
\n
use assets or the end of lease term. These are as follows:
\n
\n
\n
Right
\n
-
\n
of
\n
-
\n
use asset
\n
\n
Depreciation term in years
\n
\n
Buildings and premises
\n
\n
Straight
\n
-
\n
line over the respective lease terms, between 3 and 5 years
\n
\n
Mining fleet
\n
\n
Based on estimated
\n
production hours
\n
\n

\n\n
\n
After the commencement date, the right
\n
-
\n
of
\n
-
\n
use assets are measured at cost less any accumulated depreciation and any accumulated
\n
impairment losses and adjusted for any re
\n
-
\n
measurement of the lease liability.
\n
\n
\n
Short
\n
-
\n
term leases and
\n
leases of low
\n
-
\n
value assets:
\n
\n
The Group has elected not to recognise right
\n
-
\n
of
\n
-
\n
use assets for short
\n
-
\n
term leases that
\n
do not contain a purchase option and
\n
have a lease
\n
term of 12 months or less and leases of low
\n
-
\n
value assets such as computer
\n
equipment.
\n
\n
\n
\n
As a lessor
\n
\n
In the event of lease contracts based on which the Group is acting as a lessor, each of its leases is classified as either an
\n
\n
operating or
\n
finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership to the
\n
lessee. Indicators of a finance lease include whether the lease is for the major part of the economic life of the asset, whether the lease
\n
transfers ownership of the asset to the lessee by the end of the lease term and whether at inception date of the lease, the present value of
\n
the minimum lease payments amount to substantially all of the fair value of the leased asset.
\n
\n
\n
Leases where a significant portion of the risks and rewards incidental to ownership are retained by the lessor, are classifie
\n
d as operating
\n
leases.
\n

\n\n
Accounting policy: leases
\n
\n
The Group recognises a lease liability at the commencement date of the contract for all leases conveying the right to ccontrol
\n
\n
the use of
\n
an
\n
identified assets for a specified period. The commencement date is the date on which a lessor makes an underlying asset available for use
\n
by the lessee.
\n
\n
\n
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement and
\n
te, discounted
\n
using the interis the implicit rate in the lease or, if that rate cannot be readily theermined, the Group\u2019s incremental borrowing rate. Generally,
\n
the Group uses its incremental borrowing rate as the discount rate.
\n
\n
\n
Lease payments included in the measurement of the lease liability include the following:
\n
\n
\u2022
\n
Fixed payments, less
\n
any lease incentives receivable;
\n
\n
\u2022
\n
Variable lease payments that depend on an index or rate, initially measured using the index or rate as at the commencement da
\n
te;
\n
\n
\u2022 Amounts expected to be payable by the lessee under residual value guarantees;
\n
\u2022
\n
The exercise price of a purchase option if the lessee is reasonably certain to exercise that option;
\n
\n
\u2022
\n
Lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option; and
\n
\n
\u2022
\n
Payments of penalties for early terminating the lease, unless the Group is reasonably certain not to terminate early.
\n
\n
\n
The lease liability is measured at amortised cost using the effective interest rate method. It is remeasured when there is a
\n
change in future
\n
lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable
\n
under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, an extension or a
\n
termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use
\n
asset, or is recorded in profit or loss if the carrying amount of the right
\n
-
\n
of
\n
-
\n
use asset has been reduced to zero.
\n
\n
\n
Short
\n
-
\n
term leases and leases of low
\n
-
\n
value assets:
\n
\n
The Group has elected not to recognise lease liabilities for short
\n
-
\n
term leases that
\n
do not contain a purchase option and
\n
have a lease term
\n
of 12 months or less and leases of low
\n
-
\n
value assets such as computer equipment.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag363": { "value": "\n

\n
8.
\n
\n
SHARE
\n
-
\n
BASED PAYMENTS
\n
\n
\n\n

\n\n
Accounting policy
\n
\n
Equity settled share
\n
-
\n
based payments to employees are measured at the fair value of the equity instruments at the grant date. Details
\n
regarding the
\n
determination of the fair value of equity settled share
\n
-
\n
based transactions are set out in the supporting notes.
\n
\n
\n
The fair value determined at the grant d
\n
ate of the equity settled share
\n
-
\n
based payment is expensed on a straight line basis over the
\n
vesting
\n
period, based on the Company's estimate of equity instruments that will eventually vest, with a corresponding increase in the equity. At the
\n
end of each reporting period, the Company revises its estimate of the number of equity instruments expected to vest. The amount
\n
recogni
\n
s
\n
ed as an expense is adjusted to reflect the revision of the original estimate.
\n
\n
\n
\n
Where the Company has the right to elect settlement either equity set
\n
tled or cash settled, the share
\n
-
\n
based payment transactions will be
\n
treated as equity settled share
\n
-
\n
based payments.
\n

\n\n

\n\n
\n
\n
Conditional awards (\u2018LTIP\u2019) is the grant of shares in the Company where the risks and rewards of share ownership will vest on
\n
\n
specific vesting
\n
dates with the employee subject to certain conditions. LTIPs vested in three equal tranches for the 2019 and 2020 Awards and will vest at
\n
the third anniversary of the grant for the 2021 and 2022 Awards. The award, on vesting, may at the election of the Company, be either cash-
\n
settled or share
\n
-
\n
settled as provided for in the rules of the Plan.
\n
\n
\n
Appreciation rights (\u2018SARS\u2019) is the grant of an award by the Company where the employee is, subject to certain conditions, en
\n
titled to receive
\n
the increase in the share value above the award price. The awards may be exercised at any time up to five years from the date of the grant.
\n
The appreciation in value may, at the election of the Company, be either cash settled or share settled as provided for in the rules of the Plan.
\n
No SARS were issued during the years ended 30 September 2023 and 30 September 2022.
\n
\n
\n
At 30 September 202
\n
3
\n
, the Group had the following share
\n
-
\n
based payment arrangements:
\n
\n
\n
2019 Award
\n
\u2013
\n
\n
third tranche
\n
\n
The sixth award was made on 30 June 2019, comprising LTIPs and SARS. The third (final) tranche vested at 30 June 2022 for LTI
\n
Ps
\n
while
\n
the second (final) tranche for SARS vested at 30 June 2021. The final tranche for SARS will expire at 30 June 2024.The vesting of these
\n
awards was subject to the following performance conditions and s
\n
ubject to there being no fatality during the vesting periods
\n
:
\n
\n
\u2022 33.3% of each tranche of the LTIP and the SARS was subjected to continuing employment in good standing (as determined by
\n
the Remuneration Committee) during the applicable vesting period.
\n
\n
\u2022 16.67% of each tranche of the LTIP and SARS was subjected to the production of a minimum of 177.6 koz of PGMs during the
\n
first twelve month period, second twelve month period or third twelve month period, respectively (in the case of the SARS the 1st
\n
twelve month period or 2nd twelve month period, respectively). However 8.34% of each such tranche of the LTIP and SARS would
\n
have vested if the production during the applicable twelve month period was below 177.6 koz of PGMs but above 168.7 koz of
\n
PGM
\n
s
\n
. The
\n
award w
\n
ould have been
\n
forfeited if production in any applicable twelve month
\n
was
\n
\n
below
\n
168.7 koz of PGMs.
\n
\n
\u2022 16.67% of each tranche of the LTIP and SARS was subjected to the production of a minimum of 1.57 Mt of chrome concentrates
\n
during the first twelve month period, second twelve month period or third twelve month period, respectively (in the case of the
\n
SARS the 1st twelve month period or 2nd twelve month period, respectively). However 8.34% of each such tranche of the LTIP
\n
and SARS would have vested if the production during the applicable twelve month period was below 1.57 Mt of chrome
\n
concentrates but above 1.49 Mt of chrome concentrates. The award would have been forfeited if production in any applicable
\n
twelve month
\n
was
\n
\n
below
\n
1.49
\n
\n
Mt of chrome concentrates.
\n
\n
\u2022 33.3% of each tranche of the LTIP and SARS was subjected to the Earnings Before Interest, Tax, Depreciation and Amortization
\n
(\u2018EBITDA\u2019) of the Tharisa Group at least meeting the board approved budget for the twelve month period commencing on 1 July
\n
and ending the following year on 30 June, with the EBITDA being adjusted for the actual commodity selling prices and exchange
\n
rate (US$:ZAR). However, 16.66% of each tranche of the LTIP and SARS would have vested if the applicable EBITDA was below
\n
the budgeted EBITDA (as recalculated) but equal to or above 95% of the budgeted EBITDA (as recalculated). The award would
\n
have been
\n
forfeited if EBITDA in the applicable twelve month period
\n
was
\n
\n
below 95% of the budgeted EBITDA (as adjusted).
\n
\n
\n
2020 Award
\n
\u2013
\n
\n
third tranche
\n
\n
The seventh award was made on 30 June 2020, comprising LTIPs
\n
\n
only and th
\n
e third (final) tranche vested at
\n
\n
30 June 202
\n
3.
\n
The vesting of
\n
these awards was subject to the following performance conditions and subject to there being no fatality during the vesting periods and
\n
continued employment in good standing:
\n
\n
\u2022 40% of the vesting will be subject to achieving at least the market guidance for PGM production as publicly disclosed and
\n
referenced to the commencement of the respective financial reporting period (it being noted that the vesting period and financial
\n
year are not coterminous);
\n
\n
\u2022 40% of the vesting will be subject to achieving at least the market guidance for chrome concentrate production as publicly disclosed
\n
and referenced to the commencement of the respective financial reporting period (it being noted that the vesting period and
\n
financial year are not coterminous), adjusted to exclude the production from the Vulcan Plant;
\n
\n
\u2022 20% of the vesting will be subject to achieving at least 90% of the Vulcan Plant\u2019s nameplate production capacity of 480 kt of in-
\n
spec chrome concentrate production.
\n

\n\n
8.
\n
\n
SHARE
\n
-
\n
BASED PAYMENTS
\n
\n
(continued)
\n
\n
\n
202
\n
1
\n
\n
Award
\n
\n
The eight
\n
h
\n
\n
award was made on 8 December 2021 comprising LTIPs only with the measurement period being aligned to the Group\u2019s financial
\n
year-end of 30 September. This award will vest on the third anniversary of the grant, being 8 December 2024.The three-year vesting period is
\n
divided into three annual measurement periods at 30 September, the result of each being aggregated at the end of the vesting period to
\n
determine the final vesting percentage. The vesting of these awards is subject to continued employment in good standing and the following
\n
performance conditions
\n
:
\n
\n
\u2022 33.33% of the vesting will be subject to achieving at least the market guidance for PGM production as publicly disclosed and
\n
referenced to the commencement of the respective financial reporting period
\n
.
\n
\n
\u2022 33.33% of the vesting will be subject to achieving at least the market guidance for chrome concentrate production as publicly
\n
disclosed and referenced to the commencement of the respective financial reporting period
\n
.
\n
\n
\u2022 33.34% of the vesting will be subject to achieving certain strategic measures. All three interim measurement periods will be based
\n
on an equal allocation to:
\n
\n
o
\n
\n
Return on invested capital exceeding the weighted average cost of capital of the Group
\n
.
\n
\n
o
\n
\n
Performance against the ESG Plan
\n
.
\n
\n
o
\n
\n
Tracking on achievement of Vision 2025.
\n
\n
The award will be reduced in each annual measurement period by one
\n
-
\n
third for each fatality that occurred during that measurement period.
\n
For avoidance of doubt, if any performance condition is not met in any annual measurement period and consequently is forfeited (either wholly
\n
or partially) as a result of failure to achieve the performance condition, but the performance condition is achieved in subsequent measurement
\n
periods the award will vest for that period as provided.
\n
\n
\n
202
\n
2
\n
\n
Award
\n
\n
The ninth award was made on 16 January 2023 comprising LTIPs only with the measurement period being aligned to the Group\u2019s fi
\n
nancial
\n
year-end of 30 September. This award will vest on the third anniversary of the grant, being 15 January 2026.The three-year vesting period is
\n
divided into three annual measurement periods at 30 September, the result of each being aggregated at the end of the vesting period to
\n
determine the final vesting percentage. The vesting of these awards is subject to continued employment in good standing and the following
\n
performance conditions
\n
:
\n
\n
\u2022 20.00% of the vesting will be subject to achieving at least the market guidance for PGM production as publicly disclosed and
\n
referenced to the commencement of the respective financial reporting period.
\n
\n
\u2022 20.00% of the vesting will be subject to achieving at least the market guidance for chrome concentrate production as publicly
\n
disclosed and referenced to the commencement of the respective financial reporting period.
\n
\n
\u2022
\n
20.00% of the vesting will be subject to achieving certain of the Karo Platinum Project deliverables.
\n
\n
\u2022 20.00% of the vesting will be subject to the three-year rolling average return on invested capital exceeding the three-year rolling
\n
weighted average cost of capital.
\n
\n
\u2022 10.00% of the vesting will be subject to the performance against the environmental plan to reduce carbon emissions by 30% by
\n
2030.
\n
\n
\u2022 10.00% of the vesting will be subject to achieving the Group\u2019s vision 2025.
\n
For avoidance of doubt, if any performance condition is not met in any annual measurement period and consequently is forfeite
\n
d (either wholly
\n
or partially) as a result of failure to achieve the performance condition, but the performance condition is achieved in subsequent measurement
\n
periods the award will vest for that period as provided.
\n
\n
\n
The awards are subject to the rules governing the Plan and the final discretion of the Tharisa plc Remuneration Committee wil
\n
l prevail should
\n
there be any discrepancy.
\n

\n\n

\n
8.
\n
\n
SHARE
\n
-
\n
BASED PAYMENTS
\n
\n
(continued)
\n
\n
\n
LTIP v
\n
aluation of share award at grant date:
\n
\n
First
\n
measurement
\n
period/
\n
tranche
\n
\n
Second
\n
\n
measurement
\n
period/
\n
tranche
\n
\n
Third
\n
\n
measurement
\n
period/
\n
tranche
\n
\n
\n
\n
\n
\n
2019 sixth Award
\n
\n
ZA
\n
R20.34
\n
\n
ZA
\n
R19.48
\n
\n
ZA
\n
R18.49
\n
\n
2020 seventh Award
\n
\n
ZAR11.65
\n
\n
ZAR10.67
\n
\n
ZAR9.66
\n
\n
2021 eighth
\n
Award
\n
\n
ZAR23.83
\n
\n
ZAR23.83
\n
\n
ZAR23.83
\n
\n
2022 nineth Award
\n
\n
ZAR15.73
\n
\n
ZAR15.73
\n
\n
ZAR15.73
\n
\n
\n
A reconciliation of the movement in the Group's LTIP in the period under review is as follows:
\n
\n
\n
\n
Opening balance
\n
\n
Allocated
\n
\n
Vested
\n
\n
Forfeited
\n
\n
Total
\n
\n
\n
\n
\n
\n
\n
\n
LTIP 2023
\n
Ordinary shares
\n
\n
6
\n
\n
989
\n
\n
475
\n
\n
\n
7
\n
\n
210
\n
\n
076
\n
\n
\n
(287
\n
\n
476)
\n
\n
(1
\n
\n
933
\n
\n
704)
\n
\n
11
\n
\n
978
\n
\n
371
\n
\n
\n
\n
\n
\n
\n
\n
\n
LTIP 2022 Ordinary shares
\n
\n
4
\n
\n
272 742
\n
\n
\n
5
\n
\n
431
\n
\n
124
\n
\n
\n
(1
\n
\n
861
\n
\n
133)
\n
\n
(853
\n
\n
258)
\n
\n
6
\n
\n
989
\n
\n
475
\n
\n
\n
\n
\n
\n
\n
\n
\n
An expense of
\n
US$
\n
2.0
\n
\n
million (20
\n
22
\n
: US$
\n
1.7
\n
\n
million) was recognised in profit or loss.
\n
The fair value
\n
at grant date
\n
of the LTIP awards was
\n
determined by present valuing the share price on grant date less the expected dividends. The following inputs were used for LTIP 2022 and
\n
LTIP 2021 issued during the years ended 30 September 2023 and 30 September 2022:
\n
\n
\n
\n
\n
LTIP 2022 ninth
\n
Award
\n
\n
\n
LTIP 2021 eighth
\n
Award
\n
\n
\n
\n
\n
\n
\n
\n
Spot price
\n
\n
\n
\n
ZA
\n
R2
\n
0
\n
.
\n
1
\n
0
\n
\n
\n
ZA
\n
R27.00
\n
\n
Dividend yield
\n
1
\n
\n
\n
\n
8
\n
.
\n
18
\n
%
\n
\n
4.16%
\n
\n
The risk
\n
-
\n
free interest rate
\n
\n
(swap yield curve)
\n
2
\n
\n
\n
\n
7.35%
\n
\n
5.76%
\n
\n
Forfeiture assumption
\n
3
\n
\n
\n
\n
5.00%
\n
\n
10.63%
\n
\n
\n
1
\n
The dividend
\n
\n
yield was calculated by using forecast dividends which
\n
\n
were estimated using a combination of broker consensus forecasts,
\n
historical dividend data, and
\n
the Company\u2019s
\n
\n
view of the future
\n
\n
dividends.
\n
\n
2
\n
The swap yield curve was independently constructed using a bootstrapping methodology together with a
\n
combination of traded money
\n
-
\n
market,
\n
FRA and swap rate inputs
\n
.
\n
\n
3
\n
This adjustment is made with reference to the percentage of employees that are not expected to fulfil the non
\n
-
\n
market or service based vesting
\n
conditions prior to the vesting dates
\n
, taking into account the forfeiture assumption b
\n
ased on
\n
\n
participants\u2019 employee turnover histor
\n
y.
\n
\n
\n
SARS
\n
\n
N
\n
o SARS were issued during the years ended 30 September 202
\n
3
\n
\n
and 30 September 202
\n
2 and consequently no expense was recognised
\n
during these periods. In terms of previous awards, employees may exercise the SARS within five years from the grant date. Number of SARS
\n
vested, not yet exercised:
\n
\n
\n
Award
\n
\n
date
\n
\n
Expiry date
\n
\n
20
\n
23
\n
\n
\n
20
\n
22
\n
\n
\n
\n
\n
\n
\n
30 June 201
\n
8
\n
\u2013
\n
\n
fifth Award
\n
\n
30 June 2023
\n
\n
-
\n
\n
\n
617
\n
\n
852
\n
\n
\n
30 June 20
\n
19
\n
\u2013
\n
\n
sixth
\n
Award
\n
\n
30 June 2024
\n
\n
1
\n
\n
193
\n
\n
009
\n
\n
\n
1
\n
\n
305
\n
\n
071
\n
\n
\n
\n
\n
\n
\n
N
\n
umber of share options exercised during the
\n
year
\n
\n
7
\n
2
\n
9
\n
\n
914
\n
\n
\n
2
\n
\n
397
\n
\n
593
\n
\n
\n
Weighted average
\n
share price of options exercised during the year
\n
\n
ZA
\n
R21.87
\n
\n
\n
ZAR27.76
\n
\n
\n
\n
\n
\n\n
Judgements and estimates
\n
\n
The Group measures the cost of equity
\n
-
\n
settled transactions with employees by reference to the fair value of the equity instruments at the date
\n
at which they are granted. The fair value is determined by present valuing the share price on grant date less the expected dividends and by
\n
using a Binomial Tree model
\n
, using the
\n
aforementioned assumptions.
\n
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag364": { "value": "\n
Accounting policy
\n
\n
Equity settled share
\n
-
\n
based payments to employees are measured at the fair value of the equity instruments at the grant date. Details
\n
regarding the
\n
determination of the fair value of equity settled share
\n
-
\n
based transactions are set out in the supporting notes.
\n
\n
\n
The fair value determined at the grant d
\n
ate of the equity settled share
\n
-
\n
based payment is expensed on a straight line basis over the
\n
vesting
\n
period, based on the Company's estimate of equity instruments that will eventually vest, with a corresponding increase in the equity. At the
\n
end of each reporting period, the Company revises its estimate of the number of equity instruments expected to vest. The amount
\n
recogni
\n
s
\n
ed as an expense is adjusted to reflect the revision of the original estimate.
\n
\n
\n
\n
Where the Company has the right to elect settlement either equity set
\n
tled or cash settled, the share
\n
-
\n
based payment transactions will be
\n
treated as equity settled share
\n
-
\n
based payments.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag365": { "value": "\n

\n
9.
\n
\n
OTHER OPERATING EXPENSES
\n
\n
\n\n

\n\n
Accounting policy
\n
\n
Refer to note 6 for the accounting policy relating to employee benefits. Other operating expenses
\n
\n
are
\n
recognised as incurred by the Company
\n
and are measured at
\n
undiscounted amounts
\n
based on the value
\n
that the
\n
Company
\n
\n
expects to pay as at the reporting date
\n

\n\n

\n\n

\n\n

\n
9.
\n
\n
OTHER OPERATING EXPENSES (continued)
\n
\n
\n
\n
\n
\n
\n
\n\n

\n\n

\n\n

\n\n

\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Directors and staff costs
\n
\n
\n
\n
\n
Non
\n
-
\n
e
\n
xecutive
\n
d
\n
irectors (
\n
refer to note 11)
\n
\n
637
\n
\n
\n
642
\n
\n
\n
\n
Employees:
\n
\n
\n
salaries
\n
\n
19
\n
\n
889
\n
\n
\n
19
\n
\n
215
\n
\n
\n
\n
bonuses
\n
\n
2
\n
\n
920
\n
\n
\n
2
\n
\n
889
\n
\n
\n
\n
provident
\n
\n
fund, medical aid and other contributions
\n
\n
2
\n
\n
690
\n
\n
\n
2
\n
\n
226
\n
\n
\n
\n
26
\n
\n
136
\n
\n
\n
24
\n
\n
972
\n
\n
\n
Fees paid to external auditors
\n
\u2013
\n
\n
external audit services
\n
\n
7
\n
65
\n
\n
\n
808
\n
\n
\n
Fees paid to external auditors
\n
\u2013
\n
\n
tax compliance
\n
\n
services
\n
\n
5
\n
\n
\n
-
\n
\n
\n
Bank charges and
\n
related fees
\n
\n
732
\n
\n
\n
774
\n
\n
\n
Consulting and business development cost
\n
\n
5
\n
\n
249
\n
\n
\n
1
\n
\n
798
\n
\n
\n
Consumables and r
\n
epairs and maintenance
\n
\n
1
\n
\n
751
\n
\n
\n
2
\n
\n
138
\n
\n
\n
Corporate and social investment
\n
\n
480
\n
\n
\n
247
\n
\n
\n
Depreciation
\n
\n
and amortisation
\n
\n
2
\n
\n
216
\n
\n
\n
2
\n
\n
203
\n
\n
\n
Equity
\n
-
\n
settled share
\n
-
\n
based payment expense
\n
\n
1
\n
\n
999
\n
\n
\n
1
\n
\n
709
\n
\n
\n
Expected credit loss allowance
\n
\n
-
\n
\n
\n
47
\n
\n
\n
Health and safety
\n
\n
2
\n
\n
277
\n
\n
\n
2
\n
\n
572
\n
\n
\n
Impairment of goodwill
\n
\n
(note 15)
\n
\n
-
\n
\n
\n
1
\n
\n
852
\n
\n
\n
Impairment of property, plant and equipment
\n
\n
-
\n
\n
\n
8 366
\n
\n
\n
Insurance
\n
\n
3
\n
\n
088
\n
\n
\n
3
\n
\n
318
\n
\n
\n
Internal audit
\n
\n
-
\n
\n
\n
20
\n
\n
\n
Legal and professional
\n
\n
563
\n
\n
\n
1
\n
\n
653
\n
\n
\n
Listing fees and investor relations
\n
\n
455
\n
\n
\n
735
\n
\n
\n
Loss on
\n
disposal of property, plant and equipment
\n
\n
-
\n
\n
\n
1 482
\n
\n
\n
Office administration, rent and utilities
\n
\n
2
\n
\n
046
\n
\n
\n
1
\n
\n
747
\n
\n
\n
Research and development
\n
\n
1
\n
\n
247
\n
\n
\n
692
\n
\n
\n
Security
\n
\n
1
\n
\n
406
\n
\n
\n
1
\n
\n
036
\n
\n
\n
Telecommunications and IT related
\n
\n
5
\n
\n
245
\n
\n
\n
4
\n
\n
471
\n
\n
\n
Training
\n
\n
514
\n
\n
\n
499
\n
\n
\n
Travelling and accommodation
\n
\n
590
\n
\n
\n
333
\n
\n
\n
Write offs of property, plant and equipment
\n
\n
246
\n
\n
\n
15
\n
\n
\n
Sundry
\n
\n
4
\n
1
\n
2
\n
\n
\n
393
\n
\n
\n
\n
57
\n
\n
4
\n
2
\n
2
\n
\n
\n
63 880
\n
\n
\n
\n
\n
\n\n
Number of employees
\n
\n
2
\n
\n
377
\n
\n
\n
2
\n
\n
202
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag366": { "value": "\n
Accounting policy
\n
\n
Refer to note 6 for the accounting policy relating to employee benefits. Other operating expenses
\n
\n
are
\n
recognised as incurred by the Company
\n
and are measured at
\n
undiscounted amounts
\n
based on the value
\n
that the
\n
Company
\n
\n
expects to pay as at the reporting date
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag367": { "value": "\n

\n\n

\n\n

\n\n

\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Directors and staff costs
\n
\n
\n
\n
\n
Non
\n
-
\n
e
\n
xecutive
\n
d
\n
irectors (
\n
refer to note 11)
\n
\n
637
\n
\n
\n
642
\n
\n
\n
\n
Employees:
\n
\n
\n
salaries
\n
\n
19
\n
\n
889
\n
\n
\n
19
\n
\n
215
\n
\n
\n
\n
bonuses
\n
\n
2
\n
\n
920
\n
\n
\n
2
\n
\n
889
\n
\n
\n
\n
provident
\n
\n
fund, medical aid and other contributions
\n
\n
2
\n
\n
690
\n
\n
\n
2
\n
\n
226
\n
\n
\n
\n
26
\n
\n
136
\n
\n
\n
24
\n
\n
972
\n
\n
\n
Fees paid to external auditors
\n
\u2013
\n
\n
external audit services
\n
\n
7
\n
65
\n
\n
\n
808
\n
\n
\n
Fees paid to external auditors
\n
\u2013
\n
\n
tax compliance
\n
\n
services
\n
\n
5
\n
\n
\n
-
\n
\n
\n
Bank charges and
\n
related fees
\n
\n
732
\n
\n
\n
774
\n
\n
\n
Consulting and business development cost
\n
\n
5
\n
\n
249
\n
\n
\n
1
\n
\n
798
\n
\n
\n
Consumables and r
\n
epairs and maintenance
\n
\n
1
\n
\n
751
\n
\n
\n
2
\n
\n
138
\n
\n
\n
Corporate and social investment
\n
\n
480
\n
\n
\n
247
\n
\n
\n
Depreciation
\n
\n
and amortisation
\n
\n
2
\n
\n
216
\n
\n
\n
2
\n
\n
203
\n
\n
\n
Equity
\n
-
\n
settled share
\n
-
\n
based payment expense
\n
\n
1
\n
\n
999
\n
\n
\n
1
\n
\n
709
\n
\n
\n
Expected credit loss allowance
\n
\n
-
\n
\n
\n
47
\n
\n
\n
Health and safety
\n
\n
2
\n
\n
277
\n
\n
\n
2
\n
\n
572
\n
\n
\n
Impairment of goodwill
\n
\n
(note 15)
\n
\n
-
\n
\n
\n
1
\n
\n
852
\n
\n
\n
Impairment of property, plant and equipment
\n
\n
-
\n
\n
\n
8 366
\n
\n
\n
Insurance
\n
\n
3
\n
\n
088
\n
\n
\n
3
\n
\n
318
\n
\n
\n
Internal audit
\n
\n
-
\n
\n
\n
20
\n
\n
\n
Legal and professional
\n
\n
563
\n
\n
\n
1
\n
\n
653
\n
\n
\n
Listing fees and investor relations
\n
\n
455
\n
\n
\n
735
\n
\n
\n
Loss on
\n
disposal of property, plant and equipment
\n
\n
-
\n
\n
\n
1 482
\n
\n
\n
Office administration, rent and utilities
\n
\n
2
\n
\n
046
\n
\n
\n
1
\n
\n
747
\n
\n
\n
Research and development
\n
\n
1
\n
\n
247
\n
\n
\n
692
\n
\n
\n
Security
\n
\n
1
\n
\n
406
\n
\n
\n
1
\n
\n
036
\n
\n
\n
Telecommunications and IT related
\n
\n
5
\n
\n
245
\n
\n
\n
4
\n
\n
471
\n
\n
\n
Training
\n
\n
514
\n
\n
\n
499
\n
\n
\n
Travelling and accommodation
\n
\n
590
\n
\n
\n
333
\n
\n
\n
Write offs of property, plant and equipment
\n
\n
246
\n
\n
\n
15
\n
\n
\n
Sundry
\n
\n
4
\n
1
\n
2
\n
\n
\n
393
\n
\n
\n
\n
57
\n
\n
4
\n
2
\n
2
\n
\n
\n
63 880
\n
\n
\n
\n
\n
\n\n
Number of employees
\n
\n
2
\n
\n
377
\n
\n
\n
2
\n
\n
202
\n

\n\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag368": { "value": "\n

\n\n

\n\n

\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Directors and staff costs
\n
\n
\n
\n
\n
Non
\n
-
\n
e
\n
xecutive
\n
d
\n
irectors (
\n
refer to note 11)
\n
\n
637
\n
\n
\n
642
\n
\n
\n
\n
Employees:
\n
\n
\n
salaries
\n
\n
19
\n
\n
889
\n
\n
\n
19
\n
\n
215
\n
\n
\n
\n
bonuses
\n
\n
2
\n
\n
920
\n
\n
\n
2
\n
\n
889
\n
\n
\n
\n
provident
\n
\n
fund, medical aid and other contributions
\n
\n
2
\n
\n
690
\n
\n
\n
2
\n
\n
226
\n
\n
\n
\n
26
\n
\n
136
\n
\n
\n
24
\n
\n
972
\n
\n
\n
Fees paid to external auditors
\n
\u2013
\n
\n
external audit services
\n
\n
7
\n
65
\n
\n
\n
808
\n
\n
\n
Fees paid to external auditors
\n
\u2013
\n
\n
tax compliance
\n
\n
services
\n
\n
5
\n
\n
\n
-
\n
\n
\n
Bank charges and
\n
related fees
\n
\n
732
\n
\n
\n
774
\n
\n
\n
Consulting and business development cost
\n
\n
5
\n
\n
249
\n
\n
\n
1
\n
\n
798
\n
\n
\n
Consumables and r
\n
epairs and maintenance
\n
\n
1
\n
\n
751
\n
\n
\n
2
\n
\n
138
\n
\n
\n
Corporate and social investment
\n
\n
480
\n
\n
\n
247
\n
\n
\n
Depreciation
\n
\n
and amortisation
\n
\n
2
\n
\n
216
\n
\n
\n
2
\n
\n
203
\n
\n
\n
Equity
\n
-
\n
settled share
\n
-
\n
based payment expense
\n
\n
1
\n
\n
999
\n
\n
\n
1
\n
\n
709
\n
\n
\n
Expected credit loss allowance
\n
\n
-
\n
\n
\n
47
\n
\n
\n
Health and safety
\n
\n
2
\n
\n
277
\n
\n
\n
2
\n
\n
572
\n
\n
\n
Impairment of goodwill
\n
\n
(note 15)
\n
\n
-
\n
\n
\n
1
\n
\n
852
\n
\n
\n
Impairment of property, plant and equipment
\n
\n
-
\n
\n
\n
8 366
\n
\n
\n
Insurance
\n
\n
3
\n
\n
088
\n
\n
\n
3
\n
\n
318
\n
\n
\n
Internal audit
\n
\n
-
\n
\n
\n
20
\n
\n
\n
Legal and professional
\n
\n
563
\n
\n
\n
1
\n
\n
653
\n
\n
\n
Listing fees and investor relations
\n
\n
455
\n
\n
\n
735
\n
\n
\n
Loss on
\n
disposal of property, plant and equipment
\n
\n
-
\n
\n
\n
1 482
\n
\n
\n
Office administration, rent and utilities
\n
\n
2
\n
\n
046
\n
\n
\n
1
\n
\n
747
\n
\n
\n
Research and development
\n
\n
1
\n
\n
247
\n
\n
\n
692
\n
\n
\n
Security
\n
\n
1
\n
\n
406
\n
\n
\n
1
\n
\n
036
\n
\n
\n
Telecommunications and IT related
\n
\n
5
\n
\n
245
\n
\n
\n
4
\n
\n
471
\n
\n
\n
Training
\n
\n
514
\n
\n
\n
499
\n
\n
\n
Travelling and accommodation
\n
\n
590
\n
\n
\n
333
\n
\n
\n
Write offs of property, plant and equipment
\n
\n
246
\n
\n
\n
15
\n
\n
\n
Sundry
\n
\n
4
\n
1
\n
2
\n
\n
\n
393
\n
\n
\n
\n
57
\n
\n
4
\n
2
\n
2
\n
\n
\n
63 880
\n
\n
\n
\n
\n
\n\n
Number of employees
\n
\n
2
\n
\n
377
\n
\n
\n
2
\n
\n
202
\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag369": { "value": "\n

\n\n

\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Directors and staff costs
\n
\n
\n
\n
\n
Non
\n
-
\n
e
\n
xecutive
\n
d
\n
irectors (
\n
refer to note 11)
\n
\n
637
\n
\n
\n
642
\n
\n
\n
\n
Employees:
\n
\n
\n
salaries
\n
\n
19
\n
\n
889
\n
\n
\n
19
\n
\n
215
\n
\n
\n
\n
bonuses
\n
\n
2
\n
\n
920
\n
\n
\n
2
\n
\n
889
\n
\n
\n
\n
provident
\n
\n
fund, medical aid and other contributions
\n
\n
2
\n
\n
690
\n
\n
\n
2
\n
\n
226
\n
\n
\n
\n
26
\n
\n
136
\n
\n
\n
24
\n
\n
972
\n
\n
\n
Fees paid to external auditors
\n
\u2013
\n
\n
external audit services
\n
\n
7
\n
65
\n
\n
\n
808
\n
\n
\n
Fees paid to external auditors
\n
\u2013
\n
\n
tax compliance
\n
\n
services
\n
\n
5
\n
\n
\n
-
\n
\n
\n
Bank charges and
\n
related fees
\n
\n
732
\n
\n
\n
774
\n
\n
\n
Consulting and business development cost
\n
\n
5
\n
\n
249
\n
\n
\n
1
\n
\n
798
\n
\n
\n
Consumables and r
\n
epairs and maintenance
\n
\n
1
\n
\n
751
\n
\n
\n
2
\n
\n
138
\n
\n
\n
Corporate and social investment
\n
\n
480
\n
\n
\n
247
\n
\n
\n
Depreciation
\n
\n
and amortisation
\n
\n
2
\n
\n
216
\n
\n
\n
2
\n
\n
203
\n
\n
\n
Equity
\n
-
\n
settled share
\n
-
\n
based payment expense
\n
\n
1
\n
\n
999
\n
\n
\n
1
\n
\n
709
\n
\n
\n
Expected credit loss allowance
\n
\n
-
\n
\n
\n
47
\n
\n
\n
Health and safety
\n
\n
2
\n
\n
277
\n
\n
\n
2
\n
\n
572
\n
\n
\n
Impairment of goodwill
\n
\n
(note 15)
\n
\n
-
\n
\n
\n
1
\n
\n
852
\n
\n
\n
Impairment of property, plant and equipment
\n
\n
-
\n
\n
\n
8 366
\n
\n
\n
Insurance
\n
\n
3
\n
\n
088
\n
\n
\n
3
\n
\n
318
\n
\n
\n
Internal audit
\n
\n
-
\n
\n
\n
20
\n
\n
\n
Legal and professional
\n
\n
563
\n
\n
\n
1
\n
\n
653
\n
\n
\n
Listing fees and investor relations
\n
\n
455
\n
\n
\n
735
\n
\n
\n
Loss on
\n
disposal of property, plant and equipment
\n
\n
-
\n
\n
\n
1 482
\n
\n
\n
Office administration, rent and utilities
\n
\n
2
\n
\n
046
\n
\n
\n
1
\n
\n
747
\n
\n
\n
Research and development
\n
\n
1
\n
\n
247
\n
\n
\n
692
\n
\n
\n
Security
\n
\n
1
\n
\n
406
\n
\n
\n
1
\n
\n
036
\n
\n
\n
Telecommunications and IT related
\n
\n
5
\n
\n
245
\n
\n
\n
4
\n
\n
471
\n
\n
\n
Training
\n
\n
514
\n
\n
\n
499
\n
\n
\n
Travelling and accommodation
\n
\n
590
\n
\n
\n
333
\n
\n
\n
Write offs of property, plant and equipment
\n
\n
246
\n
\n
\n
15
\n
\n
\n
Sundry
\n
\n
4
\n
1
\n
2
\n
\n
\n
393
\n
\n
\n
\n
57
\n
\n
4
\n
2
\n
2
\n
\n
\n
63 880
\n
\n
\n
\n
\n
\n\n
Number of employees
\n
\n
2
\n
\n
377
\n
\n
\n
2
\n
\n
202
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag370": { "value": "\n

\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Directors and staff costs
\n
\n
\n
\n
\n
Non
\n
-
\n
e
\n
xecutive
\n
d
\n
irectors (
\n
refer to note 11)
\n
\n
637
\n
\n
\n
642
\n
\n
\n
\n
Employees:
\n
\n
\n
salaries
\n
\n
19
\n
\n
889
\n
\n
\n
19
\n
\n
215
\n
\n
\n
\n
bonuses
\n
\n
2
\n
\n
920
\n
\n
\n
2
\n
\n
889
\n
\n
\n
\n
provident
\n
\n
fund, medical aid and other contributions
\n
\n
2
\n
\n
690
\n
\n
\n
2
\n
\n
226
\n
\n
\n
\n
26
\n
\n
136
\n
\n
\n
24
\n
\n
972
\n
\n
\n
Fees paid to external auditors
\n
\u2013
\n
\n
external audit services
\n
\n
7
\n
65
\n
\n
\n
808
\n
\n
\n
Fees paid to external auditors
\n
\u2013
\n
\n
tax compliance
\n
\n
services
\n
\n
5
\n
\n
\n
-
\n
\n
\n
Bank charges and
\n
related fees
\n
\n
732
\n
\n
\n
774
\n
\n
\n
Consulting and business development cost
\n
\n
5
\n
\n
249
\n
\n
\n
1
\n
\n
798
\n
\n
\n
Consumables and r
\n
epairs and maintenance
\n
\n
1
\n
\n
751
\n
\n
\n
2
\n
\n
138
\n
\n
\n
Corporate and social investment
\n
\n
480
\n
\n
\n
247
\n
\n
\n
Depreciation
\n
\n
and amortisation
\n
\n
2
\n
\n
216
\n
\n
\n
2
\n
\n
203
\n
\n
\n
Equity
\n
-
\n
settled share
\n
-
\n
based payment expense
\n
\n
1
\n
\n
999
\n
\n
\n
1
\n
\n
709
\n
\n
\n
Expected credit loss allowance
\n
\n
-
\n
\n
\n
47
\n
\n
\n
Health and safety
\n
\n
2
\n
\n
277
\n
\n
\n
2
\n
\n
572
\n
\n
\n
Impairment of goodwill
\n
\n
(note 15)
\n
\n
-
\n
\n
\n
1
\n
\n
852
\n
\n
\n
Impairment of property, plant and equipment
\n
\n
-
\n
\n
\n
8 366
\n
\n
\n
Insurance
\n
\n
3
\n
\n
088
\n
\n
\n
3
\n
\n
318
\n
\n
\n
Internal audit
\n
\n
-
\n
\n
\n
20
\n
\n
\n
Legal and professional
\n
\n
563
\n
\n
\n
1
\n
\n
653
\n
\n
\n
Listing fees and investor relations
\n
\n
455
\n
\n
\n
735
\n
\n
\n
Loss on
\n
disposal of property, plant and equipment
\n
\n
-
\n
\n
\n
1 482
\n
\n
\n
Office administration, rent and utilities
\n
\n
2
\n
\n
046
\n
\n
\n
1
\n
\n
747
\n
\n
\n
Research and development
\n
\n
1
\n
\n
247
\n
\n
\n
692
\n
\n
\n
Security
\n
\n
1
\n
\n
406
\n
\n
\n
1
\n
\n
036
\n
\n
\n
Telecommunications and IT related
\n
\n
5
\n
\n
245
\n
\n
\n
4
\n
\n
471
\n
\n
\n
Training
\n
\n
514
\n
\n
\n
499
\n
\n
\n
Travelling and accommodation
\n
\n
590
\n
\n
\n
333
\n
\n
\n
Write offs of property, plant and equipment
\n
\n
246
\n
\n
\n
15
\n
\n
\n
Sundry
\n
\n
4
\n
1
\n
2
\n
\n
\n
393
\n
\n
\n
\n
57
\n
\n
4
\n
2
\n
2
\n
\n
\n
63 880
\n
\n
\n
\n
\n
\n\n
Number of employees
\n
\n
2
\n
\n
377
\n
\n
\n
2
\n
\n
202
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag371": { "value": "\n
Number of employees
\n
\n
2
\n
\n
377
\n
\n
\n
2
\n
\n
202
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag372": { "value": "\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n
10.
\n
\n
FINANCE INCOME AND FINANCE COSTS
\n
\n
\n
\n
\n\n

\n\n

\n\n

\n
Accounting policy: Finance income
\n
\n
Finance income comprises interest income on funds invested. Interest income is recognised in profit or loss as it accrues usi
\n
ng the effective
\n
interest
\n
rate
\n
method.
\n
\n
\n\n
Accounting policy: Finance costs
\n
\n
Finance costs comprise interest expense on
\n
borrowings
\n
\n
and
\n
\n
unwinding of the discount on provisions. Borrowing costs that are not directly
\n
attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest
\n
rate
\n
method.
\n

\n\n

\n\n

\n\n

\n\n
\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Finance income
\n
\n
\n
\n
Interest received
\n
\n
4
\n
\n
772
\n
\n
\n
1
\n
\n
376
\n
\n
\n
\n
\n
\n
Finance costs
\n
\n
\n
\n
Interest expense
\n
\n
(5 915)
\n
\n
(3
\n
\n
018)
\n
\n
Unwinding of present value
\n
of
\n
rehabilitation
\n
provision
\n
\n
(
\n
refer note 2
\n
4
\n
)
\n
\n
(1
\n
\n
186)
\n
\n
(1
\n
\n
740)
\n
\n
\n
(7
\n
\n
101)
\n
\n
(4
\n
\n
758)
\n
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag373": { "value": "\n

\n\n

\n\n

\n\n

\n\n

\n
10.
\n
\n
FINANCE INCOME AND FINANCE COSTS
\n
\n
\n
\n
\n\n

\n\n

\n\n

\n
Accounting policy: Finance income
\n
\n
Finance income comprises interest income on funds invested. Interest income is recognised in profit or loss as it accrues usi
\n
ng the effective
\n
interest
\n
rate
\n
method.
\n
\n
\n\n
Accounting policy: Finance costs
\n
\n
Finance costs comprise interest expense on
\n
borrowings
\n
\n
and
\n
\n
unwinding of the discount on provisions. Borrowing costs that are not directly
\n
attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest
\n
rate
\n
method.
\n

\n\n

\n\n

\n\n

\n\n
\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Finance income
\n
\n
\n
\n
Interest received
\n
\n
4
\n
\n
772
\n
\n
\n
1
\n
\n
376
\n
\n
\n
\n
\n
\n
Finance costs
\n
\n
\n
\n
Interest expense
\n
\n
(5 915)
\n
\n
(3
\n
\n
018)
\n
\n
Unwinding of present value
\n
of
\n
rehabilitation
\n
provision
\n
\n
(
\n
refer note 2
\n
4
\n
)
\n
\n
(1
\n
\n
186)
\n
\n
(1
\n
\n
740)
\n
\n
\n
(7
\n
\n
101)
\n
\n
(4
\n
\n
758)
\n
\n

\n\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag374": { "value": "\n

\n\n

\n\n

\n\n

\n
10.
\n
\n
FINANCE INCOME AND FINANCE COSTS
\n
\n
\n
\n
\n\n

\n\n

\n\n

\n
Accounting policy: Finance income
\n
\n
Finance income comprises interest income on funds invested. Interest income is recognised in profit or loss as it accrues usi
\n
ng the effective
\n
interest
\n
rate
\n
method.
\n
\n
\n\n
Accounting policy: Finance costs
\n
\n
Finance costs comprise interest expense on
\n
borrowings
\n
\n
and
\n
\n
unwinding of the discount on provisions. Borrowing costs that are not directly
\n
attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest
\n
rate
\n
method.
\n

\n\n

\n\n

\n\n

\n\n
\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Finance income
\n
\n
\n
\n
Interest received
\n
\n
4
\n
\n
772
\n
\n
\n
1
\n
\n
376
\n
\n
\n
\n
\n
\n
Finance costs
\n
\n
\n
\n
Interest expense
\n
\n
(5 915)
\n
\n
(3
\n
\n
018)
\n
\n
Unwinding of present value
\n
of
\n
rehabilitation
\n
provision
\n
\n
(
\n
refer note 2
\n
4
\n
)
\n
\n
(1
\n
\n
186)
\n
\n
(1
\n
\n
740)
\n
\n
\n
(7
\n
\n
101)
\n
\n
(4
\n
\n
758)
\n
\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag375": { "value": "\n

\n\n

\n\n

\n
10.
\n
\n
FINANCE INCOME AND FINANCE COSTS
\n
\n
\n
\n
\n\n

\n\n

\n\n

\n
Accounting policy: Finance income
\n
\n
Finance income comprises interest income on funds invested. Interest income is recognised in profit or loss as it accrues usi
\n
ng the effective
\n
interest
\n
rate
\n
method.
\n
\n
\n\n
Accounting policy: Finance costs
\n
\n
Finance costs comprise interest expense on
\n
borrowings
\n
\n
and
\n
\n
unwinding of the discount on provisions. Borrowing costs that are not directly
\n
attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest
\n
rate
\n
method.
\n

\n\n

\n\n

\n\n

\n\n
\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Finance income
\n
\n
\n
\n
Interest received
\n
\n
4
\n
\n
772
\n
\n
\n
1
\n
\n
376
\n
\n
\n
\n
\n
\n
Finance costs
\n
\n
\n
\n
Interest expense
\n
\n
(5 915)
\n
\n
(3
\n
\n
018)
\n
\n
Unwinding of present value
\n
of
\n
rehabilitation
\n
provision
\n
\n
(
\n
refer note 2
\n
4
\n
)
\n
\n
(1
\n
\n
186)
\n
\n
(1
\n
\n
740)
\n
\n
\n
(7
\n
\n
101)
\n
\n
(4
\n
\n
758)
\n
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag376": { "value": "\n

\n\n

\n
10.
\n
\n
FINANCE INCOME AND FINANCE COSTS
\n
\n
\n
\n
\n\n

\n\n

\n\n

\n
Accounting policy: Finance income
\n
\n
Finance income comprises interest income on funds invested. Interest income is recognised in profit or loss as it accrues usi
\n
ng the effective
\n
interest
\n
rate
\n
method.
\n
\n
\n\n
Accounting policy: Finance costs
\n
\n
Finance costs comprise interest expense on
\n
borrowings
\n
\n
and
\n
\n
unwinding of the discount on provisions. Borrowing costs that are not directly
\n
attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest
\n
rate
\n
method.
\n

\n\n

\n\n

\n\n

\n\n
\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Finance income
\n
\n
\n
\n
Interest received
\n
\n
4
\n
\n
772
\n
\n
\n
1
\n
\n
376
\n
\n
\n
\n
\n
\n
Finance costs
\n
\n
\n
\n
Interest expense
\n
\n
(5 915)
\n
\n
(3
\n
\n
018)
\n
\n
Unwinding of present value
\n
of
\n
rehabilitation
\n
provision
\n
\n
(
\n
refer note 2
\n
4
\n
)
\n
\n
(1
\n
\n
186)
\n
\n
(1
\n
\n
740)
\n
\n
\n
(7
\n
\n
101)
\n
\n
(4
\n
\n
758)
\n
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag377": { "value": "\n

\n
10.
\n
\n
FINANCE INCOME AND FINANCE COSTS
\n
\n
\n
\n
\n\n

\n\n

\n\n

\n
Accounting policy: Finance income
\n
\n
Finance income comprises interest income on funds invested. Interest income is recognised in profit or loss as it accrues usi
\n
ng the effective
\n
interest
\n
rate
\n
method.
\n
\n
\n\n
Accounting policy: Finance costs
\n
\n
Finance costs comprise interest expense on
\n
borrowings
\n
\n
and
\n
\n
unwinding of the discount on provisions. Borrowing costs that are not directly
\n
attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest
\n
rate
\n
method.
\n

\n\n

\n\n

\n\n

\n\n
\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Finance income
\n
\n
\n
\n
Interest received
\n
\n
4
\n
\n
772
\n
\n
\n
1
\n
\n
376
\n
\n
\n
\n
\n
\n
Finance costs
\n
\n
\n
\n
Interest expense
\n
\n
(5 915)
\n
\n
(3
\n
\n
018)
\n
\n
Unwinding of present value
\n
of
\n
rehabilitation
\n
provision
\n
\n
(
\n
refer note 2
\n
4
\n
)
\n
\n
(1
\n
\n
186)
\n
\n
(1
\n
\n
740)
\n
\n
\n
(7
\n
\n
101)
\n
\n
(4
\n
\n
758)
\n
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag378": { "value": "\n

\n\n

\n
Accounting policy: Finance income
\n
\n
Finance income comprises interest income on funds invested. Interest income is recognised in profit or loss as it accrues usi
\n
ng the effective
\n
interest
\n
rate
\n
method.
\n
\n
\n\n
Accounting policy: Finance costs
\n
\n
Finance costs comprise interest expense on
\n
borrowings
\n
\n
and
\n
\n
unwinding of the discount on provisions. Borrowing costs that are not directly
\n
attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest
\n
rate
\n
method.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag379": { "value": "\n

\n
Accounting policy: Finance income
\n
\n
Finance income comprises interest income on funds invested. Interest income is recognised in profit or loss as it accrues usi
\n
ng the effective
\n
interest
\n
rate
\n
method.
\n
\n
\n\n
Accounting policy: Finance costs
\n
\n
Finance costs comprise interest expense on
\n
borrowings
\n
\n
and
\n
\n
unwinding of the discount on provisions. Borrowing costs that are not directly
\n
attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest
\n
rate
\n
method.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag380": { "value": "\n
Accounting policy: Finance costs
\n
\n
Finance costs comprise interest expense on
\n
borrowings
\n
\n
and
\n
\n
unwinding of the discount on provisions. Borrowing costs that are not directly
\n
attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest
\n
rate
\n
method.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag381": { "value": "\n
11.
\n
\n
DIRECTORS REMUNERATION
\n
\n
\n
\n
\n
\n
\n
\n
\n
The remuneration of the Directors is set out in the following tables:
\n
\n
\n
2023
\n
\n
Directors\u2019
\n
fees
\n
US$\u2019000
\n
\n
Salary
\n
US$\u2019000
\n
\n
Bonus
\n
US$\u2019000
\n
\n
Expense
\n
allowance
\n
US$\u2019000
\n
\n
Share
\n
-
\n
based
\n
payments
\n
US$\u2019000
\n
\n
Provident
\n
fund and
\n
risk benefits
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
Executive directors
\n
\n
\n
\n
\n
\n
\n
\n
\n
LC Pouroulis
\n
1
\n
\n
-
\n
\n
\n
772
\n
\n
\n
157
\n
\n
\n
-
\n
\n
\n
230
\n
\n
\n
-
\n
\n
\n
1
\n
\n
159
\n
\n
\n
P Pouroulis
\n
1
\n
\n
-
\n
\n
\n
555
\n
\n
\n
129
\n
\n
\n
7
\n
\n
\n
211
\n
\n
\n
44
\n
\n
\n
946
\n
\n
\n
MG Jones
\n
1
\n
\n
-
\n
\n
\n
432
\n
\n
\n
97
\n
\n
\n
-
\n
\n
\n
165
\n
\n
\n
29
\n
\n
\n
723
\n
\n
\n
Non
\n
-
\n
executive directors
\n
\n
\n
\n
\n
\n
\n
\n
\n
JD Salter
\n
\n
163
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
163
\n
\n
\n
A Djakouris
\n
\n
104
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
104
\n
\n
\n
OM Kamal
\n
\n
60
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
60
\n
\n
\n
C Bell
\n
\n
122
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
122
\n
\n
\n
R Davey
\n
\n
104
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
104
\n
\n
\n
ZL Hong
\n
*
\n
\n
42
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
42
\n
\n
\n
SWM Lo
\n
\n
42
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
42
\n
\n
\n
Total
\n
\n
637
\n
\n
\n
1
\n
\n
759
\n
\n
\n
383
\n
\n
\n
7
\n
\n
\n
606
\n
\n
\n
73
\n
\n
\n
3
\n
\n
465
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Executive directors
\n
\n
\n
\n
\n
\n
\n
\n
\n
LC Pouroulis
\n
1
\n
\n
-
\n
\n
\n
762
\n
\n
\n
133
\n
\n
\n
-
\n
\n
\n
307
\n
\n
\n
-
\n
\n
\n
1
\n
\n
202
\n
\n
\n
P Pouroulis
\n
1
\n
\n
-
\n
\n
\n
527
\n
\n
\n
100
\n
\n
\n
8
\n
\n
\n
337
\n
\n
\n
43
\n
\n
\n
1
\n
\n
015
\n
\n
\n
MG Jones
\n
1
\n
\n
-
\n
\n
\n
423
\n
\n
\n
86
\n
\n
\n
-
\n
\n
\n
184
\n
\n
\n
33
\n
\n
\n
726
\n
\n
\n
Non
\n
-
\n
executive directors
\n
\n
\n
\n
\n
\n
\n
\n
\n
JD Salter
\n
\n
169
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
169
\n
\n
\n
A Djakouris
\n
\n
103
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
103
\n
\n
\n
OM Kamal
\n
\n
60
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
60
\n
\n
\n
C Bell
\n
\n
122
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
122
\n
\n
\n
R Davey
\n
\n
104
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
104
\n
\n
\n
ZL Hong
\n
\n
42
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
42
\n
\n
\n
SWM Lo
\n
\n
42
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
42
\n
\n
\n
Total
\n
\n
642
\n
\n
\n
1
\n
\n
712
\n
\n
\n
319
\n
\n
\n
8
\n
\n
\n
828
\n
\n
\n
76
\n
\n
\n
3
\n
\n
585
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
*
\n
\n
Re
\n
signed on 30
\n
\n
September
\n
\n
202
\n
3
\n
\n
\n
\n
\n
1
\n
\n
These salaries were paid by the Company and subsidiaries by which the directors are employed (Braeston Proprietary Limited an
\n
d
\n
Dinami Limited).
\n
\n
\n
\n
Directors\u2019 share awards
\n
\n
Details of each plan are
\n
disclosed in note 8. Non
\n
-
\n
Executive
\n
\n
Directors are not entitled to participate in the Group\u2019s share award plan. The
\n
number of LTIP awarded to the Executive Directors are set out in the following tables:
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
LTIP 2023
\n
\n
Ordinary shares
\n
\n
Opening
\n
balance
\n
\n
\n
Allocated
\n
\n
\n
Vested
\n
\n
\n
Forfeited
\n
\n
\n
Total
\n
\n
\n
\n
\n
\n
\n
\n
LC Pouroulis
\n
\n
860
\n
\n
710
\n
\n
\n
808
\n
\n
473
\n
\n
\n
(38
\n
\n
562)
\n
\n
(154
\n
\n
246)
\n
\n
1
\n
\n
476
\n
\n
375
\n
\n
\n
P Pouroulis
\n
\n
898
\n
\n
038
\n
\n
\n
886
\n
\n
354
\n
\n
\n
(42
\n
\n
378)
\n
\n
(169
\n
\n
510)
\n
\n
1
\n
\n
572
\n
\n
504
\n
\n
\n
MG Jones
\n
\n
512
\n
\n
824
\n
\n
\n
483
\n
\n
377
\n
\n
\n
(23
\n
\n
054)
\n
\n
(92
\n
\n
214)
\n
\n
880
\n
\n
933
\n
\n
\n
\n
2
\n
\n
271
\n
\n
572
\n
\n
\n
2
\n
\n
178
\n
\n
204
\n
\n
\n
(103
\n
\n
994)
\n
\n
(415
\n
\n
970)
\n
\n
3
\n
\n
929
\n
\n
812
\n
\n
\n
\n
\n
\n
\n
\n
\n
LTIP 202
\n
2
\n
\n
Ordinary shares
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
LC Pouroulis
\n
\n
494
\n
\n
126
\n
\n
\n
667
\n
\n
902
\n
\n
\n
(226
\n
\n
590)
\n
\n
(74
\n
\n
728)
\n
\n
860
\n
\n
710
\n
\n
\n
P Pouroulis
\n
\n
543
\n
\n
632
\n
\n
\n
686
\n
\n
150
\n
\n
\n
(249
\n
\n
418)
\n
\n
(82
\n
\n
326)
\n
\n
898
\n
\n
038
\n
\n
\n
MG Jones
\n
\n
295
\n
\n
924
\n
\n
\n
397
\n
\n
556
\n
\n
\n
(135
\n
\n
808)
\n
\n
(44
\n
\n
848)
\n
\n
512
\n
\n
824
\n
\n
\n
\n
1
\n
\n
333
\n
\n
682
\n
\n
\n
1
\n
\n
751
\n
\n
608
\n
\n
\n
(611
\n
\n
816)
\n
\n
(201
\n
\n
902)
\n
\n
2
\n
\n
271
\n
\n
572
\n

\n\n
31.
\n
\n
DIRECTORS INTEREST IN STATED CAPITAL
\n
\n
\n
\n
\n
2023
\n
%
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
%
\n
\n
\n
\n
\n
\n
LC Pouroulis
\n
\n
0.41
\n
\n
\n
0.40
\n
\n
\n
P
\n
Pouroulis
\n
\n
2.6
\n
9
\n
\n
\n
2.68
\n
\n
\n
MG Jones
\n
\n
0.24
\n
\n
\n
0.26
\n
\n
\n
To Djakouris
\n
\n
0.01
\n
\n
\n
0.01
\n
\n
\n
C Bell
\n
\n
0.02
\n
\n
\n
0.02
\n
\n
\n
Total
\n
\n
3.3
\n
7
\n
\n
\n
3.37
\n
\n
\n
\n
\n
\n
Where a member of the Board of Directors holds no direct or indirect interest, the director is not reflected in the table abo
\n
ve.
\n
\n
\n
There has been no change in the Director\u2019s interests in the share capital of the Company between the end of the financial yea
\n
r and the date
\n
of the approval of the consolidated financial statements.
\n

\n\n
Compensation to key management:
\n
2023
\n
\n
\n
\n
\n
\n
\n
Salary and
\n
fees
\n
US$\u2019000
\n
\n
\n
Expense
\n
allowances
\n
US$\u2019000
\n
\n
\n
Share-based
\n
payments
\n
US$\u2019000
\n
\n
Provident
\n
fund and risk
\n
benefits
\n
US$\u2019000
\n
\n
\n
\n
Bonus
\n
US$\u2019000
\n
\n
\n
\n
Total
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Non
\n
-
\n
Executive Directors
\n
\n
637
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
637
\n
\n
\n
Executive Directors
\n
\n
1
\n
\n
759
\n
\n
\n
7
\n
\n
\n
606
\n
\n
\n
73
\n
\n
\n
383
\n
\n
\n
2
\n
\n
828
\n
\n
\n
Other key management
\n
\n
1
\n
\n
738
\n
\n
\n
17
\n
\n
\n
187
\n
\n
\n
65
\n
\n
\n
406
\n
\n
\n
2
\n
\n
413
\n
\n
\n
\n
4
\n
\n
134
\n
\n
\n
24
\n
\n
\n
793
\n
\n
\n
138
\n
\n
\n
789
\n
\n
\n
5
\n
\n
878
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Non
\n
-
\n
Executive Directors
\n
\n
642
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
642
\n
\n
\n
Executive Directors
\n
\n
1
\n
\n
712
\n
\n
\n
8
\n
\n
\n
828
\n
\n
\n
76
\n
\n
\n
319
\n
\n
\n
2
\n
\n
943
\n
\n
\n
Other key management
\n
\n
1
\n
\n
380
\n
\n
\n
20
\n
\n
\n
817
\n
\n
\n
95
\n
\n
\n
588
\n
\n
\n
2
\n
\n
900
\n
\n
\n
\n
3
\n
\n
734
\n
\n
\n
28
\n
\n
\n
1
\n
\n
645
\n
\n
\n
171
\n
\n
\n
907
\n
\n
\n
6
\n
\n
485
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Share
\n
-
\n
based awards to the Directors are
\n
disclosed in note 11. Det
\n
ails of each plan are disclosed in note 8. Awards
\n
\n
to the key management in
\n
the period under review are as follows:
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
2023
\n
\n
Ordinary shares
\n
\n
\n
\n
Opening
\n
balance
\n
\n
\n
\n
Allocated
\n
\n
\n
\n
Vested
\n
\n
\n
\n
Forfeited
\n
\n
\n
\n
Total
\n
\n
\n
\n
\n
\n
\n
\n
\n
LTIP
\n
\n
\n
1
\n
\n
642 207
\n
\n
\n
1
\n
\n
668
\n
\n
225
\n
\n
\n
(64
\n
\n
498)
\n
\n
(257
\n
\n
994)
\n
\n
2
\n
\n
987
\n
\n
940
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
20
\n
22
\n
\n
Ordinary shares
\n
\n
Opening
\n
balance
\n
\n
\n
Resignation
\n
\n
\n
Allocated
\n
\n
\n
Vested
\n
\n
\n
Forfeited
\n
\n
\n
Total
\n
\n
\n
\n
\n
\n
\n
\n
\n
LTIP
\n
\n
695 276
\n
\n
\n
145
\n
\n
650
\n
\n
\n
1
\n
\n
319
\n
\n
717
\n
\n
\n
(388
\n
\n
628)
\n
\n
(129
\n
\n
808)
\n
\n
1
\n
\n
642
\n
\n
207
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag382": { "value": "\n

\n
12.
\n
\n
TAX
\n
\n
\n
\n
\n\n

\n\n

\n\n
Accounting policy
\n
\n
Income tax comprises current and deferred taxes. Income tax is recognised in profit or loss except to the extent that it
\n
relates to items
\n
recognised in other comprehensive income or directly in equity, in which case it is recognised in other comprehensive income or directly in
\n
equity, respectively.
\n
\n
\n
Current tax is the expected tax payable on the taxable income for the
\n
year, using tax rates enacted or substantively enacted at the reporting
\n
date, and any adjustments to tax payable in respect of previous years.
\n
\n
\n
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for fin
\n
ancial reporting
\n
purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to
\n
temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting d
\n
ate.
\n
\n
\n
Apart from certain limited exceptions, all deferred tax assets, to the extent that it is probable that future taxable profits
\n
\n
will be available
\n
against which the asset can be utilised, are recognised. Future taxable profits that may support the recognition of deferred tax assets arising
\n
from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided
\n
those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period
\n
as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can
\n
be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the
\n
recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate
\n
to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or
\n
credit can be utilised.
\n
\n
\n
The limited exceptions to recognition of deferred tax assets and
\n
liabilities are those temporary differences arising from goodwill not
\n
deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are
\n
not part of a business combination), and temporary differences relating to investments in subsidiaries to the extent that, in the case of
\n
taxable differences, the Group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable
\n
future, or in
\n
the case of deductible differences, unless it is probable that they will reverse in the future.
\n
\n
\n
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and
\n
assets, and they relate
\n
to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but which they intend to settle
\n
current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is
\n
recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits
\n
will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent
\n
that it is no longer probable that the related tax benefit will be realised.
\n
\n
\n
Additional income taxes arise from the distribution of dividends
\n
which
\n
are recognised at the same time as the
\n
right to receive
\n
/pay
\n
\n
is
\n
established.
\n
\n
\n
In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and
\n
\n
whether
\n
additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements
\n
about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of
\n
existing tax liabilities; such changes to tax liabilities will impact tax e
\n
xpense in the period that such a determination is made.
\n

\n\n

\n\n

\n\n
\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Corporate income tax
\n
\n
\n
\n
\n
Cyprus
\n
\n
\u2013
\n
\n
current year
\n
\n
3
\n
\n
7
\n
60
\n
\n
\n
4
\n
\n
121
\n
\n
\n
\n
South Africa
\n
\n
\u2013
\n
\n
current year
\n
\n
2
\n
1
\n
\n
552
\n
\n
\n
36
\n
\n
474
\n
\n
\n
\n
South Africa
\n
\u2013
\n
\n
prior year under
\n
provision
\n
\n
739
\n
\n
\n
-
\n
\n
\n
\n
26 051
\n
\n
\n
40
\n
\n
595
\n
\n
\n
\n
\n
\n
Deferred tax
\n
: o
\n
riginating and reversal of temporary differences
\n
(note 1
\n
8
\n
)
\n
\n
609
\n
\n
\n
9
\n
\n
899
\n
\n
\n
Deferred tax
\n
\u2013
\n
\n
prior year under provision
\n
\n
(note 18)
\n
\n
128
\n
\n
\n
-
\n
\n
\n
\n
737
\n
\n
\n
9
\n
\n
899
\n
\n
\n
\n
\n
\n
Special contribution for defence in Cyprus
\n
\n
118
\n
\n
\n
1
\n
\n
\n
Dividend withholding tax
\n
\n
658
\n
\n
\n
2
\n
\n
572
\n
\n
\n
Tax charge
\n
\n
27
\n
\n
5
\n
6
\n
4
\n
\n
\n
53
\n
\n
067
\n

\n\n
12.
\n
\n
TAX (continued)
\n
\n
\n
The entities within the Group are taxed in the countries in which they are incorporated and operate at the relevant tax rates
\n
\n
as follows:
\n
\n
Country
\n
\n
2023
\n
\n
\n
2022
\n
\n
\n
Cyprus
\n
\n
12.5%
\n
\n
12.5%
\n
\n
South Africa
\n
\n
2
\n
7
\n
.0%
\n
\n
28.0%
\n
\n
Zimbabwe
\n
*
\n
\n
15
\n
.
\n
0
\n
%
\n
\n
-
\n
\n
\n
Guernsey
\n
\n
0.0%
\n
\n
0.0%
\n
\n
China
\n
\n
25.0%
\n
\n
25.0%
\n
\n
\n
\n
\n
*
\n
\n
Karo Platinum (Private) Limited, Karo Zimbabwe Holdings (Private) Limited and Salene Chrome Zimbabwe (Private) Limited have b
\n
een
\n
awarded a Special Economic Zone Licence (\u2018SEZ\u2019) which stipulates a 15.0% corporate tax rate. Subsequent to being granted the SEZ,
\n
legislation was amended stipulating that mining companies were not eligible for the SEZ benefits. The Group obtained legal advice
\n
confirming that the legislation cannot be applied retrospectively. The Group has also engaged with regulatory authorities and is expecting
\n
a favourable outcome. Accordingly, while the standard Zimbabwean corporate tax rate is 24.72%, Karo Zim Holdings, Karo Platinum and
\n
Salene Chrome have applied the SEZ
\n
\n
awarded corporate tax rate of 15.0%.
\n
\n
\n
Reconciliation between tax charge and accounting
\n
profit at applicable tax rates
\n
:
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
US$\u2019000
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
US$\u2019000
\n
Profit before tax
\n
\n
11
\n
4
\n
\n
3
\n
4
\n
0
\n
\n
\n
220 223
\n
\n
\n
11
\n
4
\n
\n
3
\n
4
\n
0
\n
\n
\n
220 223
\n
\n
\n
Notional tax
\n
on profit before tax, calculated at the
\n
Cypriot/South African income tax rate of 12.5%/27.0%
\n
(202
\n
2
\n
: 12.5%/2
\n
7
\n
.0%)
\n
\n
14
\n
\n
29
\n
3
\n
\n
\n
27
\n
\n
528
\n
\n
\n
3
\n
0
\n
\n
87
\n
2
\n
\n
\n
61 662
\n
\n
\n
Tax effects of:
\n
\n
\n
\n
\n
\n
\n
Different tax rates from the standard Cypriot/South
\n
African income tax rate
\n
\n
12
\n
\n
4
\n
5
\n
5
\n
\n
\n
27
\n
\n
722
\n
\n
\n
(5
\n
\n
0
\n
6
\n
9
\n
)
\n
\n
(3
\n
\n
716)
\n
\n
Impact of change in South African tax rate
\n
\u2013
\n
\n
deferred tax
\n
\n
-
\n
\n
\n
(1
\n
\n
486)
\n
\n
-
\n
\n
\n
(3
\n
\n
333)
\n
\n
Tax exempt income
\n
\n
\n
\n
\n
\n
\n
Gain on business combination
\n
\n
-
\n
\n
\n
(6
\n
\n
049)
\n
\n
-
\n
\n
\n
(13
\n
\n
550)
\n
\n
\n
Fair value adjustments
\n
\n
(1
\n
\n
887
\n
)
\n
\n
-
\n
\n
\n
(4
\n
\n
076)
\n
\n
-
\n
\n
\n
\n
Interest
\n
received
\n
\n
(
\n
223
\n
)
\n
\n
(50)
\n
\n
(481)
\n
\n
(113)
\n
\n
\n
Currency gains
\n
\n
(800)
\n
\n
(55)
\n
\n
(1
\n
\n
727)
\n
\n
(127)
\n
\n
\n
Other
\n
\n
(
\n
6
\n
)
\n
\n
-
\n
\n
\n
(
\n
1
\n
2
\n
)
\n
\n
-
\n
\n
\n
Non
\n
-
\n
deductible expenses
\n
\n
\n
\n
\n
\n
\n
Share of loss of equity
\n
-
\n
accounted investments
\n
\n
-
\n
\n
\n
654
\n
\n
\n
-
\n
\n
\n
1
\n
\n
464
\n
\n
\n
\n
Fair value adjustments
\n
\n
-
\n
\n
\n
734
\n
\n
\n
-
\n
\n
\n
1
\n
\n
644
\n
\n
\n
\n
Investment related expenses
\n
\n
574
\n
\n
\n
1
\n
\n
014
\n
\n
\n
1
\n
\n
239
\n
\n
\n
2
\n
\n
271
\n
\n
\n
\n
Interest paid
\n
\n
115
\n
\n
\n
30
\n
\n
\n
248
\n
\n
\n
70
\n
\n
\n
\n
Currency losses
\n
\n
789
\n
\n
\n
27
\n
\n
\n
1
\n
\n
704
\n
\n
\n
98
\n
\n
\n
\n
Capital expenses
\n
\n
50
\n
6
\n
\n
\n
147
\n
\n
\n
1
\n
\n
093
\n
\n
\n
322
\n
\n
\n
\n
Impairment of goodwill (note 15)
\n
\n
-
\n
\n
\n
232
\n
\n
\n
-
\n
\n
\n
519
\n
\n
\n
\n
Impairment of property, plant and equipment (note 14)
\n
\n
-
\n
\n
\n
539
\n
\n
\n
-
\n
\n
\n
1
\n
\n
208
\n
\n
\n
Special contribution for defence in Cyprus
\n
\n
118
\n
\n
\n
1
\n
\n
\n
256
\n
\n
\n
2
\n
\n
\n
Dividend withholding tax
\n
-
\n
\n
current year
\n
\n
preference
\n
dividends
\n
\n
6
\n
58
\n
\n
\n
444
\n
\n
\n
1
\n
\n
420
\n
\n
\n
995
\n
\n
\n
Dividend withholding tax
\n
-
\n
\n
accrued
\n
\n
dividends
\n
\n
42
\n
\n
\n
184
\n
\n
\n
90
\n
\n
\n
411
\n
\n
\n
Deferred tax
\n
-
\n
\n
unremitted distributable reserves of
\n
foreign subsidiaries
\n
\n
6
\n
20
\n
\n
\n
1
\n
\n
252
\n
\n
\n
1
\n
\n
3
\n
39
\n
\n
\n
2
\n
\n
804
\n
\n
\n
Prior year under provision of current income tax
\n
\n
58
\n
\n
\n
102
\n
\n
\n
124
\n
\n
\n
229
\n
\n
\n
Deferred tax not
\n
raised: assessed losses
\n
\n
3
\n
0
\n
\n
\n
89
\n
\n
\n
64
\n
\n
\n
199
\n
\n
\n
Recognition of deemed interest income for tax purposes
\n
\n
222
\n
\n
\n
8
\n
\n
\n
480
\n
\n
\n
8
\n
\n
\n
Tax charge
\n
\n
27
\n
\n
5
\n
6
\n
4
\n
\n
\n
53
\n
\n
067
\n
\n
\n
27
\n
\n
5
\n
6
\n
4
\n
\n
\n
53
\n
\n
067
\n
\n
\n
\n
Under certain conditions interest income may be subject to defence contribution at the rate of 30.0% in Cyprus. Such interest income is treated
\n
as non-taxable in the computation of corporation taxable income. In certain instances, dividends received from abroad may be subject to
\n
defence contribution at the rate of 17.0%.
\n
\n
\n
In terms of the Double Taxation Agreement between Cyprus and South Africa, dividend withholding tax at a rate of 5.0% (2022: 5.0%) is
\n
charged on dividends declared.
\n
\n
The Group\u2019s consolidated effective tax rate for the year ended 30 September 202
\n
3
\n
\n
was
\n
24.
\n
1
\n
% (202
\n
2
\n
: 2
\n
4
\n
.
\n
1
\n
%).
\n
\n
\n
Other than Cyprus and South Africa, no provision for tax in other jurisdictions was made as these entities either sustained l
\n
osses for taxation
\n
purposes or did not earn any assessable profits. At 30 September 2023, the Group had unutilised tax losses of US$71.5 million (2022:
\n
US$0.7 million) available for offset against future taxable income. No deferred tax asset has been raised as it is doubtful whether future taxable
\n
profits will exist for of
\n
fset against these tax losses. The tax losses don\u2019t expire prov
\n
ided that the entity remains operational.
\n

\n\n

\n
12.
\n
\n
TAX
\n
\n
(continued)
\n
\n
\n\n
Judgement and estimates: taxes
\n
\n
Judgement is required in determining the liability for income taxes due to the complexity of legislation. There are many tran
\n
sactions and
\n
calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for
\n
anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is
\n
different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in
\n
which such determination is made.
\n
\n
\n
The Group recognises the net future tax
\n
benefit related to deferred income tax assets to the extent that it is probable that the deductible
\n
temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred income tax assets requires the Company
\n
to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash
\n
flows from operations and the application of existing tax laws.
\n
\n
\n
Judgement and estimates: most meaningful tax rate
\n
\n
IAS 12 requires entities to disclose a tax rate reconciliation
\n
to enable users to understand whether the relationship between the accounting
\n
profit and taxation is unusual and to understand significant factors that could affect that relationship in the future. In preparation of the tax rate
\n
reconciliation, entities select a most meaningful tax rate to which the profit before tax is applied and to which the tax charge for the year is
\n
then reconciled. The Group previously selected the Cyprus corporate income tax rate as the most meaningful tax rate. Since the majority of
\n
the Group\u2019s profits are currently earned in South Africa, management considers that it is appropriate to include a tax rate reconciliation for
\n
which the South African income tax rate is select
\n
ed as the most meaningful tax rate.
\n

\n\n

\n\n

\n\n
18.
\n
\n
DEFERRED TAX
\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Deferred tax assets
\n
\n
1
\n
\n
709
\n
\n
\n
1
\n
\n
174
\n
\n
\n
Deferred tax liabilities
\n
\n
(11
\n
0
\n
\n
045
\n
)
\n
\n
(112
\n
\n
341)
\n
\n
Net deferred tax liability
\n
\n
(10
\n
8
\n
\n
336
\n
)
\n
\n
(111
\n
\n
167)
\n
\n
\n
\n
\n
Deferred tax assets
\n
\n
\n
\n
Property, plant and
\n
equipment
\n
\n
(62)
\n
\n
(68)
\n
\n
Tax losses not utilised
\n
\n
501
\n
\n
\n
335
\n
\n
\n
Provisions and a
\n
ccrued leave
\n
\n
461
\n
\n
\n
366
\n
\n
\n
Share
\n
-
\n
based payments
\n
\n
731
\n
\n
\n
459
\n
\n
\n
Other
\n
\n
78
\n
\n
\n
82
\n
\n
\n
\n
1
\n
\n
709
\n
\n
\n
1
\n
\n
174
\n
\n
\n
\n
\n
\n
Deferred tax liabilities
\n
\n
\n
\n
Property, plant and equipment
\n
\n
(11
\n
4
\n
\n
078
\n
)
\n
\n
(115
\n
\n
537)
\n
\n
Inventory
\n
\n
2
\n
\n
730
\n
\n
\n
-
\n
\n
\n
Provisions
\n
\n
and accrued leave
\n
\n
6 106
\n
\n
\n
5 401
\n
\n
\n
Share
\n
-
\n
based payments
\n
\n
160
\n
\n
\n
181
\n
\n
\n
Dividend withholding tax
\n
\n
(166)
\n
\n
(124)
\n
\n
D
\n
ividend withholding ta
\n
x
\n
-
\n
\n
unremitted distributable reserves of foreign subsidiaries
\n
\n
(4
\n
\n
14
\n
3
\n
)
\n
\n
(2
\n
\n
805)
\n
\n
Exchange
\n
losses
\n
\n
(422)
\n
\n
59
\n
\n
\n
Other
\n
\n
(
\n
232
\n
)
\n
\n
484
\n
\n
\n
\n
(11
\n
0
\n
\n
045
\n
)
\n
\n
(112
\n
\n
341)
\n
\n
\n
\n
\n
Reconciliation of deferred tax liability
\n
\n
\n
\n
Balance at the beginning of the year
\n
\n
(111
\n
\n
167)
\n
\n
(86
\n
\n
388)
\n
\n
Business
\n
combination (note 3
\n
0
\n
)
\n
\n
-
\n
\n
\n
(30
\n
\n
263)
\n
\n
\n
\n
\n
Temporary differences recognised in
\n
profit or loss in relation to:
\n
\n
\n
\n
\n
Change in RSA tax rate
\n
\n
-
\n
\n
\n
3
\n
\n
333
\n
\n
\n
\n
Capital allowances on property, plant and equipment
\n
\n
(
\n
3
\n
3
\n
75
\n
)
\n
\n
(11
\n
\n
352)
\n
\n
\n
Provisions
\n
\n
and accrued leave
\n
\n
1
\n
\n
533
\n
\n
\n
(431)
\n
\n
\n
Tax losses utilised/available for future set off
\n
against profits
\n
\n
177
\n
\n
\n
645
\n
\n
\n
\n
Currency losses
\n
\n
(497)
\n
\n
(558)
\n
\n
\n
Inventory
\n
\n
2 730
\n
\n
\n
-
\n
\n
\n
\n
Share
\n
-
\n
based payments
\n
\n
2
\n
93
\n
\n
\n
(358)
\n
\n
\n
Dividend withholding tax
\n
\n
(42)
\n
\n
1
\n
\n
945
\n
\n
\n
\n
D
\n
ividend withholding ta
\n
x
\n
-
\n
\n
unremitted distributable reserves of foreign
\n
subsidiaries
\n
\n
(1
\n
\n
3
\n
3
\n
9
\n
)
\n
\n
(2
\n
\n
805)
\n
\n
\n
Other
\n
\n
(
\n
21
\n
7
\n
)
\n
\n
(318)
\n
\n
\n
(
\n
737
\n
)
\n
\n
(9
\n
\n
899)
\n
\n
\n
\n
\n
Exchange differences
\n
\n
3
\n
\n
5
\n
6
\n
8
\n
\n
\n
15
\n
\n
383
\n
\n
\n
\n
\n
\n
Balance at the end of the year
\n
\n
(10
\n
8
\n
\n
336
\n
)
\n
\n
(111
\n
\n
167)
\n
\n
\n
\n
\n
Amounts recognised in:
\n
\n
\n
\n
\n
Profit and loss (refer
\n
to note 12)
\n
\n
(737)
\n
\n
(9
\n
\n
899)
\n
\n
\n
Deferred tax assets and deferred tax liabilities are not offset unless the Group has a legally enforceable right to offset su
\n
ch assets and liabilities.
\n
\n
\n
All of the above amounts have used the currently enacted income taxation rates of the respective tax jurisdictions the Group operates in.
\n
South African taxation losses normally expire within 12-months of the respective entities not trading. The deductible temporary timing
\n
differences do not expire under current taxation legislation. Deferred tax assets have only been recognised in terms of these items when it is
\n
probable that taxable profit will
\n
be available in the immediate future against which the respective entities can utilise the benefits therefrom.
\n
\n
\n
Deferred tax assets were recognised for
\n
MetQ Proprietary Limited (US$0.2 million)
\n
\n
(2022: US$0.2 million)
\n
, Arxo Finance plc (US$0.1 million)
\n
(2022: US$0.1 million) and Redox One Limited (US$0.2 million) (2022: nil), resulting from generated tax losses to be utilised against future
\n
taxable income
\n
\n
\n
The estimates used to assess the recoverability of recognised deferred tax assets include a forecast of the future taxable in
\n
come and future
\n
cash flow projections based on a three
\n
-
\n
year period.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag383": { "value": "\n

\n\n
Accounting policy
\n
\n
Income tax comprises current and deferred taxes. Income tax is recognised in profit or loss except to the extent that it
\n
relates to items
\n
recognised in other comprehensive income or directly in equity, in which case it is recognised in other comprehensive income or directly in
\n
equity, respectively.
\n
\n
\n
Current tax is the expected tax payable on the taxable income for the
\n
year, using tax rates enacted or substantively enacted at the reporting
\n
date, and any adjustments to tax payable in respect of previous years.
\n
\n
\n
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for fin
\n
ancial reporting
\n
purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to
\n
temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting d
\n
ate.
\n
\n
\n
Apart from certain limited exceptions, all deferred tax assets, to the extent that it is probable that future taxable profits
\n
\n
will be available
\n
against which the asset can be utilised, are recognised. Future taxable profits that may support the recognition of deferred tax assets arising
\n
from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided
\n
those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period
\n
as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can
\n
be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the
\n
recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate
\n
to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or
\n
credit can be utilised.
\n
\n
\n
The limited exceptions to recognition of deferred tax assets and
\n
liabilities are those temporary differences arising from goodwill not
\n
deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are
\n
not part of a business combination), and temporary differences relating to investments in subsidiaries to the extent that, in the case of
\n
taxable differences, the Group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable
\n
future, or in
\n
the case of deductible differences, unless it is probable that they will reverse in the future.
\n
\n
\n
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and
\n
assets, and they relate
\n
to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but which they intend to settle
\n
current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is
\n
recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits
\n
will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent
\n
that it is no longer probable that the related tax benefit will be realised.
\n
\n
\n
Additional income taxes arise from the distribution of dividends
\n
which
\n
are recognised at the same time as the
\n
right to receive
\n
/pay
\n
\n
is
\n
established.
\n
\n
\n
In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and
\n
\n
whether
\n
additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements
\n
about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of
\n
existing tax liabilities; such changes to tax liabilities will impact tax e
\n
xpense in the period that such a determination is made.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag384": { "value": "\n
Accounting policy
\n
\n
Income tax comprises current and deferred taxes. Income tax is recognised in profit or loss except to the extent that it
\n
relates to items
\n
recognised in other comprehensive income or directly in equity, in which case it is recognised in other comprehensive income or directly in
\n
equity, respectively.
\n
\n
\n
Current tax is the expected tax payable on the taxable income for the
\n
year, using tax rates enacted or substantively enacted at the reporting
\n
date, and any adjustments to tax payable in respect of previous years.
\n
\n
\n
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for fin
\n
ancial reporting
\n
purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to
\n
temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting d
\n
ate.
\n
\n
\n
Apart from certain limited exceptions, all deferred tax assets, to the extent that it is probable that future taxable profits
\n
\n
will be available
\n
against which the asset can be utilised, are recognised. Future taxable profits that may support the recognition of deferred tax assets arising
\n
from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided
\n
those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period
\n
as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can
\n
be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the
\n
recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate
\n
to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or
\n
credit can be utilised.
\n
\n
\n
The limited exceptions to recognition of deferred tax assets and
\n
liabilities are those temporary differences arising from goodwill not
\n
deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are
\n
not part of a business combination), and temporary differences relating to investments in subsidiaries to the extent that, in the case of
\n
taxable differences, the Group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable
\n
future, or in
\n
the case of deductible differences, unless it is probable that they will reverse in the future.
\n
\n
\n
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and
\n
assets, and they relate
\n
to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but which they intend to settle
\n
current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is
\n
recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits
\n
will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent
\n
that it is no longer probable that the related tax benefit will be realised.
\n
\n
\n
Additional income taxes arise from the distribution of dividends
\n
which
\n
are recognised at the same time as the
\n
right to receive
\n
/pay
\n
\n
is
\n
established.
\n
\n
\n
In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and
\n
\n
whether
\n
additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements
\n
about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of
\n
existing tax liabilities; such changes to tax liabilities will impact tax e
\n
xpense in the period that such a determination is made.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag385": { "value": "\n

\n
13.
\n
\n
EARNINGS PER SHARE
\n
\n
\n
\n
\n
\n
\n\n

\n\n
Accounting policy
\n
\n
The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated
\n
by dividing
\n
the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding
\n
during the period. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the
\n
weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise instruments
\n
convertible into ordinary shares and share options granted to employees. The Group also presents headline earnings per share according
\n
to the JSE requirements, by adjusting the earnings as determined in IAS 33, excluding separate identifiable re-measurements, net of related
\n
tax (current and deferred) and related non-controlling interests other than re-measurements specifically included in headline earnings
\n
(included re
\n
-
\n
measurements).
\n
\n

\n\n

\n\n
\n
\n
\n
The calculation of basic and diluted earnings per share and headline and diluted headline earnings per share has been based o
\n
n the
\n
profit attributable to the ordinary shareholders of the Company and the weighted average number of ordinary shares outstanding.
\n
Treasury shares are excluded from the weighted average number of ordinary shares outstanding. Vested, but unexercised Share
\n
Appreciation Rights (\u2018SARS\u2019) issued to employees at award prices lower than the current share price and allocated unvested conditional
\n
awards (\u2018LTIP\u2019), granted to employees at no cost in terms of 2021 LTIP Award (first and second measurement period) and 2022 LTIP
\n
(first measurement period) that are still in employment within the Group at year-end, with the remaining vesting condition being to
\n
remain in employment as at the third anniversary of the grant date, result in a potential dilutive impact on the weighted average number
\n
of issued ordinary shares and have been included in the calculation of dilutive weighted average number of issued ordinary shares.
\n
Vested SARS issued to employees at award prices higher than the current share price, were excluded from the calculation of diluted
\n
weighted average number of issued ordinary shares because their effect would have been anti-dilutive. The average market value of
\n
the Company's shares for the purposes of calculating the potential dilutive effect of SARS was based on quoted market prices for the
\n
year during which the options were outstanding.
\n
\n
\n
20
\n
2
\n
3
\n
\n
\n
20
\n
2
\n
2
\n
\n
\n
Basic and diluted earnings per share
\n
\n
\n
\n
\n
\n
\n
Profit for the year attributable to ordinary
\n
shareholders (US$\u2019000)
\n
\n
8
\n
2
\n
\n
2
\n
35
\n
\n
\n
153
\n
\n
881
\n
\n
\n
\n
\n
\n
Weighted average number of issued ordinary shares for basic
\n
and headline earnings
\n
per share ('000)
\n
\n
299
\n
\n
816
\n
\n
\n
285
\n
\n
776
\n
\n
\n
Dilutive impact of LTIP (\u2018000)
\n
\n
2
\n
\n
8
\n
96
\n
\n
\n
-
\n
\n
\n
Dilutive impact of SARS (\u2018000)
\n
\n
-
\n
\n
\n
125
\n
\n
\n
Weighted average number of issued ordinary shares for diluted
\n
basic and diluted headline earnings
\n
per
\n
share ('000)
\n
\n
302
\n
\n
7
\n
12
\n
\n
\n
285 901
\n
\n
\n
\n
\n
\n
Earnings per share
\n
\n
\n
\n
\n
\n
\n
Basic (US$ cents)
\n
\n
2
\n
7
\n
.
\n
4
\n
\n
\n
53.8
\n
\n
\n
Diluted (US$ cents)
\n
\n
2
\n
7
\n
.
\n
2
\n
\n
\n
53.8
\n

\n\n
13.
\n
\n
EARNINGS PER SHARE
\n
\n
(continued)
\n
\n
\n
\n
\n
202
\n
3
\n
\n
\n
20
\n
2
\n
2
\n
\n
\n
Headline and diluted headline earnings per share
\n
\n
\n
\n
Headline earnings for the year attributable to ordinary shareholders (US$\u2019000)
\n
\n
8
\n
4
\n
\n
811
\n
\n
\n
117
\n
\n
393
\n
\n
\n
\n
\n
\n
Headline earnings per share
\n
\n
(US$ cents)
\n
\n
2
\n
8
\n
.
\n
3
\n
\n
\n
41.1
\n
\n
\n
Diluted h
\n
eadline earnings per share (US$ cents)
\n
\n
2
\n
8
\n
.
\n
0
\n
\n
\n
41.1
\n
\n
\n
\n
\n
\n
Reconciliation of profit to headline earnings
\n
\n
\n
\n
\n
202
\n
3
\n
\n
20
\n
22
\n
\n
\n
\n
\n
Gross
\n
US$\u2019000
\n
\n
\n
\n
Tax
\n
US$\u2019000
\n
\n
Non
\n
-
\n
controlling
\n
interest
\n
US$\u2019000
\n
\n
\n
\n
Net
\n
US$\u2019000
\n
\n
\n
\n
Net
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Profit attributable to ordinary
\n
shareholders
\n
\n
\n
\n
\n
8
\n
2 2
\n
35
\n
\n
\n
153 881
\n
\n
\n
Adjustments:
\n
\n
\n
\n
\n
\n
\n
Gain on acquisition: fair value re
\n
-
\n
measurement of existing 28.38% shareholding
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(33
\n
\n
503)
\n
\n
Gain on acquisition:
\n
purchase of shares at a
\n
discount
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(14
\n
\n
888)
\n
\n
Write off
\n
\n
of property, plant and equipment
\n
\n
3
\n
\n
454
\n
\n
\n
(864)
\n
\n
-
\n
\n
\n
2
\n
\n
590
\n
\n
\n
652
\n
\n
\n
Impairment of property, plant and equipment
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
8 332
\n
\n
\n
Impairment of goodwill
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
1
\n
\n
852
\n
\n
\n
(Profit)/l
\n
oss
\n
\n
on disposal of property, plant and
\n
equipment
\n
\n
(19)
\n
\n
5
\n
\n
\n
-
\n
\n
\n
(14)
\n
\n
1
\n
\n
067
\n
\n
\n
Headline earnings
\n
\n
\n
\n
\n
8
\n
4
\n
\n
811
\n
\n
\n
117 393
\n
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag386": { "value": "\n
Accounting policy
\n
\n
The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated
\n
by dividing
\n
the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding
\n
during the period. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the
\n
weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise instruments
\n
convertible into ordinary shares and share options granted to employees. The Group also presents headline earnings per share according
\n
to the JSE requirements, by adjusting the earnings as determined in IAS 33, excluding separate identifiable re-measurements, net of related
\n
tax (current and deferred) and related non-controlling interests other than re-measurements specifically included in headline earnings
\n
(included re
\n
-
\n
measurements).
\n
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag387": { "value": "\n

\n
14.
\n
\n
PROPERTY, PLANT AND EQUIPMENT
\n
\n
\n\n

\n\n

\n

\n
Accounting policy
\n
\n\n
Mining assets and infrastructure
\n
\n
Mining assets and infrastructure typically include those costs incurred for the development of the mine, including the design
\n
\n
of the mine
\n
plan, constructing and commissioning the facilities and preparation of the mine and necessary infrastructure for production. The mine
\n
development phase generally begins after completion of a feasibility study and ends upon the commencement of commercial production.
\n
Mining assets are measured at cost less accumulated depreciation and less any accumulated impairment losses. Expenditure, including
\n
evaluation costs, incurred to establish or expand productive capacity, to support and maintain that productive capacity prior to the
\n
commencement of commercial levels of production, are capitalised to assets under construction and transferred to mining assets and
\n
infrastructure when the mining venture reaches commercial production. Maintenance costs incurred to maintain current production are
\n
expensed.
\n
\n
\n
The
\n
Th
\n
arisa Mine
\n
\u2019s
\n
\n
(South Africa)
\n
remaining useful life of mine and infrastructure
\n
based on the remaining open pit life of mine and excluding
\n
future potential underground development, is currently estimated to be
\n
1
\n
8
\n
\n
(2022: 19 years)
\n
\n
years.
\n

\n\n
\n
\n\n
Deferred stripping costs
\n
\n
All
\n
stripping costs incurred (costs incurred in removing overburden to expose the reef) during the production phase of a mine are
\n
\n
treated
\n
as variable production costs and as a result are included in the cost of inventory during the period in which the stripping costs are incurred.
\n
However, any costs of overburden stripping in excess of the expected open-pit life average stripping ratio are deferred. Any costs deferred
\n
are capitalised to property, plant and equipment
\n
\n
provided all the following
\n
conditions are met:
\n
\n
\u2022 it is probable that the future economic benefit associated with the stripping activity will be realised;
\n
\u2022 the component of the ore body for which access has been improved can be identified; and
\n
\u2022
\n
the costs relating to the stripping activity associated with the improved access can be reliably measured
\n
.
\n
\n
If all of the criteria are not met, the production stripping costs are charged to the consolidated statement of
\n
profit or loss
\n
\n
as
\n
they are incurred.
\n
\n
\n
This
\n
deferred stripping
\n
asset is depreciated using the units of production method over the expected useful life of the identified component
\n
of the ore body that becomes more accessible as a result of the stripping activity.
\n

\n\n

\n\n

\n\n

\n\n

\n

\n
14.
\n
\n
PROPERTY, PLANT AND EQUIPMENT
\n
\n
(continued)
\n
\n
\n\n

\n\n

\n

\n

\n

\n
Accounting policy (continued)
\n
\n
General
\n
\n
A
\n
ssets are initially measured at cost and are subsequently measured at cost less accumulated depreciation and less any accumul
\n
ated
\n
impairment losses. The cost of self-constructed assets includes the cost of materials, direct labour and an appropriate portion of normal
\n
production overheads. Directly attributable expenses relating to major capital projects and site preparation are capitalised until the asset is
\n
brought to a working condition for its intended use. These costs include dismantling and site restoration costs. Administrative and other
\n
general overhead costs are expensed as incurred. Purchased software that is integral to the functionality of the related equipment is
\n
capitalised as part of tha
\n
t equipment.
\n
\n
\n\n
Borrowing costs directly attributable to the construction or acquisition of qualifying assets are capitalised directly to the
\n
\n
cost of the qualifying
\n
asset. To the extent that funds are borrowed specifically for the purpose of obtaining a qualifying asset, these borrowing costs shall be
\n
determined as the actual borrowing costs incurred on that borrowing.
\n

\n\n
\n
\n
Where an item of property, plant and equipment comprises major components with different useful lives, the
\n
components are accounted for
\n
as separate items of property, plant and equipment.
\n
\n
\n
Expenditure incurred to replace a component of an item of property, plant and equipment that is accounted for separately, inc
\n
luding major
\n
inspection and overhaul expenditure, is capitalised when the costs can be reliably measured and if it is probable that the future economic
\n
benefits embodied within the component will flow to the Group. The carrying amount of the replaced component, if any, are der
\n
ecognised.
\n
\n
\n\n
Maintenance and day to day servicing and repairs, which neither materially add to the value of assets nor appreciably prolong
\n
\n
their useful
\n
lives, are recognised in profit or loss.
\n

\n\n
\n
\n
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the
\n
net
\n
proceeds from disposal with
\n
the carrying amount of the item and are recognised in profit or loss.
\n
\n
\n\n
Depreciation
\n
\n
Depreciation of mining assets and infrastructure is calculated using the units
\n
-
\n
of
\n
-
\n
production method
\n
based on estimated economically
\n
recoverable proved and probable mineral reserves. Proved and probable reserves reflect estimated quantities of economically recoverable
\n
resources which can be recovered in the future from known mineral deposits. Depreciation is first charged on mining assets and infrastructure
\n
from the date on which they are available for use.
\n
\n
\n
Mining fleet is depreciated using the units
\n
-
\n
of
\n
-
\n
production method based on estimated achievable machine hours.
\n
\n
\n
For other property, plant and
\n
equipment, depreciation is recognised in profit or loss on a straight
\n
-
\n
line basis at rates that will reduce the
\n
carrying amounts to estimated residual values over the estimated useful lives of the assets. Leasehold improvements on premises occupied
\n
under le
\n
ases are expensed over the shorter of the lease term and the useful lives.
\n
\n
\n
Depreciation, unless otherwise stated, is calculated as follows:
\n
\n
\u2022
\n
buildings at 10.0% pa
\n
\n
\u2022
\n
motor vehicles at 20.0% pa
\n
\n
\u2022
\n
computer equipment and software at 33.3% pa
\n
\n
\u2022 office equipment between 10.0% and 33.3% pa
\n
\u2022
\n
furniture at 20.0% pa
\n
\n
\n
No depreciation is provided on freehold land and mine development assets under construction.
\n
\n
\n
Depreciation methods, residual values and useful lives are reviewed at least annually, and
\n
adjusted prospectively if appropriate, at each
\n
reporting date.
\n
\n

\n\n
\n\n
Exploration and evaluation expenditure
\n
\n
All exploration and evaluation expenditure, prior to obtaining the legal rights to explore a specific area, is recognised in
\n
profit or loss.
\n
After
\n
the legal rights to explore are obtained, exploration and evaluation expenditure, comprising the costs of acquiring prospecting rights and
\n
directly attributable exploration expenditure, is capitalised as a separate class of property, plant and equipment, on a project-by-project basis,
\n
pending determination of the technical feasibility and commercial viability.
\n
\n
\n
The technical feasibility and commercial viability of extracting a mineral resource is generally considered to be determinabl
\n
e
\n
through a
\n
feasibility study and when proven reserves are determinable to exist. Upon determination of proven reserves, exploration and evaluation
\n
assets attributable to those reserves are first tested for impairment and then reclassified to another appropriate class of property, plant and
\n
equipment. Subsequently, all costs directly incurred to prepare an identified mineral asset for production are capitalised to mine development
\n
assets. Amortisation of these assets commences once these assets are available for use. These assets will be measured at cost less
\n
accumulated amortisation and impairment losses.
\n

\n\n

\n\n

\n\n

\n\n

\n
14.
\n
\n
PROPERTY, PLANT AND EQUIPMENT
\n
\n
(continued)
\n
\n
\n\n

\n\n

\n
Accounting policy
\n
\n
Minerals reserve
\n
\n
The estimation of reserves impacts the amortisation of
\n
property, plant and equipment, the recoverable amount of property, plant and equipment
\n
and the timing of rehabilitation expenditure.
\n
\n
\n
Factors impacting the determination of proved and probable reserves
\n
\n
include
\n
:
\n
\n
\u2022
\n
commodity prices;
\n
\n
\u2022
\n
the grade of
\n
mineral reserves;
\n
\n
\u2022 operational issues at the mine; and
\n
\u2022
\n
the reliability of the measurement of the fair value or cost of the asset.
\n
\n
\n
The carrying amounts of the Group's non
\n
-
\n
financial assets are reviewed at each reporting date to determine whether
\n
there is any indication of
\n
impairment. If any such indication exists, the asset's recoverable amount is estimated. An impairment loss is recognised whenever the carrying
\n
amount of an asset or its related CGU exceeds its recoverable amount. A CGU is the smallest identifiable asset group that generates cash
\n
flows that are largely independent from other assets and groups. Impairment losses are recognised in profit or loss. Impairment losses
\n
recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGUs (group of units) and
\n
then, to reduce the carrying amount of the other assets in the CGU (group of units) on a pro rata basis.
\n
\n
\n
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assess
\n
ing value in use,
\n
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments
\n
of the time value of money and the risks specific to the assets. For the purpose of impairment testing, assets that cannot be tested individually
\n
are grouped together into the smallest group of assets that generates cash flows from continuing use that are largely independent of the cash
\n
inflows of the other assets of the CGU.
\n
\n
\n
Impairment losses recognised in prior periods are assessed at each reporting date for any indication that the loss has decrea
\n
sed or no longer
\n
exists. An impairment loss is reversed through profit or loss if there has been a change in the estimates used to determine the recoverable
\n
amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would
\n
have been determined, net of depreciation or amortisation, i
\n
f no impairment loss had been recognised.
\n
\n
\n\n

\n
Accounting policy: leases
\n
\n
The Group recognises a right
\n
-
\n
of
\n
-
\n
use asset at the commencement date of the contract for all leases conveying the right to control the use of
\n
identified assets for a specified period. The commencement date is the date on which a lessor makes an underlying asset available for use
\n
by the lessee.
\n
\n
\n
The right
\n
-
\n
of
\n
-
\n
use assets are initially measured at cost, which comprises the amount of initial measurement of the lease liability adjusted
\n
for
\n
any lease payments made at or before the commencement date plus any initial direct costs incurred by the lessee and an estimate of costs
\n
to be incurred by the lessee in dismantling and removing the underlying assets or restoring the site on which the assets are located, less
\n
any lease incentives.
\n
\n
\n\n
Subsequent to initial measurement, the right
\n
-
\n
of
\n
-
\n
use assets are depreciated from the commencement date using the straight
\n
-
\n
line method
\n
over the shorter of the estimated useful lives of the
\n
right
\n
-
\n
of
\n
-
\n
use assets or the end of lease term. These are as follows:
\n
\n
\n
Right
\n
-
\n
of
\n
-
\n
use asset
\n
\n
Depreciation term in years
\n
\n
Buildings and premises
\n
\n
Straight
\n
-
\n
line over the respective lease terms, between 3 and 5 years
\n
\n
Mining fleet
\n
\n
Based on estimated
\n
production hours
\n
\n

\n\n
\n
After the commencement date, the right
\n
-
\n
of
\n
-
\n
use assets are measured at cost less any accumulated depreciation and any accumulated
\n
impairment losses and adjusted for any re
\n
-
\n
measurement of the lease liability.
\n
\n
\n
Short
\n
-
\n
term leases and
\n
leases of low
\n
-
\n
value assets:
\n
\n
The Group has elected not to recognise right
\n
-
\n
of
\n
-
\n
use assets for short
\n
-
\n
term leases that
\n
do not contain a purchase option and
\n
have a lease
\n
term of 12 months or less and leases of low
\n
-
\n
value assets such as computer
\n
equipment.
\n
\n
\n
\n
As a lessor
\n
\n
In the event of lease contracts based on which the Group is acting as a lessor, each of its leases is classified as either an
\n
\n
operating or
\n
finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership to the
\n
lessee. Indicators of a finance lease include whether the lease is for the major part of the economic life of the asset, whether the lease
\n
transfers ownership of the asset to the lessee by the end of the lease term and whether at inception date of the lease, the present value of
\n
the minimum lease payments amount to substantially all of the fair value of the leased asset.
\n
\n
\n
Leases where a significant portion of the risks and rewards incidental to ownership are retained by the lessor, are classifie
\n
d as operating
\n
leases.
\n

\n\n

\n\n

\n\n

\n\n

\n
14.
\n
\n
PROPERTY, PLANT AND EQUIPMENT
\n
\n
(continued)
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
30 September 2023
\n
\n
Freehold land
\n
and buildings
\n
US$\u2019000
\n
\n
Mineral rights
\n
US$\u2019000
\n
\n
Mining assets
\n
and
\n
infrastructure
\n
US$\u2019000
\n
\n
Mining fleet
\n
and
\n
US$\u2019000
\n
\n
Right-of-use
\n
asset: mining
\n
fleet
\n
US$\u2019000
\n
\n
Motor
\n
vehicles
\n
US$\u2019000
\n
\n
Computer
\n
equipment
\n
and software
\n
US$\u2019000
\n
\n
Office
\n
equipment and
\n
furniture,
\n
community
\n
and site office
\n
improvements
\n
US$\u2019000
\n
\n
Right-of-use
\n
asset:
\n
buildings
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Cost
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 30 September 2022
\n
\n
23
\n
\n
200
\n
\n
\n
201
\n
\n
750
\n
\n
\n
387
\n
\n
329
\n
\n
\n
11
\n
1
\n
\n
271
\n
\n
\n
6
\n
\n
456
\n
\n
\n
2
\n
\n
989
\n
\n
\n
4
\n
\n
197
\n
\n
\n
1
\n
\n
332
\n
\n
\n
1
\n
\n
733
\n
\n
\n
740
\n
\n
257
\n
\n
\n
Additions
\n
\n
2
\n
\n
529
\n
\n
\n
-
\n
\n
\n
60 979
\n
\n
\n
27
\n
\n
292
\n
\n
\n
-
\n
\n
\n
2
\n
\n
387
\n
\n
\n
1
\n
\n
625
\n
\n
\n
147
\n
\n
\n
-
\n
\n
\n
94 959
\n
\n
\n
Borrowing costs
\n
\n
-
\n
\n
\n
\n
1
\n
\n
880
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
1
\n
\n
880
\n
\n
\n
Lease agreements entered into
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
211
\n
\n
\n
211
\n
\n
\n
Disposals
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(147)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(36)
\n
\n
(5)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(188)
\n
\n
Re
\n
-
\n
measurement
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
1
\n
\n
364
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
62
\n
\n
\n
1
\n
\n
426
\n
\n
\n
Write offs
\n
\n
(6)
\n
\n
-
\n
\n
\n
(631)
\n
\n
(
\n
7 733
\n
)
\n
\n
(338)
\n
\n
(16)
\n
\n
(58)
\n
\n
(3)
\n
\n
(348)
\n
\n
(9 133)
\n
\n
Transfers
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(168)
\n
\n
1 746
\n
\n
\n
(1
\n
\n
746)
\n
\n
84
\n
\n
\n
86
\n
\n
\n
(2)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Exchange differences on
\n
translation
\n
\n
(1
\n
\n
077)
\n
\n
-
\n
\n
\n
(16
\n
\n
439)
\n
\n
(
\n
5
\n
\n
783
\n
)
\n
\n
(259)
\n
\n
(151)
\n
\n
(226)
\n
\n
(52)
\n
\n
(71)
\n
\n
(24
\n
\n
058)
\n
\n
Balance at 30 September 202
\n
3
\n
\n
24
\n
\n
646
\n
\n
\n
201
\n
\n
750
\n
\n
\n
432 803
\n
\n
\n
1
\n
26 793
\n
\n
\n
5
\n
\n
477
\n
\n
\n
5
\n
\n
257
\n
\n
\n
5
\n
\n
619
\n
\n
\n
1
\n
\n
422
\n
\n
\n
1
\n
\n
587
\n
\n
\n
805
\n
\n
354
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Accumulated depreciation
\n
\n
and
\n
impairment
\n
\n
\n
Balance at 30 September 202
\n
2
\n
\n
1
\n
\n
353
\n
\n
\n
-
\n
\n
\n
110
\n
\n
490
\n
\n
\n
47 815
\n
\n
\n
4
\n
\n
210
\n
\n
\n
1
\n
\n
022
\n
\n
\n
3
\n
\n
994
\n
\n
\n
582
\n
\n
\n
1
\n
\n
211
\n
\n
\n
170 677
\n
\n
\n
Depreciation c
\n
harge for the year
\n
\n
706
\n
\n
\n
-
\n
\n
\n
16 439
\n
\n
\n
1
\n
8 819
\n
\n
\n
1
\n
\n
044
\n
\n
\n
796
\n
\n
\n
963
\n
\n
\n
162
\n
\n
\n
310
\n
\n
\n
39
\n
\n
239
\n
\n
\n
Disposals
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(55)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(19)
\n
\n
(4)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(78)
\n
\n
Write offs
\n
\n
(2)
\n
\n
-
\n
\n
\n
(385)
\n
\n
(4
\n
\n
633
\n
)
\n
\n
(236)
\n
\n
(16)
\n
\n
(58)
\n
\n
(3)
\n
\n
(346)
\n
\n
(5
\n
\n
679)
\n
\n
Transfers
\n
\n
-
\n
\n
\n
\n
85
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(81)
\n
\n
(1)
\n
\n
(3)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Exchange differences on translation
\n
\n
(68)
\n
\n
-
\n
\n
\n
(5
\n
\n
181)
\n
\n
(2
\n
\n
679
\n
)
\n
\n
(219)
\n
\n
(57)
\n
\n
(189)
\n
\n
(55)
\n
\n
(51)
\n
\n
(8
\n
\n
499)
\n
\n
Balance at 30 September 202
\n
3
\n
\n
1
\n
\n
989
\n
\n
\n
-
\n
\n
\n
121 393
\n
\n
\n
59 322
\n
\n
\n
4
\n
\n
799
\n
\n
\n
1
\n
\n
645
\n
\n
\n
4
\n
\n
705
\n
\n
\n
683
\n
\n
\n
1
\n
\n
124
\n
\n
\n
195
\n
\n
660
\n

\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Freehold land and buildings comprises various portions of the farms Elandsdrift 467 JQ, Buffelspoort 343 JQ and Farm 342 JQ,
\n
North West Province, South Africa. All land is freehold.
\n
\n
\n
\n
Property, plant and equipment, with the exception of motor vehicles, is insured at approximate cost of replacement. Motor veh
\n
icles are insured at market value. Land is not insured.
\n
\n
\n
Included in additions to mining assets and infrastructure are additions to the deferred stripping
\n
asset of US$
\n
4.4
\n
\n
million
\n
\n
(2022: US$15.1
\n
\n
million).
\n
\n
\n
The estimated economically recoverable proved and probable mineral reserve of Tharisa Minerals Proprietary Limited was reasse
\n
ssed during October 2022 which gave rise to a
\n
change in accounting estimate.
\n
The remaining reserve that management had previously assessed was 113.6 Mt (at 18 November 2021). During October 2022, the remaining reserve was assessed to be 107.2 Mt. As a result, the expected useful
\n
life of the plant and other assets, included in mining assets and infrastructure, decreased. The impact of the change on the actual depreciation expense, included in cost of sales, is an increased depreciation charge
\n
of US$0.2 million. T
\n
he change in estimate was recognised pros
\n
pectively.
\n
\n
\n
Included in mining assets and infrastructure are projects under
\n
construction of US$68.0 million
\n
\n
(2022: US$28.7 million).
\n
\n

\n\n

\n
14.
\n
\n
PROPERTY, PLANT AND EQUIPMENT
\n
\n
(continued)
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
30 September 2022
\n
\n
Freehold land
\n
and buildings
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Mineral rights
\n
US$\u2019000
\n
\n
\n
\n
\n
Mining assets
\n
and
\n
infrastructure
\n
US$\u2019000
\n
\n
Mining fleet
\n
US$\u2019000
\n
\n
\n
\n
\n
Right-of-use
\n
asset: mining
\n
fleet
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Motor vehicles
\n
US$\u2019000
\n
\n
\n
\n
\n
Computer
\n
equipment and
\n
software
\n
US$\u2019000
\n
\n
Office
\n
equipment and
\n
furniture,
\n
community
\n
and site office
\n
improvements
\n
US$\u2019000
\n
\n
\n
\n
\n
Right-of-use
\n
asset:
\n
buildings
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Total
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Cost
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 30
\n
September 2022
\n
\n
19
\n
\n
293
\n
\n
\n
-
\n
\n
\n
396 901
\n
\n
\n
99
\n
\n
585
\n
\n
\n
16
\n
\n
790
\n
\n
\n
2
\n
\n
331
\n
\n
\n
4
\n
\n
249
\n
\n
\n
1
\n
\n
014
\n
\n
\n
1
\n
\n
968
\n
\n
\n
542
\n
\n
131
\n
\n
\n
Additions
\n
\n
7
\n
\n
559
\n
\n
\n
-
\n
\n
\n
59
\n
\n
243
\n
\n
\n
34
\n
\n
794
\n
\n
\n
-
\n
\n
\n
1
\n
\n
005
\n
\n
\n
1
\n
\n
929
\n
\n
\n
484
\n
\n
\n
-
\n
\n
\n
105
\n
\n
014
\n
\n
\n
Lease agreements entered into
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
163
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
59
\n
\n
\n
222
\n
\n
\n
Business
\n
combination (note 3
\n
0
\n
)
\n
\n
-
\n
\n
\n
201
\n
\n
750
\n
\n
\n
1
\n
\n
570
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
152
\n
\n
\n
18
\n
\n
\n
20
\n
\n
\n
-
\n
\n
\n
203
\n
\n
510
\n
\n
\n
Disposals
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(790)
\n
\n
(5
\n
\n
486)
\n
\n
-
\n
\n
\n
(18)
\n
\n
(4)
\n
\n
(2)
\n
\n
-
\n
\n
\n
(6
\n
\n
300)
\n
\n
Re
\n
-
\n
measurement
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
4
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
4
\n
\n
\n
8
\n
\n
\n
Write offs
\n
\n
(3)
\n
\n
-
\n
\n
\n
(87)
\n
\n
(5
\n
\n
219)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(196)
\n
\n
(8)
\n
\n
-
\n
\n
\n
(5
\n
\n
513)
\n
\n
Transfers
\n
\n
494
\n
\n
\n
-
\n
\n
\n
399
\n
\n
\n
8 277
\n
\n
\n
(8 765)
\n
\n
18
\n
\n
\n
(429)
\n
\n
6
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Exchange differences on translation
\n
\n
(4
\n
\n
143)
\n
\n
-
\n
\n
\n
(69 907)
\n
\n
(20
\n
\n
680)
\n
\n
(1
\n
\n
736)
\n
\n
(499)
\n
\n
(1
\n
\n
370)
\n
\n
(182)
\n
\n
(298)
\n
\n
(98
\n
\n
815)
\n
\n
Balance at 30 September 202
\n
3
\n
\n
23
\n
\n
200
\n
\n
\n
201
\n
\n
750
\n
\n
\n
387
\n
\n
329
\n
\n
\n
111
\n
\n
271
\n
\n
\n
6
\n
\n
456
\n
\n
\n
2
\n
\n
989
\n
\n
\n
4
\n
\n
197
\n
\n
\n
1
\n
\n
332
\n
\n
\n
1
\n
\n
733
\n
\n
\n
740
\n
\n
257
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Accumulated depreciation
\n
\n
and
\n
impairment
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 30 September 202
\n
2
\n
\n
1
\n
\n
353
\n
\n
\n
-
\n
\n
\n
105
\n
\n
512
\n
\n
\n
39
\n
\n
744
\n
\n
\n
8
\n
\n
977
\n
\n
\n
730
\n
\n
\n
3
\n
\n
780
\n
\n
\n
509
\n
\n
\n
1
\n
\n
065
\n
\n
\n
161
\n
\n
670
\n
\n
\n
Depreciation c
\n
harge for the year
\n
\n
257
\n
\n
\n
-
\n
\n
\n
16
\n
\n
566
\n
\n
\n
18
\n
\n
325
\n
\n
\n
1
\n
\n
663
\n
\n
\n
400
\n
\n
\n
1
\n
\n
087
\n
\n
\n
167
\n
\n
\n
331
\n
\n
\n
38
\n
\n
796
\n
\n
\n
Business combination (note 3
\n
0
\n
)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
17
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
65
\n
\n
\n
10
\n
\n
\n
9
\n
\n
\n
-
\n
\n
\n
101
\n
\n
\n
Disposals
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(106)
\n
\n
(2
\n
\n
967)
\n
\n
-
\n
\n
\n
(13)
\n
\n
(3)
\n
\n
(2)
\n
\n
-
\n
\n
\n
(3
\n
\n
091)
\n
\n
Write offs
\n
\n
(3)
\n
\n
-
\n
\n
\n
(37)
\n
\n
(3
\n
\n
943)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(193)
\n
\n
(9)
\n
\n
-
\n
\n
\n
(4
\n
\n
185)
\n
\n
Impairment
\n
\n
-
\n
\n
\n
-
\n
\n
\n
8 356
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
6
\n
\n
\n
-
\n
\n
\n
4
\n
\n
\n
-
\n
\n
\n
8 366
\n
\n
\n
Transfers
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
5 394
\n
\n
\n
(5 394)
\n
\n
-
\n
\n
\n
16
\n
\n
\n
(16)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Exchange differences on translation
\n
\n
(254)
\n
\n
-
\n
\n
\n
(19
\n
\n
818)
\n
\n
(8
\n
\n
738)
\n
\n
(1
\n
\n
036)
\n
\n
(166)
\n
\n
(703)
\n
\n
(80)
\n
\n
(185)
\n
\n
(30
\n
\n
980)
\n
\n
Balance at 30 September 202
\n
3
\n
\n
1
\n
\n
353
\n
\n
\n
-
\n
\n
\n
110
\n
\n
490
\n
\n
\n
47
\n
\n
815
\n
\n
\n
4
\n
\n
210
\n
\n
\n
1
\n
\n
022
\n
\n
\n
3
\n
\n
994
\n
\n
\n
582
\n
\n
\n
1
\n
\n
211
\n
\n
\n
170
\n
677
\n

\n\n

\n\n

\n
14.
\n
\n
PROPERTY, PLANT AND EQUIPMENT (continued)
\n
\n
\n
\n
\n
\n
Net book value
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Freehold land and buildings
\n
\n
\n
22
\n
\n
657
\n
\n
\n
21
\n
\n
847
\n
\n
\n
Mineral right
\n
\n
\n
201
\n
\n
750
\n
\n
\n
201
\n
\n
750
\n
\n
\n
Mining assets and
\n
infrastructure
\n
\n
\n
3
\n
1
\n
1
\n
\n
410
\n
\n
\n
276 839
\n
\n
\n
Mining fleet
\n
\n
\n
6
\n
7 471
\n
\n
\n
6
\n
3
\n
\n
456
\n
\n
\n
Right
\n
-
\n
of
\n
-
\n
use mining fleet
\n
\n
\n
678
\n
\n
\n
2
\n
\n
246
\n
\n
\n
Motor vehicles
\n
\n
\n
3
\n
\n
612
\n
\n
\n
1
\n
\n
967
\n
\n
\n
Computer equipment and software
\n
\n
\n
91
\n
4
\n
\n
\n
203
\n
\n
\n
Office equipment and furniture, community and site office
\n
improvements
\n
\n
\n
739
\n
\n
\n
750
\n
\n
\n
Right
\n
-
\n
of
\n
-
\n
use buildings and premises
\n
\n
\n
463
\n
\n
\n
522
\n
\n
\n
\n
\n
6
\n
09
\n
\n
6
\n
94
\n
\n
\n
569 580
\n
\n
\n
\n
At 30 September 2023,
\n
trade and other payables
\n
\n
include US$
\n
25.3 million
\n
\n
(2022: US$ nil)
\n
owing
\n
\n
to vendors providing capital goods and
\n
services to the Group.
\n
\n
\n
B
\n
orrowing costs
\n
\n
relating to the Karo Platinum project
\n
\n
of US$1.9 million
\n
were capitalised during the year ended 30 September 202
\n
3
\n
\n
(202
\n
2
\n
:
\n
no capitalisation of borrowing costs). A capitalisation rate of 9.5% (2022: no capitalisation) was used which is equal to the coupon of the bond
\n
listed on the Victoria Falls Stock Exchange (note 25). The bond was issued specific for the construction of the Karo Platinum (Private) Limited
\n
plant in
\n
\n
Zimbabwe.
\n
\n
\n
Capital commitments
\n
\n
At 30 September 202
\n
3
\n
, the Group\u2019s capital commitments for contracts to purchase property, plant and equipment amounted to
\n
US$
\n
157.7
\n
\n
million (202
\n
2
\n
: US$3
\n
2
\n
.
\n
0
\n
\n
million).
\n
\n
\n
Securities
\n
\n
At 30 September 2023 and 30 September 2022, the majority of the Group\u2019s mining fleet was pledged as security against the asset backed
\n
facilities (refer to note 2
\n
5
\n
).
\n
\n
\n
Write offs
\n
\n
During the year ended 30 September 2023, the Group scrapped individual assets with net book values totalling US$3.2 million (2022:
\n
US$1.3 million). The write offs during both the financial years mainly relate to yellow fleet equipment identified as no longer fit for use and
\n
premature component failures.
\n
\n
\n
The mining component pre
\n
-
\n
mature failures are identified through the measurement of the hours depreciated for each component in
\n
relationship to the expected useful live. A write off is recognised for each component that did not reach its expected useful life. Further to
\n
this, mining fleet is also written off as identified from fleet that is confirmed as obsolete by management.
\n
\n
\n\n
Impairment of assets
\n
\n
During the year ended 30 September 2022, it became evident that the operational performance of MetQ Proprietary Limited ('Met
\n
Q\u2019)
\n
wa
\n
s not
\n
as expected and the Group believed that an impairment indicator was present. MetQ was tested for impairment on a MetQ CGU level by
\n
using its value in use. The recoverable amounts of the CGU with a net book value of US$2.0 million were calculated and amounted to US$1.4
\n
million at 30 September 2022. Consequently, a provision for impairment of US$0.6 million was recognised in other operating costs. An
\n
impairment charge of US$0.4 million was firstly allocated to the goodwill within the CGU (refer to note 15) and the remaining amount of the
\n
impairment charge has been allocated to property, plant and equipment within the mining assets and infrastructure (US$113 thousand),
\n
motor vehicles (US$6 thousand) and office equipment and furniture (US$6 thousand) asset categories. The cash flows were discounted
\n
using a real discount rate of 12.6%. The MetQ CGU forms part of the manufacturing
\n
\n
segment.
\n
\n
\n
Even though the operational performance
\n
of MetQ
\n
improved compared to the performance for the year ended 30 September 2022, the
\n
Group
\n
\n
believes that the performance was still below expectation and that an impairment indicator was still present at 30 September 2023. The
\n
carrying value of the MetQ CGU of US$1.6 million was tested for impairment by determining the value in use and the fair value less cost to
\n
sell. The Group believes that no additional impairment is required at 30 September 2023 as the fair value less cost to sell of US$2.5 million
\n
exceeds
\n
\n
the value in use
\n
\n
and
\n
\n
supports the recoverability of the
\n
\n
MetQ
\n
\n
CGU
\n
.
\n
\n

\n\n

\n\n

\n

\n
14.
\n
\n
PROPERTY, PLANT AND
\n
EQUIPMENT
\n
\n
(continued)
\n
\n
\n\n
Impairment of assets (continued)
\n
\n
Effective 1 July 2022, the Zimbabwean government enacted an export ban on chrome concentrates to support the local beneficiation industry.
\n
Consequently operations at Salene Chrome Zimbabwe (Private) Limited (\u2018Salene\u2019) were ceased as local downstream selling prices of chrome
\n
concentrates were unfavourable to Salene. The Group believed that the change in operational circumstances during the year ended
\n
30 September 2022 represented an impairment indicator. The Group performed a value in use calculation on a Salene CGU level by using a
\n
discounted cash flow forecast covering a period of 72 months, which was equal to the mine plan, a chrome concentrate selling price of US$132
\n
and a weighted average cost of capital of 10.5%. The Group believed that the CGU with a carrying amount of US$12.4 million had a recoverable
\n
amount of US$2.8 million and consequently made a provision for impairment of US$9.6 million. The impairment charge was recognised in
\n
other operating costs. The impairment charge was first allocated to the goodwill within the CGU (refer to note 15) and the remainder of the
\n
impairment charge of US$8.2 million was allocated to property, plant and equipment within the mining asset and infrastructure asset category.
\n
The Salene CGU forms part of the chr
\n
o
\n
me segment.
\n
\n
\n
At 30 September 2023, the operational environment and circumstances of Salene have not improved and
\n
the operations remain in care and
\n
maintenance. The Group believes that due to a prolonged delay in start-up, an impairment indicator was still present at 30 September 2023.
\n
The carrying value of the Salene CGU of US$2.7 million was tested for impairment by determining the value in use and the fair value less cost
\n
to sell. The Group believes that no additional impairment is required at 30 September 2023 as the fair value less cost to sell of US$2.8 million
\n
exceeds the value in use and supports the recoverabi
\n
lity of the
\n
Salene
\n
CGU.
\n
\n
\n
At 30 September 2023,
\n
operations at Skyler Storm (Private) Limited (\u2018Skyler\u2019) have not commenced and
\n
\n
remain
\n
ed
\n
\n
in care and maintenance.
\n
\n
The Group believes that due to a prolonged delay in start-up, an impairment indicator was present at 30 September 2023. The carrying value
\n
of the Skyler CGU of US$0.6 million was tested for impairment by determining the value in use and the fair value less cost to sell. The Group
\n
believes that no impairment is required at 30 September 2023 as the fair value less cost to sell of US$0.7 million exceeds the value in use and
\n
supports the recoverability of the
\n
Salene
\n
CGU.
\n

\n\n
\n
\n\n
Judgements and estimates: mineral reserves estimates
\n
\n
Economically recoverable ore reserves represent the estimated quantity of product in an area of interest that can be expected
\n
\n
to be profitably
\n
extracted, processed and sold under current and foreseeable economic conditions. The determination of ore reserves includes estimates and
\n
assumptions about a range of geological, technical and economic factors, including: quantities, grades, production techniques, recovery rates,
\n
production costs, transport costs, commodity demand, commodity prices and exchange rates. Changes in ore reserves impact the assessment
\n
of recoverability of exploration and evaluation assets, property, plant and equipment, the carrying amount of assets depreciated on a
\n
units-of-production basis, provision for site rehabilitation and the recognition of deferred tax assets, including tax losses. The mineral reserve
\n
is re-assessed annually. The Group estimates and reports mineral reserves in accordance with the principles and guidelines contained in the
\n
South African Code for Reporting of
\n
Mineral Reserves of 2007, revised in 2016 (SAMREC 2016).
\n
\n
\n
Judgements and estimates:
\n
assessment of CGU
\n
\n
The Group\u2019s main subsidiary, Tharisa Minerals Proprietary Limited (\u2018Tharisa Minerals\u2019) is a vertically integrated operation.
\n
The Group believes
\n
that there is no active market for the run of mine ore (\u2018ROM\u2019) mined at Tharisa Minerals due to the high volume being processed and as the
\n
ROM is of a relative low grade compared to other deposits in the same region. Tharisa Minerals\u2019 integrated processing plants are specifically
\n
designed to treat the volume and low grade ROM. Tharisa Minerals produces PGMs and chrome concentrates on a co-product basis and the
\n
operation is managed as a joint product mine. The Group therefore believes that the processing plants together with the mining assets are
\n
dependent on each other in order to generate cash inflows.
\n
\n
\n
The Group therefore believes that the mining fleet and mining assets cannot generate cash inflows that are largely independen
\n
t of the cash
\n
inflows from the processing plants and other assets or group of assets and as a result are not separate cash generating units. Consequently
\n
the Group believes that the mining assets and the processing plants together represents the smallest identifiable group of assets that generates
\n
cash inflows largely independent from other assets and represents a single CGU.
\n
\n
\n
Karo Mining Holdings plc (\u2018Karo\u2019) and subsidiary companies collectively in future will collectively generate cash inflows ind
\n
ependently. The
\n
Group therefore believes that Karo together represents the smallest identifiable group of assets that will generate cash inflows largely
\n
independent from other assets and represents
\n
another
\n
single CGU
\n
.
\n
\n
\n
Judgements and estimates: impairment of assets
\n
\n
Indicators for impairment on non
\n
-
\n
financial assets are assessed at each reporting period. Should an
\n
indication exist, individual assessments of
\n
property, plant and equipment are performed based on the technical, economic an
\n
d
\n
\n
business circumstances
\n
.
\n
\n

\n\n

\n\n

\n
14.
\n
\n
PROPERTY, PLANT AND EQUIPMENT
\n
\n
(continued)
\n
\n
\n\n
Judgements and estimates: depreciation
\n
\n
Mi
\n
ning assets
\n
and infrastructure are
\n
\n
depreciated using the units
\n
-
\n
of
\n
-
\n
production method. Management has elected to use the tonnes mined in
\n
relation to tonnes proved and probable mineral reserve as an appropriate units-of-production depreciation method. Changes in the proved and
\n
probable mineral reserve will impact the useful lives of the assets depreciated based on this method. The average remaining useful life of the
\n
open pit mine is
\n
estimated at 1
\n
8
\n
\n
years
\n
\n
(2022: 1
\n
9
\n
\n
years)
\n
.
\n
\n
\n
Re
\n
fer to the Accounting Policies f
\n
or the
\n
depreciation of the remaining assets.
\n
\n
\n
Judgements and estimates: deferred stripping
\n
\n
IFRIC 20 requires that production stripping costs in a surface mine be capitalised to non
\n
-
\n
current assets if, and only if, all of the following criteria
\n
are met:
\n
\n
\u2022 it is probable that the future economic benefit associated with the stripping activity will flow to the entity;
\n
\u2022 the entity can identify the component of the ore body for which access has been improved; and
\n
\u2022
\n
t
\n
he costs relating to the stripping activity
\n
associated with that component can be measured.
\n
\n
\n
The Group uses a long
\n
-
\n
term life of opencast mine stripping ratio which consist
\n
s
\n
\n
of actual historical numbers and forecast numbers. The
\n
forecast numbers are updated annually according to the Reserve and Resource Statement. In the event that the actual stripping ratio exceeds
\n
the life of mine stripping ratio, the actual weighted average stripping cost associated with the stripping ratio that is in excess of the life of mine
\n
stripping ratio is deferred and capitalised to property, plant and equipment. Excess deferred stripping costs are only capitalised if it can be
\n
reliably measured and if the open pit is improved and
\n
/or the ore body is
\n
exposed for future benefit.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag388": { "value": "\n

\n

\n
Accounting policy
\n
\n\n
Mining assets and infrastructure
\n
\n
Mining assets and infrastructure typically include those costs incurred for the development of the mine, including the design
\n
\n
of the mine
\n
plan, constructing and commissioning the facilities and preparation of the mine and necessary infrastructure for production. The mine
\n
development phase generally begins after completion of a feasibility study and ends upon the commencement of commercial production.
\n
Mining assets are measured at cost less accumulated depreciation and less any accumulated impairment losses. Expenditure, including
\n
evaluation costs, incurred to establish or expand productive capacity, to support and maintain that productive capacity prior to the
\n
commencement of commercial levels of production, are capitalised to assets under construction and transferred to mining assets and
\n
infrastructure when the mining venture reaches commercial production. Maintenance costs incurred to maintain current production are
\n
expensed.
\n
\n
\n
The
\n
Th
\n
arisa Mine
\n
\u2019s
\n
\n
(South Africa)
\n
remaining useful life of mine and infrastructure
\n
based on the remaining open pit life of mine and excluding
\n
future potential underground development, is currently estimated to be
\n
1
\n
8
\n
\n
(2022: 19 years)
\n
\n
years.
\n

\n\n
\n
\n\n
Deferred stripping costs
\n
\n
All
\n
stripping costs incurred (costs incurred in removing overburden to expose the reef) during the production phase of a mine are
\n
\n
treated
\n
as variable production costs and as a result are included in the cost of inventory during the period in which the stripping costs are incurred.
\n
However, any costs of overburden stripping in excess of the expected open-pit life average stripping ratio are deferred. Any costs deferred
\n
are capitalised to property, plant and equipment
\n
\n
provided all the following
\n
conditions are met:
\n
\n
\u2022 it is probable that the future economic benefit associated with the stripping activity will be realised;
\n
\u2022 the component of the ore body for which access has been improved can be identified; and
\n
\u2022
\n
the costs relating to the stripping activity associated with the improved access can be reliably measured
\n
.
\n
\n
If all of the criteria are not met, the production stripping costs are charged to the consolidated statement of
\n
profit or loss
\n
\n
as
\n
they are incurred.
\n
\n
\n
This
\n
deferred stripping
\n
asset is depreciated using the units of production method over the expected useful life of the identified component
\n
of the ore body that becomes more accessible as a result of the stripping activity.
\n

\n\n

\n\n

\n

\n

\n

\n
Accounting policy (continued)
\n
\n
General
\n
\n
A
\n
ssets are initially measured at cost and are subsequently measured at cost less accumulated depreciation and less any accumul
\n
ated
\n
impairment losses. The cost of self-constructed assets includes the cost of materials, direct labour and an appropriate portion of normal
\n
production overheads. Directly attributable expenses relating to major capital projects and site preparation are capitalised until the asset is
\n
brought to a working condition for its intended use. These costs include dismantling and site restoration costs. Administrative and other
\n
general overhead costs are expensed as incurred. Purchased software that is integral to the functionality of the related equipment is
\n
capitalised as part of tha
\n
t equipment.
\n
\n
\n\n
Borrowing costs directly attributable to the construction or acquisition of qualifying assets are capitalised directly to the
\n
\n
cost of the qualifying
\n
asset. To the extent that funds are borrowed specifically for the purpose of obtaining a qualifying asset, these borrowing costs shall be
\n
determined as the actual borrowing costs incurred on that borrowing.
\n

\n\n
\n
\n
Where an item of property, plant and equipment comprises major components with different useful lives, the
\n
components are accounted for
\n
as separate items of property, plant and equipment.
\n
\n
\n
Expenditure incurred to replace a component of an item of property, plant and equipment that is accounted for separately, inc
\n
luding major
\n
inspection and overhaul expenditure, is capitalised when the costs can be reliably measured and if it is probable that the future economic
\n
benefits embodied within the component will flow to the Group. The carrying amount of the replaced component, if any, are der
\n
ecognised.
\n
\n
\n\n
Maintenance and day to day servicing and repairs, which neither materially add to the value of assets nor appreciably prolong
\n
\n
their useful
\n
lives, are recognised in profit or loss.
\n

\n\n
\n
\n
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the
\n
net
\n
proceeds from disposal with
\n
the carrying amount of the item and are recognised in profit or loss.
\n
\n
\n\n
Depreciation
\n
\n
Depreciation of mining assets and infrastructure is calculated using the units
\n
-
\n
of
\n
-
\n
production method
\n
based on estimated economically
\n
recoverable proved and probable mineral reserves. Proved and probable reserves reflect estimated quantities of economically recoverable
\n
resources which can be recovered in the future from known mineral deposits. Depreciation is first charged on mining assets and infrastructure
\n
from the date on which they are available for use.
\n
\n
\n
Mining fleet is depreciated using the units
\n
-
\n
of
\n
-
\n
production method based on estimated achievable machine hours.
\n
\n
\n
For other property, plant and
\n
equipment, depreciation is recognised in profit or loss on a straight
\n
-
\n
line basis at rates that will reduce the
\n
carrying amounts to estimated residual values over the estimated useful lives of the assets. Leasehold improvements on premises occupied
\n
under le
\n
ases are expensed over the shorter of the lease term and the useful lives.
\n
\n
\n
Depreciation, unless otherwise stated, is calculated as follows:
\n
\n
\u2022
\n
buildings at 10.0% pa
\n
\n
\u2022
\n
motor vehicles at 20.0% pa
\n
\n
\u2022
\n
computer equipment and software at 33.3% pa
\n
\n
\u2022 office equipment between 10.0% and 33.3% pa
\n
\u2022
\n
furniture at 20.0% pa
\n
\n
\n
No depreciation is provided on freehold land and mine development assets under construction.
\n
\n
\n
Depreciation methods, residual values and useful lives are reviewed at least annually, and
\n
adjusted prospectively if appropriate, at each
\n
reporting date.
\n
\n

\n\n
\n\n
Exploration and evaluation expenditure
\n
\n
All exploration and evaluation expenditure, prior to obtaining the legal rights to explore a specific area, is recognised in
\n
profit or loss.
\n
After
\n
the legal rights to explore are obtained, exploration and evaluation expenditure, comprising the costs of acquiring prospecting rights and
\n
directly attributable exploration expenditure, is capitalised as a separate class of property, plant and equipment, on a project-by-project basis,
\n
pending determination of the technical feasibility and commercial viability.
\n
\n
\n
The technical feasibility and commercial viability of extracting a mineral resource is generally considered to be determinabl
\n
e
\n
through a
\n
feasibility study and when proven reserves are determinable to exist. Upon determination of proven reserves, exploration and evaluation
\n
assets attributable to those reserves are first tested for impairment and then reclassified to another appropriate class of property, plant and
\n
equipment. Subsequently, all costs directly incurred to prepare an identified mineral asset for production are capitalised to mine development
\n
assets. Amortisation of these assets commences once these assets are available for use. These assets will be measured at cost less
\n
accumulated amortisation and impairment losses.
\n

\n\n

\n\n

\n
Accounting policy
\n
\n
Minerals reserve
\n
\n
The estimation of reserves impacts the amortisation of
\n
property, plant and equipment, the recoverable amount of property, plant and equipment
\n
and the timing of rehabilitation expenditure.
\n
\n
\n
Factors impacting the determination of proved and probable reserves
\n
\n
include
\n
:
\n
\n
\u2022
\n
commodity prices;
\n
\n
\u2022
\n
the grade of
\n
mineral reserves;
\n
\n
\u2022 operational issues at the mine; and
\n
\u2022
\n
the reliability of the measurement of the fair value or cost of the asset.
\n
\n
\n
The carrying amounts of the Group's non
\n
-
\n
financial assets are reviewed at each reporting date to determine whether
\n
there is any indication of
\n
impairment. If any such indication exists, the asset's recoverable amount is estimated. An impairment loss is recognised whenever the carrying
\n
amount of an asset or its related CGU exceeds its recoverable amount. A CGU is the smallest identifiable asset group that generates cash
\n
flows that are largely independent from other assets and groups. Impairment losses are recognised in profit or loss. Impairment losses
\n
recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGUs (group of units) and
\n
then, to reduce the carrying amount of the other assets in the CGU (group of units) on a pro rata basis.
\n
\n
\n
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assess
\n
ing value in use,
\n
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments
\n
of the time value of money and the risks specific to the assets. For the purpose of impairment testing, assets that cannot be tested individually
\n
are grouped together into the smallest group of assets that generates cash flows from continuing use that are largely independent of the cash
\n
inflows of the other assets of the CGU.
\n
\n
\n
Impairment losses recognised in prior periods are assessed at each reporting date for any indication that the loss has decrea
\n
sed or no longer
\n
exists. An impairment loss is reversed through profit or loss if there has been a change in the estimates used to determine the recoverable
\n
amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would
\n
have been determined, net of depreciation or amortisation, i
\n
f no impairment loss had been recognised.
\n
\n
\n\n

\n
Accounting policy: leases
\n
\n
The Group recognises a right
\n
-
\n
of
\n
-
\n
use asset at the commencement date of the contract for all leases conveying the right to control the use of
\n
identified assets for a specified period. The commencement date is the date on which a lessor makes an underlying asset available for use
\n
by the lessee.
\n
\n
\n
The right
\n
-
\n
of
\n
-
\n
use assets are initially measured at cost, which comprises the amount of initial measurement of the lease liability adjusted
\n
for
\n
any lease payments made at or before the commencement date plus any initial direct costs incurred by the lessee and an estimate of costs
\n
to be incurred by the lessee in dismantling and removing the underlying assets or restoring the site on which the assets are located, less
\n
any lease incentives.
\n
\n
\n\n
Subsequent to initial measurement, the right
\n
-
\n
of
\n
-
\n
use assets are depreciated from the commencement date using the straight
\n
-
\n
line method
\n
over the shorter of the estimated useful lives of the
\n
right
\n
-
\n
of
\n
-
\n
use assets or the end of lease term. These are as follows:
\n
\n
\n
Right
\n
-
\n
of
\n
-
\n
use asset
\n
\n
Depreciation term in years
\n
\n
Buildings and premises
\n
\n
Straight
\n
-
\n
line over the respective lease terms, between 3 and 5 years
\n
\n
Mining fleet
\n
\n
Based on estimated
\n
production hours
\n
\n

\n\n
\n
After the commencement date, the right
\n
-
\n
of
\n
-
\n
use assets are measured at cost less any accumulated depreciation and any accumulated
\n
impairment losses and adjusted for any re
\n
-
\n
measurement of the lease liability.
\n
\n
\n
Short
\n
-
\n
term leases and
\n
leases of low
\n
-
\n
value assets:
\n
\n
The Group has elected not to recognise right
\n
-
\n
of
\n
-
\n
use assets for short
\n
-
\n
term leases that
\n
do not contain a purchase option and
\n
have a lease
\n
term of 12 months or less and leases of low
\n
-
\n
value assets such as computer
\n
equipment.
\n
\n
\n
\n
As a lessor
\n
\n
In the event of lease contracts based on which the Group is acting as a lessor, each of its leases is classified as either an
\n
\n
operating or
\n
finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership to the
\n
lessee. Indicators of a finance lease include whether the lease is for the major part of the economic life of the asset, whether the lease
\n
transfers ownership of the asset to the lessee by the end of the lease term and whether at inception date of the lease, the present value of
\n
the minimum lease payments amount to substantially all of the fair value of the leased asset.
\n
\n
\n
Leases where a significant portion of the risks and rewards incidental to ownership are retained by the lessor, are classifie
\n
d as operating
\n
leases.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag389": { "value": "\n
Mining assets and infrastructure
\n
\n
Mining assets and infrastructure typically include those costs incurred for the development of the mine, including the design
\n
\n
of the mine
\n
plan, constructing and commissioning the facilities and preparation of the mine and necessary infrastructure for production. The mine
\n
development phase generally begins after completion of a feasibility study and ends upon the commencement of commercial production.
\n
Mining assets are measured at cost less accumulated depreciation and less any accumulated impairment losses. Expenditure, including
\n
evaluation costs, incurred to establish or expand productive capacity, to support and maintain that productive capacity prior to the
\n
commencement of commercial levels of production, are capitalised to assets under construction and transferred to mining assets and
\n
infrastructure when the mining venture reaches commercial production. Maintenance costs incurred to maintain current production are
\n
expensed.
\n
\n
\n
The
\n
Th
\n
arisa Mine
\n
\u2019s
\n
\n
(South Africa)
\n
remaining useful life of mine and infrastructure
\n
based on the remaining open pit life of mine and excluding
\n
future potential underground development, is currently estimated to be
\n
1
\n
8
\n
\n
(2022: 19 years)
\n
\n
years.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag390": { "value": "Maintenance costs incurred to maintain current production areexpensed.\n
Maintenance and day to day servicing and repairs, which neither materially add to the value of assets nor appreciably prolong
\n
\n
their useful
\n
lives, are recognised in profit or loss.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag391": { "value": "\n
Deferred stripping costs
\n
\n
All
\n
stripping costs incurred (costs incurred in removing overburden to expose the reef) during the production phase of a mine are
\n
\n
treated
\n
as variable production costs and as a result are included in the cost of inventory during the period in which the stripping costs are incurred.
\n
However, any costs of overburden stripping in excess of the expected open-pit life average stripping ratio are deferred. Any costs deferred
\n
are capitalised to property, plant and equipment
\n
\n
provided all the following
\n
conditions are met:
\n
\n
\u2022 it is probable that the future economic benefit associated with the stripping activity will be realised;
\n
\u2022 the component of the ore body for which access has been improved can be identified; and
\n
\u2022
\n
the costs relating to the stripping activity associated with the improved access can be reliably measured
\n
.
\n
\n
If all of the criteria are not met, the production stripping costs are charged to the consolidated statement of
\n
profit or loss
\n
\n
as
\n
they are incurred.
\n
\n
\n
This
\n
deferred stripping
\n
asset is depreciated using the units of production method over the expected useful life of the identified component
\n
of the ore body that becomes more accessible as a result of the stripping activity.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag392": { "value": "\n
Borrowing costs directly attributable to the construction or acquisition of qualifying assets are capitalised directly to the
\n
\n
cost of the qualifying
\n
asset. To the extent that funds are borrowed specifically for the purpose of obtaining a qualifying asset, these borrowing costs shall be
\n
determined as the actual borrowing costs incurred on that borrowing.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag393": { "value": "\n
Depreciation
\n
\n
Depreciation of mining assets and infrastructure is calculated using the units
\n
-
\n
of
\n
-
\n
production method
\n
based on estimated economically
\n
recoverable proved and probable mineral reserves. Proved and probable reserves reflect estimated quantities of economically recoverable
\n
resources which can be recovered in the future from known mineral deposits. Depreciation is first charged on mining assets and infrastructure
\n
from the date on which they are available for use.
\n
\n
\n
Mining fleet is depreciated using the units
\n
-
\n
of
\n
-
\n
production method based on estimated achievable machine hours.
\n
\n
\n
For other property, plant and
\n
equipment, depreciation is recognised in profit or loss on a straight
\n
-
\n
line basis at rates that will reduce the
\n
carrying amounts to estimated residual values over the estimated useful lives of the assets. Leasehold improvements on premises occupied
\n
under le
\n
ases are expensed over the shorter of the lease term and the useful lives.
\n
\n
\n
Depreciation, unless otherwise stated, is calculated as follows:
\n
\n
\u2022
\n
buildings at 10.0% pa
\n
\n
\u2022
\n
motor vehicles at 20.0% pa
\n
\n
\u2022
\n
computer equipment and software at 33.3% pa
\n
\n
\u2022 office equipment between 10.0% and 33.3% pa
\n
\u2022
\n
furniture at 20.0% pa
\n
\n
\n
No depreciation is provided on freehold land and mine development assets under construction.
\n
\n
\n
Depreciation methods, residual values and useful lives are reviewed at least annually, and
\n
adjusted prospectively if appropriate, at each
\n
reporting date.
\n
\n

\n\n
Subsequent to initial measurement, the right
\n
-
\n
of
\n
-
\n
use assets are depreciated from the commencement date using the straight
\n
-
\n
line method
\n
over the shorter of the estimated useful lives of the
\n
right
\n
-
\n
of
\n
-
\n
use assets or the end of lease term. These are as follows:
\n
\n
\n
Right
\n
-
\n
of
\n
-
\n
use asset
\n
\n
Depreciation term in years
\n
\n
Buildings and premises
\n
\n
Straight
\n
-
\n
line over the respective lease terms, between 3 and 5 years
\n
\n
Mining fleet
\n
\n
Based on estimated
\n
production hours
\n
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag394": { "value": "\n
Exploration and evaluation expenditure
\n
\n
All exploration and evaluation expenditure, prior to obtaining the legal rights to explore a specific area, is recognised in
\n
profit or loss.
\n
After
\n
the legal rights to explore are obtained, exploration and evaluation expenditure, comprising the costs of acquiring prospecting rights and
\n
directly attributable exploration expenditure, is capitalised as a separate class of property, plant and equipment, on a project-by-project basis,
\n
pending determination of the technical feasibility and commercial viability.
\n
\n
\n
The technical feasibility and commercial viability of extracting a mineral resource is generally considered to be determinabl
\n
e
\n
through a
\n
feasibility study and when proven reserves are determinable to exist. Upon determination of proven reserves, exploration and evaluation
\n
assets attributable to those reserves are first tested for impairment and then reclassified to another appropriate class of property, plant and
\n
equipment. Subsequently, all costs directly incurred to prepare an identified mineral asset for production are capitalised to mine development
\n
assets. Amortisation of these assets commences once these assets are available for use. These assets will be measured at cost less
\n
accumulated amortisation and impairment losses.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag395": { "value": "\n
30 September 2023
\n
\n
Freehold land
\n
and buildings
\n
US$\u2019000
\n
\n
Mineral rights
\n
US$\u2019000
\n
\n
Mining assets
\n
and
\n
infrastructure
\n
US$\u2019000
\n
\n
Mining fleet
\n
and
\n
US$\u2019000
\n
\n
Right-of-use
\n
asset: mining
\n
fleet
\n
US$\u2019000
\n
\n
Motor
\n
vehicles
\n
US$\u2019000
\n
\n
Computer
\n
equipment
\n
and software
\n
US$\u2019000
\n
\n
Office
\n
equipment and
\n
furniture,
\n
community
\n
and site office
\n
improvements
\n
US$\u2019000
\n
\n
Right-of-use
\n
asset:
\n
buildings
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Cost
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 30 September 2022
\n
\n
23
\n
\n
200
\n
\n
\n
201
\n
\n
750
\n
\n
\n
387
\n
\n
329
\n
\n
\n
11
\n
1
\n
\n
271
\n
\n
\n
6
\n
\n
456
\n
\n
\n
2
\n
\n
989
\n
\n
\n
4
\n
\n
197
\n
\n
\n
1
\n
\n
332
\n
\n
\n
1
\n
\n
733
\n
\n
\n
740
\n
\n
257
\n
\n
\n
Additions
\n
\n
2
\n
\n
529
\n
\n
\n
-
\n
\n
\n
60 979
\n
\n
\n
27
\n
\n
292
\n
\n
\n
-
\n
\n
\n
2
\n
\n
387
\n
\n
\n
1
\n
\n
625
\n
\n
\n
147
\n
\n
\n
-
\n
\n
\n
94 959
\n
\n
\n
Borrowing costs
\n
\n
-
\n
\n
\n
\n
1
\n
\n
880
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
1
\n
\n
880
\n
\n
\n
Lease agreements entered into
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
211
\n
\n
\n
211
\n
\n
\n
Disposals
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(147)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(36)
\n
\n
(5)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(188)
\n
\n
Re
\n
-
\n
measurement
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
1
\n
\n
364
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
62
\n
\n
\n
1
\n
\n
426
\n
\n
\n
Write offs
\n
\n
(6)
\n
\n
-
\n
\n
\n
(631)
\n
\n
(
\n
7 733
\n
)
\n
\n
(338)
\n
\n
(16)
\n
\n
(58)
\n
\n
(3)
\n
\n
(348)
\n
\n
(9 133)
\n
\n
Transfers
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(168)
\n
\n
1 746
\n
\n
\n
(1
\n
\n
746)
\n
\n
84
\n
\n
\n
86
\n
\n
\n
(2)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Exchange differences on
\n
translation
\n
\n
(1
\n
\n
077)
\n
\n
-
\n
\n
\n
(16
\n
\n
439)
\n
\n
(
\n
5
\n
\n
783
\n
)
\n
\n
(259)
\n
\n
(151)
\n
\n
(226)
\n
\n
(52)
\n
\n
(71)
\n
\n
(24
\n
\n
058)
\n
\n
Balance at 30 September 202
\n
3
\n
\n
24
\n
\n
646
\n
\n
\n
201
\n
\n
750
\n
\n
\n
432 803
\n
\n
\n
1
\n
26 793
\n
\n
\n
5
\n
\n
477
\n
\n
\n
5
\n
\n
257
\n
\n
\n
5
\n
\n
619
\n
\n
\n
1
\n
\n
422
\n
\n
\n
1
\n
\n
587
\n
\n
\n
805
\n
\n
354
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Accumulated depreciation
\n
\n
and
\n
impairment
\n
\n
\n
Balance at 30 September 202
\n
2
\n
\n
1
\n
\n
353
\n
\n
\n
-
\n
\n
\n
110
\n
\n
490
\n
\n
\n
47 815
\n
\n
\n
4
\n
\n
210
\n
\n
\n
1
\n
\n
022
\n
\n
\n
3
\n
\n
994
\n
\n
\n
582
\n
\n
\n
1
\n
\n
211
\n
\n
\n
170 677
\n
\n
\n
Depreciation c
\n
harge for the year
\n
\n
706
\n
\n
\n
-
\n
\n
\n
16 439
\n
\n
\n
1
\n
8 819
\n
\n
\n
1
\n
\n
044
\n
\n
\n
796
\n
\n
\n
963
\n
\n
\n
162
\n
\n
\n
310
\n
\n
\n
39
\n
\n
239
\n
\n
\n
Disposals
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(55)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(19)
\n
\n
(4)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(78)
\n
\n
Write offs
\n
\n
(2)
\n
\n
-
\n
\n
\n
(385)
\n
\n
(4
\n
\n
633
\n
)
\n
\n
(236)
\n
\n
(16)
\n
\n
(58)
\n
\n
(3)
\n
\n
(346)
\n
\n
(5
\n
\n
679)
\n
\n
Transfers
\n
\n
-
\n
\n
\n
\n
85
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(81)
\n
\n
(1)
\n
\n
(3)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Exchange differences on translation
\n
\n
(68)
\n
\n
-
\n
\n
\n
(5
\n
\n
181)
\n
\n
(2
\n
\n
679
\n
)
\n
\n
(219)
\n
\n
(57)
\n
\n
(189)
\n
\n
(55)
\n
\n
(51)
\n
\n
(8
\n
\n
499)
\n
\n
Balance at 30 September 202
\n
3
\n
\n
1
\n
\n
989
\n
\n
\n
-
\n
\n
\n
121 393
\n
\n
\n
59 322
\n
\n
\n
4
\n
\n
799
\n
\n
\n
1
\n
\n
645
\n
\n
\n
4
\n
\n
705
\n
\n
\n
683
\n
\n
\n
1
\n
\n
124
\n
\n
\n
195
\n
\n
660
\n

\n\n
30 September 2022
\n
\n
Freehold land
\n
and buildings
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Mineral rights
\n
US$\u2019000
\n
\n
\n
\n
\n
Mining assets
\n
and
\n
infrastructure
\n
US$\u2019000
\n
\n
Mining fleet
\n
US$\u2019000
\n
\n
\n
\n
\n
Right-of-use
\n
asset: mining
\n
fleet
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Motor vehicles
\n
US$\u2019000
\n
\n
\n
\n
\n
Computer
\n
equipment and
\n
software
\n
US$\u2019000
\n
\n
Office
\n
equipment and
\n
furniture,
\n
community
\n
and site office
\n
improvements
\n
US$\u2019000
\n
\n
\n
\n
\n
Right-of-use
\n
asset:
\n
buildings
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Total
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Cost
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 30
\n
September 2022
\n
\n
19
\n
\n
293
\n
\n
\n
-
\n
\n
\n
396 901
\n
\n
\n
99
\n
\n
585
\n
\n
\n
16
\n
\n
790
\n
\n
\n
2
\n
\n
331
\n
\n
\n
4
\n
\n
249
\n
\n
\n
1
\n
\n
014
\n
\n
\n
1
\n
\n
968
\n
\n
\n
542
\n
\n
131
\n
\n
\n
Additions
\n
\n
7
\n
\n
559
\n
\n
\n
-
\n
\n
\n
59
\n
\n
243
\n
\n
\n
34
\n
\n
794
\n
\n
\n
-
\n
\n
\n
1
\n
\n
005
\n
\n
\n
1
\n
\n
929
\n
\n
\n
484
\n
\n
\n
-
\n
\n
\n
105
\n
\n
014
\n
\n
\n
Lease agreements entered into
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
163
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
59
\n
\n
\n
222
\n
\n
\n
Business
\n
combination (note 3
\n
0
\n
)
\n
\n
-
\n
\n
\n
201
\n
\n
750
\n
\n
\n
1
\n
\n
570
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
152
\n
\n
\n
18
\n
\n
\n
20
\n
\n
\n
-
\n
\n
\n
203
\n
\n
510
\n
\n
\n
Disposals
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(790)
\n
\n
(5
\n
\n
486)
\n
\n
-
\n
\n
\n
(18)
\n
\n
(4)
\n
\n
(2)
\n
\n
-
\n
\n
\n
(6
\n
\n
300)
\n
\n
Re
\n
-
\n
measurement
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
4
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
4
\n
\n
\n
8
\n
\n
\n
Write offs
\n
\n
(3)
\n
\n
-
\n
\n
\n
(87)
\n
\n
(5
\n
\n
219)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(196)
\n
\n
(8)
\n
\n
-
\n
\n
\n
(5
\n
\n
513)
\n
\n
Transfers
\n
\n
494
\n
\n
\n
-
\n
\n
\n
399
\n
\n
\n
8 277
\n
\n
\n
(8 765)
\n
\n
18
\n
\n
\n
(429)
\n
\n
6
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Exchange differences on translation
\n
\n
(4
\n
\n
143)
\n
\n
-
\n
\n
\n
(69 907)
\n
\n
(20
\n
\n
680)
\n
\n
(1
\n
\n
736)
\n
\n
(499)
\n
\n
(1
\n
\n
370)
\n
\n
(182)
\n
\n
(298)
\n
\n
(98
\n
\n
815)
\n
\n
Balance at 30 September 202
\n
3
\n
\n
23
\n
\n
200
\n
\n
\n
201
\n
\n
750
\n
\n
\n
387
\n
\n
329
\n
\n
\n
111
\n
\n
271
\n
\n
\n
6
\n
\n
456
\n
\n
\n
2
\n
\n
989
\n
\n
\n
4
\n
\n
197
\n
\n
\n
1
\n
\n
332
\n
\n
\n
1
\n
\n
733
\n
\n
\n
740
\n
\n
257
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Accumulated depreciation
\n
\n
and
\n
impairment
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 30 September 202
\n
2
\n
\n
1
\n
\n
353
\n
\n
\n
-
\n
\n
\n
105
\n
\n
512
\n
\n
\n
39
\n
\n
744
\n
\n
\n
8
\n
\n
977
\n
\n
\n
730
\n
\n
\n
3
\n
\n
780
\n
\n
\n
509
\n
\n
\n
1
\n
\n
065
\n
\n
\n
161
\n
\n
670
\n
\n
\n
Depreciation c
\n
harge for the year
\n
\n
257
\n
\n
\n
-
\n
\n
\n
16
\n
\n
566
\n
\n
\n
18
\n
\n
325
\n
\n
\n
1
\n
\n
663
\n
\n
\n
400
\n
\n
\n
1
\n
\n
087
\n
\n
\n
167
\n
\n
\n
331
\n
\n
\n
38
\n
\n
796
\n
\n
\n
Business combination (note 3
\n
0
\n
)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
17
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
65
\n
\n
\n
10
\n
\n
\n
9
\n
\n
\n
-
\n
\n
\n
101
\n
\n
\n
Disposals
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(106)
\n
\n
(2
\n
\n
967)
\n
\n
-
\n
\n
\n
(13)
\n
\n
(3)
\n
\n
(2)
\n
\n
-
\n
\n
\n
(3
\n
\n
091)
\n
\n
Write offs
\n
\n
(3)
\n
\n
-
\n
\n
\n
(37)
\n
\n
(3
\n
\n
943)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(193)
\n
\n
(9)
\n
\n
-
\n
\n
\n
(4
\n
\n
185)
\n
\n
Impairment
\n
\n
-
\n
\n
\n
-
\n
\n
\n
8 356
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
6
\n
\n
\n
-
\n
\n
\n
4
\n
\n
\n
-
\n
\n
\n
8 366
\n
\n
\n
Transfers
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
5 394
\n
\n
\n
(5 394)
\n
\n
-
\n
\n
\n
16
\n
\n
\n
(16)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Exchange differences on translation
\n
\n
(254)
\n
\n
-
\n
\n
\n
(19
\n
\n
818)
\n
\n
(8
\n
\n
738)
\n
\n
(1
\n
\n
036)
\n
\n
(166)
\n
\n
(703)
\n
\n
(80)
\n
\n
(185)
\n
\n
(30
\n
\n
980)
\n
\n
Balance at 30 September 202
\n
3
\n
\n
1
\n
\n
353
\n
\n
\n
-
\n
\n
\n
110
\n
\n
490
\n
\n
\n
47
\n
\n
815
\n
\n
\n
4
\n
\n
210
\n
\n
\n
1
\n
\n
022
\n
\n
\n
3
\n
\n
994
\n
\n
\n
582
\n
\n
\n
1
\n
\n
211
\n
\n
\n
170
\n
677
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag396": { "value": "\n
Impairment of assets
\n
\n
During the year ended 30 September 2022, it became evident that the operational performance of MetQ Proprietary Limited ('Met
\n
Q\u2019)
\n
wa
\n
s not
\n
as expected and the Group believed that an impairment indicator was present. MetQ was tested for impairment on a MetQ CGU level by
\n
using its value in use. The recoverable amounts of the CGU with a net book value of US$2.0 million were calculated and amounted to US$1.4
\n
million at 30 September 2022. Consequently, a provision for impairment of US$0.6 million was recognised in other operating costs. An
\n
impairment charge of US$0.4 million was firstly allocated to the goodwill within the CGU (refer to note 15) and the remaining amount of the
\n
impairment charge has been allocated to property, plant and equipment within the mining assets and infrastructure (US$113 thousand),
\n
motor vehicles (US$6 thousand) and office equipment and furniture (US$6 thousand) asset categories. The cash flows were discounted
\n
using a real discount rate of 12.6%. The MetQ CGU forms part of the manufacturing
\n
\n
segment.
\n
\n
\n
Even though the operational performance
\n
of MetQ
\n
improved compared to the performance for the year ended 30 September 2022, the
\n
Group
\n
\n
believes that the performance was still below expectation and that an impairment indicator was still present at 30 September 2023. The
\n
carrying value of the MetQ CGU of US$1.6 million was tested for impairment by determining the value in use and the fair value less cost to
\n
sell. The Group believes that no additional impairment is required at 30 September 2023 as the fair value less cost to sell of US$2.5 million
\n
exceeds
\n
\n
the value in use
\n
\n
and
\n
\n
supports the recoverability of the
\n
\n
MetQ
\n
\n
CGU
\n
.
\n
\n

\n\n
Impairment of assets (continued)
\n
\n
Effective 1 July 2022, the Zimbabwean government enacted an export ban on chrome concentrates to support the local beneficiation industry.
\n
Consequently operations at Salene Chrome Zimbabwe (Private) Limited (\u2018Salene\u2019) were ceased as local downstream selling prices of chrome
\n
concentrates were unfavourable to Salene. The Group believed that the change in operational circumstances during the year ended
\n
30 September 2022 represented an impairment indicator. The Group performed a value in use calculation on a Salene CGU level by using a
\n
discounted cash flow forecast covering a period of 72 months, which was equal to the mine plan, a chrome concentrate selling price of US$132
\n
and a weighted average cost of capital of 10.5%. The Group believed that the CGU with a carrying amount of US$12.4 million had a recoverable
\n
amount of US$2.8 million and consequently made a provision for impairment of US$9.6 million. The impairment charge was recognised in
\n
other operating costs. The impairment charge was first allocated to the goodwill within the CGU (refer to note 15) and the remainder of the
\n
impairment charge of US$8.2 million was allocated to property, plant and equipment within the mining asset and infrastructure asset category.
\n
The Salene CGU forms part of the chr
\n
o
\n
me segment.
\n
\n
\n
At 30 September 2023, the operational environment and circumstances of Salene have not improved and
\n
the operations remain in care and
\n
maintenance. The Group believes that due to a prolonged delay in start-up, an impairment indicator was still present at 30 September 2023.
\n
The carrying value of the Salene CGU of US$2.7 million was tested for impairment by determining the value in use and the fair value less cost
\n
to sell. The Group believes that no additional impairment is required at 30 September 2023 as the fair value less cost to sell of US$2.8 million
\n
exceeds the value in use and supports the recoverabi
\n
lity of the
\n
Salene
\n
CGU.
\n
\n
\n
At 30 September 2023,
\n
operations at Skyler Storm (Private) Limited (\u2018Skyler\u2019) have not commenced and
\n
\n
remain
\n
ed
\n
\n
in care and maintenance.
\n
\n
The Group believes that due to a prolonged delay in start-up, an impairment indicator was present at 30 September 2023. The carrying value
\n
of the Skyler CGU of US$0.6 million was tested for impairment by determining the value in use and the fair value less cost to sell. The Group
\n
believes that no impairment is required at 30 September 2023 as the fair value less cost to sell of US$0.7 million exceeds the value in use and
\n
supports the recoverability of the
\n
Salene
\n
CGU.
\n

\n\n
Goodwill: reconciliation of carrying
\n
amount
\n
\n
Goodwill
\n
US$\u2019000
\n
\n
2023
\n
Intellectual
\n
property
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
Goodwill
\n
US$\u2019000
\n
\n
2022
\n
Intellectual
\n
property
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
Cost
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 1 October
\n
\n
2
\n
\n
634
\n
\n
\n
311
\n
\n
\n
2
\n
\n
945
\n
\n
\n
2
\n
\n
883
\n
\n
\n
311
\n
\n
\n
3
\n
\n
194
\n
\n
\n
Additions
\n
\n
-
\n
\n
\n
649
\n
\n
\n
649
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Effect of movement in exchange rates
\n
\n
(55)
\n
\n
(
\n
4
\n
)
\n
\n
(5
\n
9
\n
)
\n
\n
(249)
\n
\n
-
\n
\n
\n
(249)
\n
\n
Balance at 30 September
\n
\n
2
\n
\n
579
\n
\n
\n
956
\n
\n
\n
3
\n
\n
53
\n
5
\n
\n
\n
2
\n
\n
634
\n
\n
\n
311
\n
\n
\n
2
\n
\n
945
\n
\n
\n
Accumulated impairment losses
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 1 October
\n
\n
2 005
\n
\n
\n
-
\n
\n
\n
2 005
\n
\n
\n
252
\n
\n
\n
-
\n
\n
\n
252
\n
\n
\n
Amortisation
\n
\n
for the year
\n
\n
-
\n
\n
\n
2
\n
\n
\n
2
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Impairment
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
1
\n
\n
852
\n
\n
\n
-
\n
\n
\n
1
\n
\n
852
\n
\n
\n
Effect of movement in exchange rates
\n
\n
(27)
\n
\n
-
\n
\n
\n
(27)
\n
\n
(99)
\n
\n
-
\n
\n
\n
(99)
\n
\n
Balance at 30
\n
September
\n
\n
1
\n
\n
978
\n
\n
\n
2
\n
\n
\n
1
\n
\n
98
\n
0
\n
\n
\n
2 005
\n
\n
\n
-
\n
\n
\n
2 005
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Carrying amount
\n
\n
601
\n
\n
\n
954
\n
\n
\n
1
\n
\n
555
\n
\n
\n
629
\n
\n
\n
311
\n
\n
\n
940
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag397": { "value": "\n

\n\n

\n\n

\n

\n
15.
\n
\n
INTANGIBLE ASSETS
\n
\n
\n\n

\n\n

\n\n

\n
Accounting
\n
policy
\n
\n
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible
\n
assets are carried
\n
at cost less any accumulated amortisation and accumulated impairment losses. The useful lives of intangible assets are assessed as either
\n
finite or indefinite.
\n
\n
\n
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually
\n
\n
or at the cash
\n
-
\n
generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be
\n
supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.
\n
\n
\n
Intangible assets with finite useful lives are
\n
amortised using the straight
\n
-
\n
line method over their estimated useful lives. Residual values of
\n
intangible assets are presumed to be zero and along with their useful lives are reassessed on an annual basis.
\n
\n
\n\n

\n\n
\n\n
Impairment of goodwill
\n
\n
The carrying
\n
amounts of the Group's non
\n
-
\n
financial assets are reviewed at each reporting date to determine whether there is any indication
\n
of impairment. For goodwill and intangible assets that have indefinite lives or are not yet available for use, the recoverable amount is estimated
\n
annually
\n
as to
\n
whether or not there is any indication of impairment.
\n
\n
\n
For the purposes of goodwill impairment testing, goodwill acquired in a business combination is allocated to groups of CGUs t
\n
hat are expected
\n
to benefit from the synergies of the combination.
\n
\n
An impairment loss in respect of goodwill is not reversed.
\n
\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
\n
\n
\n\n
Goodwill: reconciliation of carrying
\n
amount
\n
\n
Goodwill
\n
US$\u2019000
\n
\n
2023
\n
Intellectual
\n
property
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
Goodwill
\n
US$\u2019000
\n
\n
2022
\n
Intellectual
\n
property
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
Cost
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 1 October
\n
\n
2
\n
\n
634
\n
\n
\n
311
\n
\n
\n
2
\n
\n
945
\n
\n
\n
2
\n
\n
883
\n
\n
\n
311
\n
\n
\n
3
\n
\n
194
\n
\n
\n
Additions
\n
\n
-
\n
\n
\n
649
\n
\n
\n
649
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Effect of movement in exchange rates
\n
\n
(55)
\n
\n
(
\n
4
\n
)
\n
\n
(5
\n
9
\n
)
\n
\n
(249)
\n
\n
-
\n
\n
\n
(249)
\n
\n
Balance at 30 September
\n
\n
2
\n
\n
579
\n
\n
\n
956
\n
\n
\n
3
\n
\n
53
\n
5
\n
\n
\n
2
\n
\n
634
\n
\n
\n
311
\n
\n
\n
2
\n
\n
945
\n
\n
\n
Accumulated impairment losses
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 1 October
\n
\n
2 005
\n
\n
\n
-
\n
\n
\n
2 005
\n
\n
\n
252
\n
\n
\n
-
\n
\n
\n
252
\n
\n
\n
Amortisation
\n
\n
for the year
\n
\n
-
\n
\n
\n
2
\n
\n
\n
2
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Impairment
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
1
\n
\n
852
\n
\n
\n
-
\n
\n
\n
1
\n
\n
852
\n
\n
\n
Effect of movement in exchange rates
\n
\n
(27)
\n
\n
-
\n
\n
\n
(27)
\n
\n
(99)
\n
\n
-
\n
\n
\n
(99)
\n
\n
Balance at 30
\n
September
\n
\n
1
\n
\n
978
\n
\n
\n
2
\n
\n
\n
1
\n
\n
98
\n
0
\n
\n
\n
2 005
\n
\n
\n
-
\n
\n
\n
2 005
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Carrying amount
\n
\n
601
\n
\n
\n
954
\n
\n
\n
1
\n
\n
555
\n
\n
\n
629
\n
\n
\n
311
\n
\n
\n
940
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n
15.
\n
\n
INTANGIBLE ASSETS
\n
\n
(continued)
\n
\n
\n
The goodwill arose on the acquisitions of
\n
Braeston Proprietary Limited, Arxo Logistics Proprietary Limited, MetQ
\n
Proprietary Limited and
\n
Salene Chrome Zimbabwe (Private) Limited.
\n
\n
\n
The goodwill relating to Braeston Proprietary Limited (US$0.1 million) was attributed to the synergies of operations at the G
\n
roup\u2019s head office
\n
and established client and supplier
\n
relationships. The goodwill was allocated to the PGM and chrome operating segments.
\n
\n
\n
The goodwill relating to Arxo Logistics Proprietary Limited (US$0.5 million) was attributed to supplier relationships specifi
\n
c to the transport and
\n
sea freight
\n
industry and skills and knowledge of the workforce. The goodwill was allocated to the chrome operating segment.
\n
\n
\n
The goodwill relating to MetQ Proprietary Limited (\u2018MetQ\u2019) (US$0.5 million) was attributed to technical expertise and the tal
\n
ent and skills of the
\n
workforce, industry knowledge relating to the manufacture of the mining equipment and relationships with customers. The goodwill was
\n
allocated to the chrome operating segment. The
\n
goodwill
\n
was impaired in full during the year ended 30
\n
\n
September
\n
\n
2022
\n
\n
(refer to note 14).
\n
\n
\n
The goodwill relating to Salene Chrome Zimbabwe (Private) Limited (US$1.4 million) was impaired in full during the year ended
\n
\n
30
\n
\n
September
\n
\n
2022
\n
\n
(refer to note 14)
\n
.
\n
The goodwill is not tax deductible.
\n
\n
\n
The recoverable amount of the remaining goodwill was calculated based on the value in use of the operating segment to which t
\n
he goodwill
\n
was allocated and was higher than the carrying values.
\n
\n
\n
The recoverable amounts of the
\n
operating segments
\n
\n
were determined based on discounted cash flows app
\n
roved by management covering a
\n
sixteen-year period, which represents the estimated opencast life of mine at 30 September 2023.
\n
The cash flows were discounted using a real
\n
discount rate of 12.2% (2022: 12.6%) for South African operations, an exchange rate of ZAR17.80:US$1; (2022: ZAR16.01
\n
US$1) spot PGM
\n
basket price of US$1 889/oz (2022: US$2 224/oz), spot chrome concentrate prices of US$280/tonne (2022: US$200
\n
/tonne) and a CIF China
\n
logistics cost of US$101/tonne (2022:US$98/t). The discount rate used was a pre-
\n
tax real rate and reflects specific risks relating to the relevant
\n
operating segment. Cash flows are based on the life-of-mine plan that
\n
takes into account proved and probable ore reserves and appropriate
\n
capital expenditure estimates.
\n
\n
\n
It is estimated that a decrease of 18.9% (from US$280/tonne to US$227/tonne) in the long
\n
-
\n
term real chrome concentrate price would cause
\n
the recoverable amount of goodwill to equal its carrying amount without any other changes in key assumptions.
\n
\n
\n\n
Judgements and estimates: allocation of goodwill
\n
\n
T
\n
he Group believes that the mining assets and the processing plants together represents the smallest identifiable Group of ass
\n
ets that
\n
generates cash inflows largely independent from other assets and represents a single CGU, refer to note 14. IAS 36 does not prohibit entities
\n
having a CGU larger than its operating segments. However, in such circumstances where a CGU is larger than its operating segments, goodwill
\n
should be allocated and tested on an operating segment level. The Group has consequently allocated and tested the goodwill on an operating
\n
segments
\n
\n
level
\n
.
\n

\n\n
\n
\n
Intellectual property
\n
\n
The Group acquired certain intellectual property associated with the development and commercialisation of an electrical energ
\n
y storage device
\n
suitable for large scale static applications and ultimately suitable for large scale usage of chrome concentrates.
\n
The Group believes that
\n
potential cash inflows resulting from the application of the intellectual property to the Group\u2019s existing operational proces
\n
ses and products will
\n
exceed the carrying value and hence no impairment was recognised. At 30 September 2023 and 30 September 2022, the Group continued
\n
to
\n
assess that the
\n
majority of the
\n
intellectual property has an indefinite useful life.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag398": { "value": "\n

\n\n

\n

\n
15.
\n
\n
INTANGIBLE ASSETS
\n
\n
\n\n

\n\n

\n\n

\n
Accounting
\n
policy
\n
\n
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible
\n
assets are carried
\n
at cost less any accumulated amortisation and accumulated impairment losses. The useful lives of intangible assets are assessed as either
\n
finite or indefinite.
\n
\n
\n
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually
\n
\n
or at the cash
\n
-
\n
generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be
\n
supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.
\n
\n
\n
Intangible assets with finite useful lives are
\n
amortised using the straight
\n
-
\n
line method over their estimated useful lives. Residual values of
\n
intangible assets are presumed to be zero and along with their useful lives are reassessed on an annual basis.
\n
\n
\n\n

\n\n
\n\n
Impairment of goodwill
\n
\n
The carrying
\n
amounts of the Group's non
\n
-
\n
financial assets are reviewed at each reporting date to determine whether there is any indication
\n
of impairment. For goodwill and intangible assets that have indefinite lives or are not yet available for use, the recoverable amount is estimated
\n
annually
\n
as to
\n
whether or not there is any indication of impairment.
\n
\n
\n
For the purposes of goodwill impairment testing, goodwill acquired in a business combination is allocated to groups of CGUs t
\n
hat are expected
\n
to benefit from the synergies of the combination.
\n
\n
An impairment loss in respect of goodwill is not reversed.
\n
\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
\n
\n
\n\n
Goodwill: reconciliation of carrying
\n
amount
\n
\n
Goodwill
\n
US$\u2019000
\n
\n
2023
\n
Intellectual
\n
property
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
Goodwill
\n
US$\u2019000
\n
\n
2022
\n
Intellectual
\n
property
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
Cost
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 1 October
\n
\n
2
\n
\n
634
\n
\n
\n
311
\n
\n
\n
2
\n
\n
945
\n
\n
\n
2
\n
\n
883
\n
\n
\n
311
\n
\n
\n
3
\n
\n
194
\n
\n
\n
Additions
\n
\n
-
\n
\n
\n
649
\n
\n
\n
649
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Effect of movement in exchange rates
\n
\n
(55)
\n
\n
(
\n
4
\n
)
\n
\n
(5
\n
9
\n
)
\n
\n
(249)
\n
\n
-
\n
\n
\n
(249)
\n
\n
Balance at 30 September
\n
\n
2
\n
\n
579
\n
\n
\n
956
\n
\n
\n
3
\n
\n
53
\n
5
\n
\n
\n
2
\n
\n
634
\n
\n
\n
311
\n
\n
\n
2
\n
\n
945
\n
\n
\n
Accumulated impairment losses
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 1 October
\n
\n
2 005
\n
\n
\n
-
\n
\n
\n
2 005
\n
\n
\n
252
\n
\n
\n
-
\n
\n
\n
252
\n
\n
\n
Amortisation
\n
\n
for the year
\n
\n
-
\n
\n
\n
2
\n
\n
\n
2
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Impairment
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
1
\n
\n
852
\n
\n
\n
-
\n
\n
\n
1
\n
\n
852
\n
\n
\n
Effect of movement in exchange rates
\n
\n
(27)
\n
\n
-
\n
\n
\n
(27)
\n
\n
(99)
\n
\n
-
\n
\n
\n
(99)
\n
\n
Balance at 30
\n
September
\n
\n
1
\n
\n
978
\n
\n
\n
2
\n
\n
\n
1
\n
\n
98
\n
0
\n
\n
\n
2 005
\n
\n
\n
-
\n
\n
\n
2 005
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Carrying amount
\n
\n
601
\n
\n
\n
954
\n
\n
\n
1
\n
\n
555
\n
\n
\n
629
\n
\n
\n
311
\n
\n
\n
940
\n

\n\n

\n\n

\n\n

\n\n

\n
15.
\n
\n
INTANGIBLE ASSETS
\n
\n
(continued)
\n
\n
\n
The goodwill arose on the acquisitions of
\n
Braeston Proprietary Limited, Arxo Logistics Proprietary Limited, MetQ
\n
Proprietary Limited and
\n
Salene Chrome Zimbabwe (Private) Limited.
\n
\n
\n
The goodwill relating to Braeston Proprietary Limited (US$0.1 million) was attributed to the synergies of operations at the G
\n
roup\u2019s head office
\n
and established client and supplier
\n
relationships. The goodwill was allocated to the PGM and chrome operating segments.
\n
\n
\n
The goodwill relating to Arxo Logistics Proprietary Limited (US$0.5 million) was attributed to supplier relationships specifi
\n
c to the transport and
\n
sea freight
\n
industry and skills and knowledge of the workforce. The goodwill was allocated to the chrome operating segment.
\n
\n
\n
The goodwill relating to MetQ Proprietary Limited (\u2018MetQ\u2019) (US$0.5 million) was attributed to technical expertise and the tal
\n
ent and skills of the
\n
workforce, industry knowledge relating to the manufacture of the mining equipment and relationships with customers. The goodwill was
\n
allocated to the chrome operating segment. The
\n
goodwill
\n
was impaired in full during the year ended 30
\n
\n
September
\n
\n
2022
\n
\n
(refer to note 14).
\n
\n
\n
The goodwill relating to Salene Chrome Zimbabwe (Private) Limited (US$1.4 million) was impaired in full during the year ended
\n
\n
30
\n
\n
September
\n
\n
2022
\n
\n
(refer to note 14)
\n
.
\n
The goodwill is not tax deductible.
\n
\n
\n
The recoverable amount of the remaining goodwill was calculated based on the value in use of the operating segment to which t
\n
he goodwill
\n
was allocated and was higher than the carrying values.
\n
\n
\n
The recoverable amounts of the
\n
operating segments
\n
\n
were determined based on discounted cash flows app
\n
roved by management covering a
\n
sixteen-year period, which represents the estimated opencast life of mine at 30 September 2023.
\n
The cash flows were discounted using a real
\n
discount rate of 12.2% (2022: 12.6%) for South African operations, an exchange rate of ZAR17.80:US$1; (2022: ZAR16.01
\n
US$1) spot PGM
\n
basket price of US$1 889/oz (2022: US$2 224/oz), spot chrome concentrate prices of US$280/tonne (2022: US$200
\n
/tonne) and a CIF China
\n
logistics cost of US$101/tonne (2022:US$98/t). The discount rate used was a pre-
\n
tax real rate and reflects specific risks relating to the relevant
\n
operating segment. Cash flows are based on the life-of-mine plan that
\n
takes into account proved and probable ore reserves and appropriate
\n
capital expenditure estimates.
\n
\n
\n
It is estimated that a decrease of 18.9% (from US$280/tonne to US$227/tonne) in the long
\n
-
\n
term real chrome concentrate price would cause
\n
the recoverable amount of goodwill to equal its carrying amount without any other changes in key assumptions.
\n
\n
\n\n
Judgements and estimates: allocation of goodwill
\n
\n
T
\n
he Group believes that the mining assets and the processing plants together represents the smallest identifiable Group of ass
\n
ets that
\n
generates cash inflows largely independent from other assets and represents a single CGU, refer to note 14. IAS 36 does not prohibit entities
\n
having a CGU larger than its operating segments. However, in such circumstances where a CGU is larger than its operating segments, goodwill
\n
should be allocated and tested on an operating segment level. The Group has consequently allocated and tested the goodwill on an operating
\n
segments
\n
\n
level
\n
.
\n

\n\n
\n
\n
Intellectual property
\n
\n
The Group acquired certain intellectual property associated with the development and commercialisation of an electrical energ
\n
y storage device
\n
suitable for large scale static applications and ultimately suitable for large scale usage of chrome concentrates.
\n
The Group believes that
\n
potential cash inflows resulting from the application of the intellectual property to the Group\u2019s existing operational proces
\n
ses and products will
\n
exceed the carrying value and hence no impairment was recognised. At 30 September 2023 and 30 September 2022, the Group continued
\n
to
\n
assess that the
\n
majority of the
\n
intellectual property has an indefinite useful life.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag399": { "value": "\n

\n

\n
15.
\n
\n
INTANGIBLE ASSETS
\n
\n
\n\n

\n\n

\n\n

\n
Accounting
\n
policy
\n
\n
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible
\n
assets are carried
\n
at cost less any accumulated amortisation and accumulated impairment losses. The useful lives of intangible assets are assessed as either
\n
finite or indefinite.
\n
\n
\n
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually
\n
\n
or at the cash
\n
-
\n
generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be
\n
supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.
\n
\n
\n
Intangible assets with finite useful lives are
\n
amortised using the straight
\n
-
\n
line method over their estimated useful lives. Residual values of
\n
intangible assets are presumed to be zero and along with their useful lives are reassessed on an annual basis.
\n
\n
\n\n

\n\n
\n\n
Impairment of goodwill
\n
\n
The carrying
\n
amounts of the Group's non
\n
-
\n
financial assets are reviewed at each reporting date to determine whether there is any indication
\n
of impairment. For goodwill and intangible assets that have indefinite lives or are not yet available for use, the recoverable amount is estimated
\n
annually
\n
as to
\n
whether or not there is any indication of impairment.
\n
\n
\n
For the purposes of goodwill impairment testing, goodwill acquired in a business combination is allocated to groups of CGUs t
\n
hat are expected
\n
to benefit from the synergies of the combination.
\n
\n
An impairment loss in respect of goodwill is not reversed.
\n
\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
\n
\n
\n\n
Goodwill: reconciliation of carrying
\n
amount
\n
\n
Goodwill
\n
US$\u2019000
\n
\n
2023
\n
Intellectual
\n
property
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
Goodwill
\n
US$\u2019000
\n
\n
2022
\n
Intellectual
\n
property
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
Cost
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 1 October
\n
\n
2
\n
\n
634
\n
\n
\n
311
\n
\n
\n
2
\n
\n
945
\n
\n
\n
2
\n
\n
883
\n
\n
\n
311
\n
\n
\n
3
\n
\n
194
\n
\n
\n
Additions
\n
\n
-
\n
\n
\n
649
\n
\n
\n
649
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Effect of movement in exchange rates
\n
\n
(55)
\n
\n
(
\n
4
\n
)
\n
\n
(5
\n
9
\n
)
\n
\n
(249)
\n
\n
-
\n
\n
\n
(249)
\n
\n
Balance at 30 September
\n
\n
2
\n
\n
579
\n
\n
\n
956
\n
\n
\n
3
\n
\n
53
\n
5
\n
\n
\n
2
\n
\n
634
\n
\n
\n
311
\n
\n
\n
2
\n
\n
945
\n
\n
\n
Accumulated impairment losses
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 1 October
\n
\n
2 005
\n
\n
\n
-
\n
\n
\n
2 005
\n
\n
\n
252
\n
\n
\n
-
\n
\n
\n
252
\n
\n
\n
Amortisation
\n
\n
for the year
\n
\n
-
\n
\n
\n
2
\n
\n
\n
2
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Impairment
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
1
\n
\n
852
\n
\n
\n
-
\n
\n
\n
1
\n
\n
852
\n
\n
\n
Effect of movement in exchange rates
\n
\n
(27)
\n
\n
-
\n
\n
\n
(27)
\n
\n
(99)
\n
\n
-
\n
\n
\n
(99)
\n
\n
Balance at 30
\n
September
\n
\n
1
\n
\n
978
\n
\n
\n
2
\n
\n
\n
1
\n
\n
98
\n
0
\n
\n
\n
2 005
\n
\n
\n
-
\n
\n
\n
2 005
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Carrying amount
\n
\n
601
\n
\n
\n
954
\n
\n
\n
1
\n
\n
555
\n
\n
\n
629
\n
\n
\n
311
\n
\n
\n
940
\n

\n\n

\n\n

\n
15.
\n
\n
INTANGIBLE ASSETS
\n
\n
(continued)
\n
\n
\n
The goodwill arose on the acquisitions of
\n
Braeston Proprietary Limited, Arxo Logistics Proprietary Limited, MetQ
\n
Proprietary Limited and
\n
Salene Chrome Zimbabwe (Private) Limited.
\n
\n
\n
The goodwill relating to Braeston Proprietary Limited (US$0.1 million) was attributed to the synergies of operations at the G
\n
roup\u2019s head office
\n
and established client and supplier
\n
relationships. The goodwill was allocated to the PGM and chrome operating segments.
\n
\n
\n
The goodwill relating to Arxo Logistics Proprietary Limited (US$0.5 million) was attributed to supplier relationships specifi
\n
c to the transport and
\n
sea freight
\n
industry and skills and knowledge of the workforce. The goodwill was allocated to the chrome operating segment.
\n
\n
\n
The goodwill relating to MetQ Proprietary Limited (\u2018MetQ\u2019) (US$0.5 million) was attributed to technical expertise and the tal
\n
ent and skills of the
\n
workforce, industry knowledge relating to the manufacture of the mining equipment and relationships with customers. The goodwill was
\n
allocated to the chrome operating segment. The
\n
goodwill
\n
was impaired in full during the year ended 30
\n
\n
September
\n
\n
2022
\n
\n
(refer to note 14).
\n
\n
\n
The goodwill relating to Salene Chrome Zimbabwe (Private) Limited (US$1.4 million) was impaired in full during the year ended
\n
\n
30
\n
\n
September
\n
\n
2022
\n
\n
(refer to note 14)
\n
.
\n
The goodwill is not tax deductible.
\n
\n
\n
The recoverable amount of the remaining goodwill was calculated based on the value in use of the operating segment to which t
\n
he goodwill
\n
was allocated and was higher than the carrying values.
\n
\n
\n
The recoverable amounts of the
\n
operating segments
\n
\n
were determined based on discounted cash flows app
\n
roved by management covering a
\n
sixteen-year period, which represents the estimated opencast life of mine at 30 September 2023.
\n
The cash flows were discounted using a real
\n
discount rate of 12.2% (2022: 12.6%) for South African operations, an exchange rate of ZAR17.80:US$1; (2022: ZAR16.01
\n
US$1) spot PGM
\n
basket price of US$1 889/oz (2022: US$2 224/oz), spot chrome concentrate prices of US$280/tonne (2022: US$200
\n
/tonne) and a CIF China
\n
logistics cost of US$101/tonne (2022:US$98/t). The discount rate used was a pre-
\n
tax real rate and reflects specific risks relating to the relevant
\n
operating segment. Cash flows are based on the life-of-mine plan that
\n
takes into account proved and probable ore reserves and appropriate
\n
capital expenditure estimates.
\n
\n
\n
It is estimated that a decrease of 18.9% (from US$280/tonne to US$227/tonne) in the long
\n
-
\n
term real chrome concentrate price would cause
\n
the recoverable amount of goodwill to equal its carrying amount without any other changes in key assumptions.
\n
\n
\n\n
Judgements and estimates: allocation of goodwill
\n
\n
T
\n
he Group believes that the mining assets and the processing plants together represents the smallest identifiable Group of ass
\n
ets that
\n
generates cash inflows largely independent from other assets and represents a single CGU, refer to note 14. IAS 36 does not prohibit entities
\n
having a CGU larger than its operating segments. However, in such circumstances where a CGU is larger than its operating segments, goodwill
\n
should be allocated and tested on an operating segment level. The Group has consequently allocated and tested the goodwill on an operating
\n
segments
\n
\n
level
\n
.
\n

\n\n
\n
\n
Intellectual property
\n
\n
The Group acquired certain intellectual property associated with the development and commercialisation of an electrical energ
\n
y storage device
\n
suitable for large scale static applications and ultimately suitable for large scale usage of chrome concentrates.
\n
The Group believes that
\n
potential cash inflows resulting from the application of the intellectual property to the Group\u2019s existing operational proces
\n
ses and products will
\n
exceed the carrying value and hence no impairment was recognised. At 30 September 2023 and 30 September 2022, the Group continued
\n
to
\n
assess that the
\n
majority of the
\n
intellectual property has an indefinite useful life.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag400": { "value": "\n

\n\n

\n
Accounting
\n
policy
\n
\n
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible
\n
assets are carried
\n
at cost less any accumulated amortisation and accumulated impairment losses. The useful lives of intangible assets are assessed as either
\n
finite or indefinite.
\n
\n
\n
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually
\n
\n
or at the cash
\n
-
\n
generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be
\n
supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.
\n
\n
\n
Intangible assets with finite useful lives are
\n
amortised using the straight
\n
-
\n
line method over their estimated useful lives. Residual values of
\n
intangible assets are presumed to be zero and along with their useful lives are reassessed on an annual basis.
\n
\n
\n\n

\n\n
\n\n
Impairment of goodwill
\n
\n
The carrying
\n
amounts of the Group's non
\n
-
\n
financial assets are reviewed at each reporting date to determine whether there is any indication
\n
of impairment. For goodwill and intangible assets that have indefinite lives or are not yet available for use, the recoverable amount is estimated
\n
annually
\n
as to
\n
whether or not there is any indication of impairment.
\n
\n
\n
For the purposes of goodwill impairment testing, goodwill acquired in a business combination is allocated to groups of CGUs t
\n
hat are expected
\n
to benefit from the synergies of the combination.
\n
\n
An impairment loss in respect of goodwill is not reversed.
\n
\n\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag401": { "value": "\n

\n
Accounting
\n
policy
\n
\n
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible
\n
assets are carried
\n
at cost less any accumulated amortisation and accumulated impairment losses. The useful lives of intangible assets are assessed as either
\n
finite or indefinite.
\n
\n
\n
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually
\n
\n
or at the cash
\n
-
\n
generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be
\n
supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.
\n
\n
\n
Intangible assets with finite useful lives are
\n
amortised using the straight
\n
-
\n
line method over their estimated useful lives. Residual values of
\n
intangible assets are presumed to be zero and along with their useful lives are reassessed on an annual basis.
\n
\n
\n\n

\n\n
\n\n
Impairment of goodwill
\n
\n
The carrying
\n
amounts of the Group's non
\n
-
\n
financial assets are reviewed at each reporting date to determine whether there is any indication
\n
of impairment. For goodwill and intangible assets that have indefinite lives or are not yet available for use, the recoverable amount is estimated
\n
annually
\n
as to
\n
whether or not there is any indication of impairment.
\n
\n
\n
For the purposes of goodwill impairment testing, goodwill acquired in a business combination is allocated to groups of CGUs t
\n
hat are expected
\n
to benefit from the synergies of the combination.
\n
\n
An impairment loss in respect of goodwill is not reversed.
\n
\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag414": { "value": "\n

\n\n
\n\n
Impairment of goodwill
\n
\n
The carrying
\n
amounts of the Group's non
\n
-
\n
financial assets are reviewed at each reporting date to determine whether there is any indication
\n
of impairment. For goodwill and intangible assets that have indefinite lives or are not yet available for use, the recoverable amount is estimated
\n
annually
\n
as to
\n
whether or not there is any indication of impairment.
\n
\n
\n
For the purposes of goodwill impairment testing, goodwill acquired in a business combination is allocated to groups of CGUs t
\n
hat are expected
\n
to benefit from the synergies of the combination.
\n
\n
An impairment loss in respect of goodwill is not reversed.
\n
\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag412": { "value": "\n
\n\n
Impairment of goodwill
\n
\n
The carrying
\n
amounts of the Group's non
\n
-
\n
financial assets are reviewed at each reporting date to determine whether there is any indication
\n
of impairment. For goodwill and intangible assets that have indefinite lives or are not yet available for use, the recoverable amount is estimated
\n
annually
\n
as to
\n
whether or not there is any indication of impairment.
\n
\n
\n
For the purposes of goodwill impairment testing, goodwill acquired in a business combination is allocated to groups of CGUs t
\n
hat are expected
\n
to benefit from the synergies of the combination.
\n
\n
An impairment loss in respect of goodwill is not reversed.
\n
\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag413": { "value": "\n
Impairment of goodwill
\n
\n
The carrying
\n
amounts of the Group's non
\n
-
\n
financial assets are reviewed at each reporting date to determine whether there is any indication
\n
of impairment. For goodwill and intangible assets that have indefinite lives or are not yet available for use, the recoverable amount is estimated
\n
annually
\n
as to
\n
whether or not there is any indication of impairment.
\n
\n
\n
For the purposes of goodwill impairment testing, goodwill acquired in a business combination is allocated to groups of CGUs t
\n
hat are expected
\n
to benefit from the synergies of the combination.
\n
\n
An impairment loss in respect of goodwill is not reversed.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag402": { "value": "\n

\n\n

\n
16.
\n
\n
GROUP COMPOSITION
\n
\n
\n
\n
\n
\n
\n
Details of the subsidiaries including direct and indirect holdings are
\n
disclosed in note 1
\n
.
\n
\n
The Group holds 100% of the voting rights in all
\n
subsidiaries apart from Karo Mining Holdings plc (75.0% holding, 2022: 70% holding). For the increase in shareholding within Karo Mining
\n
Holdings plc, please refer to note 23.
\n
\n
\n
Tharisa Minerals Proprietary Limited is 100% (2022: 100%) owned
\n
, but during the 30 September 2022 reporting period the Group acquired
\n
the 26% held by the non-controlling shareholders and therefore did not own 100% of Tharisa Minerals throughout the full 30 September 2022
\n
reporting period
\n
(refer to note 2
\n
3).
\n
\n
\n
\n
\n
The following table summarises the information relating to the Company's subsidiar
\n
ies with material non
\n
-
\n
controlling interests
\n
,
\n
Karo Mining
\n
Holdings plc owns 85.0% of the voting rights of Karo Platinum (Private) Limited. The non-controlling interests of Karo Mining Holdings plc and
\n
subsidiaries and Tharisa Minerals Proprietary Limited
\n
before any inter
\n
-
\n
group eliminations
\n
\n
were
\n
:
\n
\n
\n
2023
\n
Karo Mining
\n
Holdings plc
\n
US$\u2019000
\n
\n
2022
\n
Karo Mining
\n
Holdings plc
\n
US$\u2019000
\n
\n
Tharisa
\n
Minerals
\n
Proprietary
\n
Limited
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Non
\n
-
\n
current assets
\n
\n
\n
57
\n
\n
670
\n
\n
\n
12
\n
\n
795
\n
\n
\n
337
\n
\n
242
\n
\n
\n
Current assets
\n
\n
\n
79
\n
\n
635
\n
\n
\n
13
\n
\n
782
\n
\n
\n
242
\n
\n
046
\n
\n
\n
Non
\n
-
\n
current liabilities
\n
\n
\n
(37
\n
\n
22
\n
7
\n
)
\n
\n
(16
\n
\n
779)
\n
\n
(382
\n
\n
713)
\n
\n
Current liabilities
\n
\n
\n
(16
\n
\n
65
\n
1
\n
)
\n
\n
(4
\n
\n
900)
\n
\n
(112
\n
\n
923)
\n
\n
Net assets
\n
\n
\n
83
\n
\n
427
\n
\n
\n
4
\n
\n
898
\n
\n
\n
83
\n
\n
652
\n
\n
\n
\n
\n
\n
\n
\n
Carrying amount of non
\n
-
\n
controlling interest
\n
\n
in the net assets of Karo Mining Holdings
\n
Plc
\n
\n
(1 552) 1 389 -
\n
Fair value
\n
adjustments on the net
\n
assets at acquisition attributable to non
\n
-
\n
controlling
\n
interest
\n
\n
55 451 61 647 -
\n
Value of net assets attributable to non
\n
-
\n
controlling interest, taking acquisition
\n
adjustments into account
\n
\n
53 899 63 036 -
\n
\n
\n
\n
\n
\n
Revenue
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
490
\n
\n
383
\n
\n
\n
Net
\n
profit
\n
/(loss)
\n
\n
after tax
\n
\n
and total comprehensive income/(loss)
\n
\n
\n
13
\n
\n
528
\n
\n
\n
(13
\n
\n
286)
\n
\n
64
\n
\n
912
\n
\n
\n
Non
\n
-
\n
controlling interest in (loss)/profit
\n
\n
after tax
\n
\n
\n
130
\n
\n
\n
(338)
\n
\n
13 613
\n
\n
\n
\n
\n
\n
\n
\n
Cash flows
\n
(used in)/generated
\n
from operating activities
\n
\n
\n
(8
\n
\n
351)
\n
\n
32
\n
\n
\n
143
\n
\n
743
\n
\n
\n
Cash flows
\n
used in
\n
\n
investing activities
\n
\n
\n
(44
\n
\n
588)
\n
\n
(12
\n
\n
629)
\n
\n
(93
\n
\n
865)
\n
\n
Cash flows
\n
generated
\n
from
\n
/(used in)
\n
\n
financing activities
\n
\n
\n
102
\n
\n
442
\n
\n
\n
25
\n
\n
097
\n
\n
\n
(70
\n
\n
393)
\n
\n
Net change in
\n
cash and cash equivalents
\n
\n
\n
49
\n
\n
503
\n
\n
\n
12
\n
\n
500
\n
\n
\n
(20
\n
\n
515)
\n
\n
\n
\n
\n
Tharisa Minerals Proprietary Limited, declared and paid an ordinary dividend of US$2.7 million during the year ended 30 Septe
\n
mber 2022 and
\n
prior to the acquisition of the
\n
non
\n
-
\n
controlling interest. The dividend paid to non
\n
-
\n
controlling shareholders amounted to US$0.2 million.
\n
\n
\n
The value of the net assets attributable to the non
\n
-
\n
controlling shareholders of Karo Mining Holdings Plc of US$ 1.4 million for the year ended
\n
30 September 2022 has updated to correctly take into account the IFRS 3 at acquisition fair value adjustments from the acquisition of Karo
\n
Mining Holdings Plc as indicated above. Refer to note 30.
\n
\n
\n\n
Judgement
\n
s
\n
\n
and estimates: assessment of intergroup loans as net investments in foreign operations
\n
\n
Settlement of certain intergroup loans to South African entities denominated in US$ is neither planned nor likely to occur in
\n
\n
the foreseeable
\n
future and the loans are therefore considered to be in substance part of the Group\u2019s net investment in the foreign operations. The exchange
\n
differences arising on these loans are recognised in the Group\u2019s other comprehensive income and reclassified from equity to profit or loss on
\n
disposal of the net investment.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag403": { "value": "\n

\n
16.
\n
\n
GROUP COMPOSITION
\n
\n
\n
\n
\n
\n
\n
Details of the subsidiaries including direct and indirect holdings are
\n
disclosed in note 1
\n
.
\n
\n
The Group holds 100% of the voting rights in all
\n
subsidiaries apart from Karo Mining Holdings plc (75.0% holding, 2022: 70% holding). For the increase in shareholding within Karo Mining
\n
Holdings plc, please refer to note 23.
\n
\n
\n
Tharisa Minerals Proprietary Limited is 100% (2022: 100%) owned
\n
, but during the 30 September 2022 reporting period the Group acquired
\n
the 26% held by the non-controlling shareholders and therefore did not own 100% of Tharisa Minerals throughout the full 30 September 2022
\n
reporting period
\n
(refer to note 2
\n
3).
\n
\n
\n
\n
\n
The following table summarises the information relating to the Company's subsidiar
\n
ies with material non
\n
-
\n
controlling interests
\n
,
\n
Karo Mining
\n
Holdings plc owns 85.0% of the voting rights of Karo Platinum (Private) Limited. The non-controlling interests of Karo Mining Holdings plc and
\n
subsidiaries and Tharisa Minerals Proprietary Limited
\n
before any inter
\n
-
\n
group eliminations
\n
\n
were
\n
:
\n
\n
\n
2023
\n
Karo Mining
\n
Holdings plc
\n
US$\u2019000
\n
\n
2022
\n
Karo Mining
\n
Holdings plc
\n
US$\u2019000
\n
\n
Tharisa
\n
Minerals
\n
Proprietary
\n
Limited
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Non
\n
-
\n
current assets
\n
\n
\n
57
\n
\n
670
\n
\n
\n
12
\n
\n
795
\n
\n
\n
337
\n
\n
242
\n
\n
\n
Current assets
\n
\n
\n
79
\n
\n
635
\n
\n
\n
13
\n
\n
782
\n
\n
\n
242
\n
\n
046
\n
\n
\n
Non
\n
-
\n
current liabilities
\n
\n
\n
(37
\n
\n
22
\n
7
\n
)
\n
\n
(16
\n
\n
779)
\n
\n
(382
\n
\n
713)
\n
\n
Current liabilities
\n
\n
\n
(16
\n
\n
65
\n
1
\n
)
\n
\n
(4
\n
\n
900)
\n
\n
(112
\n
\n
923)
\n
\n
Net assets
\n
\n
\n
83
\n
\n
427
\n
\n
\n
4
\n
\n
898
\n
\n
\n
83
\n
\n
652
\n
\n
\n
\n
\n
\n
\n
\n
Carrying amount of non
\n
-
\n
controlling interest
\n
\n
in the net assets of Karo Mining Holdings
\n
Plc
\n
\n
(1 552) 1 389 -
\n
Fair value
\n
adjustments on the net
\n
assets at acquisition attributable to non
\n
-
\n
controlling
\n
interest
\n
\n
55 451 61 647 -
\n
Value of net assets attributable to non
\n
-
\n
controlling interest, taking acquisition
\n
adjustments into account
\n
\n
53 899 63 036 -
\n
\n
\n
\n
\n
\n
Revenue
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
490
\n
\n
383
\n
\n
\n
Net
\n
profit
\n
/(loss)
\n
\n
after tax
\n
\n
and total comprehensive income/(loss)
\n
\n
\n
13
\n
\n
528
\n
\n
\n
(13
\n
\n
286)
\n
\n
64
\n
\n
912
\n
\n
\n
Non
\n
-
\n
controlling interest in (loss)/profit
\n
\n
after tax
\n
\n
\n
130
\n
\n
\n
(338)
\n
\n
13 613
\n
\n
\n
\n
\n
\n
\n
\n
Cash flows
\n
(used in)/generated
\n
from operating activities
\n
\n
\n
(8
\n
\n
351)
\n
\n
32
\n
\n
\n
143
\n
\n
743
\n
\n
\n
Cash flows
\n
used in
\n
\n
investing activities
\n
\n
\n
(44
\n
\n
588)
\n
\n
(12
\n
\n
629)
\n
\n
(93
\n
\n
865)
\n
\n
Cash flows
\n
generated
\n
from
\n
/(used in)
\n
\n
financing activities
\n
\n
\n
102
\n
\n
442
\n
\n
\n
25
\n
\n
097
\n
\n
\n
(70
\n
\n
393)
\n
\n
Net change in
\n
cash and cash equivalents
\n
\n
\n
49
\n
\n
503
\n
\n
\n
12
\n
\n
500
\n
\n
\n
(20
\n
\n
515)
\n
\n
\n
\n
\n
Tharisa Minerals Proprietary Limited, declared and paid an ordinary dividend of US$2.7 million during the year ended 30 Septe
\n
mber 2022 and
\n
prior to the acquisition of the
\n
non
\n
-
\n
controlling interest. The dividend paid to non
\n
-
\n
controlling shareholders amounted to US$0.2 million.
\n
\n
\n
The value of the net assets attributable to the non
\n
-
\n
controlling shareholders of Karo Mining Holdings Plc of US$ 1.4 million for the year ended
\n
30 September 2022 has updated to correctly take into account the IFRS 3 at acquisition fair value adjustments from the acquisition of Karo
\n
Mining Holdings Plc as indicated above. Refer to note 30.
\n
\n
\n\n
Judgement
\n
s
\n
\n
and estimates: assessment of intergroup loans as net investments in foreign operations
\n
\n
Settlement of certain intergroup loans to South African entities denominated in US$ is neither planned nor likely to occur in
\n
\n
the foreseeable
\n
future and the loans are therefore considered to be in substance part of the Group\u2019s net investment in the foreign operations. The exchange
\n
differences arising on these loans are recognised in the Group\u2019s other comprehensive income and reclassified from equity to profit or loss on
\n
disposal of the net investment.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag404": { "value": "\n

\n
17.
\n
\n
FINANCIAL AND
\n
OTHER ASSETS
\n
\n
\n\n

\n\n

\n\n

\n

\n

\n

\n
Accounting policy
\n
\n
Measurement: Financial assets at amortised cost
\n
\n
Financial assets at amortised cost are initially recognised at fair value, and subsequently carried at amortised cost less an
\n
y
\n
allowance for
\n
impairment.
\n
\n
\n\n
Measurement: Financial assets at fair value through profit or loss
\n
\n
Financial assets carried at fair value through profit or loss are initially recorded at fair value and transaction costs are
\n
expensed in the
\n
statement of profit or loss. Realised and unrealised gains and losses arising from changes in the fair value of the financial assets held at fair
\n
value through profit or loss are included in the statement of profit or loss in the period in which they arise.
\n

\n\n
\n
\n\n
Derecognition: Financial assets
\n
\n
The Group derecognises financial assets only when the contractual
\n
rights to cash flows from the financial assets expire, or when it transfers
\n
the financial assets and substantially all the associated risks and rewards of ownership to another entity. Gains and losses on derecognition
\n
are generally recognised in the statem
\n
ent of profit or loss
\n
.
\n

\n\n
\n
\n\n

\n\n
Hedge accounting
\n
\n
The Group does not apply hedge accounting.
\n

\n\n

\n\n
\n
\n\n
Accounting policy: Impairment
\n
\n
Financial asset at amortised cost
\n
\n
The classification of financial assets at initial recognition depends on the financial
\n
asset\u2019s contractual cash flow characteristics and the
\n
Group\u2019s business model for managing them.
\n
\n
\n
In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are
\n
\u2018solely payments of
\n
principal and interest\u2019 (\u2018SPPI\u2019) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
\n
instrument level.
\n
\n
\n
The Group\u2019s business model for managing financial assets refers to how it manages its
\n
financial assets in order to generate cash flows. The
\n
business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets
\n
, or both.
\n
\n
\n
Impairment requirements are based on expected credit losses (expected credit loss model). Expected credit losses (\u2018ECLs\u2019) are
\n
\n
an estimate
\n
of credit losses over the life of a financial instrument and are recognised as a loss allowance or provision. The amount of ECLs to be
\n
recognised depends on the extent of credit deterioration since initial recognition.
\n
\n
\n
The Group applies the expected credit loss model to all debt instruments classified as measured at amortised cost, or at fair
\n
\n
value through
\n
other comprehensive income, including lease receivables and
\n
contract assets.
\n
\n
\n
The Group considers both approaches: the general approach and the simplified approach. For trade receivables (not subject to
\n
provisional
\n
pricing) due in less than 12 months, the group applies the simplified approach in calculating ECLs. Therefore, the Group does not track
\n
changes in credit risk, but instead, recognises a loss allowance based on the financial asset\u2019s lifetime ECL at each reporting date. The Group
\n
considers its historical credit loss experience, adjusted for forward looking factors that could indicate impairments taking into account the
\n
specific debtors and the economic environment.
\n
\n
\n
The general approach requires the assessment of financial assets to be split into 3 stages:
\n
\n
Stage 1: no significant
\n
deterioration in credit quality. This identifies financial assets as having a low credit risk, and the asset is considered
\n
to be performing as anticipated. At this stage, a 12 month expected credit loss assessment is required.
\n
\n
\n
Stage 2: significant deterioration in credit quality of the financial asset but no indication of a credit loss event. This st
\n
age identifies assets as
\n
under
\n
-
\n
performing. Lifetime expected credit losses are required to be assessed.
\n
\n
\n
Stage 3: clear and objective evidence of
\n
impairment is present. This stage identifies assets as non
\n
-
\n
performing financial instruments. Lifetime
\n
expected credit losses are required to be assessed
\n
.
\n
\n
\n
Once a default has occurred, it is considered a deterioration of credit risk and therefore an increase in the credit risk.
\n
\n
\n
The Group considers a wide variety of indicators when assessing the increase in credit risk as well as the probability of the
\n
\n
default happening
\n
for impairment purposes. Some indicators considered include: Significant changes in the expected performance and behaviour of the debtor;
\n
past due information; significant changes in external market indicators including market information related to the debtor, existing or forecast
\n
adverse changes in business, financial or economic conditions; an actual or expected significant adverse change in the regulatory, economic,
\n
or technological environment; actual or expected significant internal credit rating downgrade or decrease; actual or expected significant
\n
change in the operating results of the debtor.
\n
\n
\n
The expected credit loss value is determined as the estimated cash shortfall that would be incurred, multiplied by the probab
\n
ility of the default
\n
occurring
\n

\n\n

\n\n

\n\n

\n\n

\n\n
\n
\n
\n
\n
17.
\n
\n
FINANCIAL
\n
AND OTHER
\n
ASSETS
\n
\n
(continued)
\n
\n
\n
\n\n
\n\n
\n\n
Non
\n
-
\n
current assets
\n
\n
Fair value
\n
hierarchy
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
US$\u2019000
\n
\n
Financial assets
\n
\n
\n
\n
\n
Investments in money markets, current accounts, cash funds and income funds
\n
\n
Level 2
\n
\n
6
\n
\n
040
\n
\n
\n
6
\n
\n
019
\n
\n
\n
PGM commodity hedging derivative
\n
\n
Level
\n
2
\n
\n
81
\n
\n
\n
-
\n
\n
\n
Restricted cash
\n
\n
\n
13
\n
\n
713
\n
\n
\n
-
\n
\n
\n
\n
\n
19 834
\n
\n
\n
6
\n
\n
019
\n
\n
\n
\n
\n
\n
\n
Current assets
\n
\n
\n
\n
\n
Financial assets
\n
\n
\n
\n
\n
PGM commodity hedging derivative
\n
\n
Level 2
\n
\n
2
\n
\n
288
\n
\n
\n
-
\n
\n
\n
Forward exchange contracts
\n
\n
Level
\n
2
\n
\n
68
\n
\n
\n
-
\n
\n
\n
Investments in equity instruments
\n
\n
Level 1
\n
\n
48
\n
\n
\n
19
\n
\n
\n
\n
\n
2
\n
\n
404
\n
\n
\n
19
\n
\n
\n\n
\n\n
\n\n
\n
\n
The carrying amounts of other non
\n
-
\n
current and current assets carried at amortised cost approximate
\n
their
\n
\n
fair value.
\n
\n
\n
Investments in money markets, current accounts, cash fun
\n
ds and income funds
\n
\n
Investment in money market and current accounts
\n
totalling US$5.3 million (202
\n
2
\n
: US$
\n
5.3
\n
\n
million) is managed by Centriq Insurance Company
\n
Limited (\u2018Centriq\u2019). The investment serves as security for the guarantee issued by Centriq to the Department of Mineral Resources and Energy
\n
for the rehabilitation provision. The guarantee issued by Centriq has a fixed cover period from 1 December 2020 to 30 November 2023.
\n
Subsequent to 30 September 2023, the cover period of the guarantee was renewed to 30 November 2026.
\n
\n
\n
Investment in cash funds and income funds of US$0.7 million (202
\n
2
\n
: US$
\n
0.7
\n
\n
million)
\n
is
\n
managed by Stanlib Collective Investments. The
\n
investment is ceded to Lombard Insurance Group (\u2018Lombard\u2019) against a US$0.6 million (ZAR12.0 million) (2022: US$0.7 million
\n
(ZAR12.0 million)) guarantee issued by Lombard on behalf of Arxo Logistics Proprietary Limited to Transnet Freight Rail, a division of Transnet
\n
SOC Limited.
\n
\n
These investments are separately administered and the Group\u2019s right of access to these funds is re
\n
stricted.
\n
\n
\n
The investments in cash funds
\n
and income funds are held at fair value through profit or loss. The underlying investments are in money market
\n
and other funds and the fair value has been determined by reference to their quoted prices.
\n
\n
\n
\n
\n\n
PGM commodity hedging derivative
\n
\n
In terms of the commodity off
\n
-
\n
take financing (note 25), the lenders require commodity price protection for capital repayment amounts against
\n
commodity price volatility. The PGM commodity hedging derivative comprises of commodity hedges for a maximum 13-month rolling basis for
\n
platinum and palladium. The Group enters into commodity hedges over sufficient of the production to match the capital repayment profile. The
\n
total exposure at 30 September 2023 was US$63.8 million expiring not later than 15 October 2024. The commodity hedges were mark-to-
\n
market by using applicable
\n
quoted
\n
closing
\n
commodity prices
\n
\n
at 30 September
\n
\n
2023
\n
.
\n
\n\n
\n\n
\n
\n
\n
Restricted cash
\n
\n
The balance
\n
represents a debt reserve account held at Absa Bank Limited and serves
\n
as security
\n
as required by the commodity off
\n
-
\n
take
\n
financing (refer to note 25). The balance arose on 22 September 2023 and represents cash in the name of Tharisa Minerals Proprietary
\n
Limited, but Tharisa Minerals Proprietary Limited is unable to utilise the funds on demand due to access restrictions placed by lenders in
\n
accessing the account, which is only allowed if certain criteria within the commodity off-take financing agreement is satisfied. The balance is
\n
equal to approximately three months\u2019 instalments in terms of the commodity off-take financing with the required balance to be maintained
\n
dependent on the debt profile.
\n
The balance is expected to decrease
\n
to
\n
\n
US$
\n
5.9 million
\n
\n
by 15 October 2024.
\n
\n\n
\n
\n\n
Forward exchange contracts
\n
\u2013
\n
\n
fair value through profit or loss
\n
\n
The Group entered into a number of forward exchange
\n
contracts to hedge certain aspects of the foreign exchange risk associated with the
\n
conversion of the US$ to the ZAR. At 30 September 2023 the net exposure of these contracts was US$11.0 million (2022: US$8.5 million)
\n
with various expiries no later than 16 November 2023 (2022: no later than 27 October 2022). The forward exchange contracts were mark-to-
\n
market by using applicable closing exchange rates at 30 September 202
\n
3
\n
\n
(202
\n
2
\n
: 30 September 202
\n
2
\n
).
\n
\n
\n
Investments in equity instruments
\n
\u2013
\n
\n
fair value through profit or loss
\n
\n
Investments at fair value through profit or loss are valued based on quoted market prices at the end of the reporting period
\n
without any
\n
deduction for transaction costs. The investment represents shares in the Bank of Cyprus Public Co
\n
Limited.
\n
\n\n

\n\n

\n
26.
\n
\n
OTHER FINANCIAL LIABILITIES
\n
\n
\n
\n
\n
\n
\n\n

\n

\n

\n\n

\n

\n
Accounting policy
\n
\n\n
Measurement: Financial liabilities at fair value through profit or loss
\n
\n
Financial liabilities carried at
\n
fair value through profit or loss are initially recorded at fair value and transaction costs are expensed in the
\n
statement of profit or loss. Realised and unrealised gains and losses arising from changes in the fair value of the financial liabilities held at
\n
fair value through profit or loss are included in the statement of profit or loss in the period in which they arise. Where management has
\n
designated to recognise a financial liability at fair value through profit or loss, any changes associated with the Group\u2019s own credit risk will be
\n
recognised in other comprehensive income.
\n
\n

\n\n
\n\n
Derecognition: Financial liabilities
\n
\n
The Group derecognises financial liabilities only when its obligations under the financial liabilities are discharged, cancel
\n
led or
\n
expired. The
\n
difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-
\n
cash assets transferred or liabilities assumed, is recognised in profit or loss.
\n

\n\n
\n

\n\n

\n\n
\n
\n
\n
\n
\n
\n
\n
\n
Non
\n
-
\n
current liabilities
\n
\n
Fair value hierarchy
\n
2023
\n
\n
US$\u2019000
\n
2022
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Option granted to NCI to call upon shares in Karo Platinum (Private) Limited
\n
\n
Level 3
\n
\n
11
\n
\n
\n
16 779
\n
\n
\n
\n
\n
\n
\n
Current liabilities
\n
\n
\n
\n
\n
\n
\n
\n
\n
PGM d
\n
iscount facility
\n
\n
hedging derivative
\n
\n
Level 2
\n
\n
-
\n
\n
\n
337
\n
\n
\n
Forward excha
\n
nge contracts
\n
\n
(note
\n
17
\n
)
\n
\n
Level 2
\n
\n
-
\n
\n
\n
189
\n
\n
\n
\n
\n
-
\n
\n
\n
526
\n
\n
\n
\n
\n
\n
\n
Option granted to NCI to call upon shares in Karo Platinum (Private)
\n
Limited
\n
\n
(refer to note 3
\n
0
\n
)
\n
\n
T
\n
he Republic of Zimbabwe has an option to increase its shareholding in Karo Platinum (Private) Limited (\u2018Karo Platinum\u2019) by 11
\n
.0% exercisable
\n
after 24 months from 30 March 2022, but before 36 months, payable in cash at the net present value of Karo Platinum at 30 March 2022. The
\n
increase in the shareholding may, at the election of Karo Mining Holdings plc, be affected either through a sale of shares in Karo Platinum by
\n
Karo Zimbabwe Holdings (Private) Limited or by means of a share subscription by the Republic of Zimbabwe. This shareholding will not be on
\n
a free funded carry basis.
\n
\n
\n
PGM discount facility hedging derivative
\n
\n
During the
\n
year
\n
\n
ended 3
\n
0
\n
\n
September
\n
\n
2023, the limited recourse disclosed receivables discounting agreement in respect of the PGM
\n
discounting receivable was wound down.
\n

\n\n

\n\n

\n
32.
\n
\n
FINANCIAL RISK MANAGEMENT
\n
\n
\n
\n
\n\n

\n\n

\n\n

\n\n
Accounting
\n
policy: Financial instruments
\n
\n
-
\n
\n
classification
\n
\n
The Group classifies its financial instruments in the following categories:
\n
\n
\u2022 At fair value through profit or loss
\n
\u2022 At fair value through other comprehensive income
\n
\u2022
\n
At amortised cost
\n
\n
\n
The Group
\n
determines the classification of financial assets at initial recognition. Theclassificationofdebt instruments is driven by
\n
\n
the
\n
Group\u2019s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held
\n
for trading are classified at fair value through profit or loss, for other equity instruments, on the day of acquisition the Group can make an
\n
irrevocable election (on an instrument-by-instrument basis) to designate them as at fair value through other comprehensive income.
\n
Financial liabilities are measured at amortised cost, unless they are required to be measured at fair value through profit or loss (such as
\n
derivatives) or the Group has designated to measure them at fair value through profit
\n
\n
or loss.
\n
\n
\n
The following table presents the classification of the Group\u2019s financial instruments:
\n
\n
\n
Financial assets
\n
\n
\n
Classification
\n
\n
\n
\n
\n
Other financial assets
\n
\n
\n
\n
Investments in money markets, current accounts, cash funds and income
\n
funds
\n
\n
\n
Fair
\n
value through profit or loss
\n
\n
PGM commodity hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
PGM discount facility hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
Investment in equity instruments
\n
\n
\n
Fair value through profit or loss
\n
\n
Trade
\n
and other receivables
\n
\n
\n
Amortised cost
\n
\n
PGM
\n
receivables and PGM
\n
discounting
\n
receivable
\n
\n
\n
Fair value through profit or loss
\n
\n
Cash and cash equivalents
\n
\n
\n
Amortised cost
\n
\n
\n
\n
\n
Financial liabilities
\n
\n
\n
Classification
\n
\n
\n
\n
\n
Borrowings
\n
\n
\n
Amortised cost
\n
\n
Option
\n
granted to NCI to call upon shares in Karo Platinum (Private) Limited
\n
\n
\n
Fair value through profit or loss
\n
\n
PGM discount facility hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
Forward exchange contracts
\n
\n
\n
Fair value through profit or loss
\n
\n
Trade
\n
and other payables
\n
\n
\n
Amortised cost
\n
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n
32.
\n
\n
FINANCIAL RISK MANAGEMENT
\n
\n
(continued)
\n
\n
\n
\n
\n
\n
\n
In the ordinary course of business the Group is exposed to credit risk, liquidity risk, and market risk. This note presents i
\n
nformation about the
\n
Group's exposure to each of the aforementioned risks and its objectives, policies and processes for measuring and managing risks. Further
\n
quantitative disclosures are included throughout this note.
\n
The Group's risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate
\n
\n
risk limits and
\n
controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in
\n
market conditions and the Group's activities. The Group, through its training and management standards and procedures, aims to develop a
\n
disciplined and constructive control environment in which all employees understand their roles a
\n
nd obligations.
\n
\n
\n
The Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framewor
\n
k.
\n
\n
\n\n
Credit risk
\n

\n
Credit risk is the risk of financial loss to the Group if a customer or a counterparty to a financial instrument fails to mee
\n
t its contractual obligations
\n
and arises principally from the Grou
\n
p's trade and other receivables,
\n
cash and cash equivalents and
\n
other financial assets
\n
.
\n

\n

\n
Trade and other receivables
\n

\n
The Group's exposure to credit risk is influenced mainly by the individual characteristics of each
\n
customer. However, management also
\n
considers the demographics of the Group's customer base, including the default risk of the industry and country, in which customers operate,
\n
as these factors may have an influence on credit risk. In monitoring customer credit risk, management reviews on a regular basis the ageing
\n
of trade and other receivables to obtain comfort that there are no past due amounts
\n

\n
without acceptable mitigating credit information available
\n
.
\n

\n

\n
The Group establishes an allowance for credit losses that represents its estimate of expected credit losses in respect of tra
\n
de and other
\n
receivables. The Group applies a simplified approach to measure the loss allowance for trade receivables, using the lifetime expected loss
\n
provision. The expected credit loss on trade receivables is estimated using a provision matrix by reference to past default experience and
\n
credit rating if available, adjusted as appropriate for current observable data.
\n

\n

\n
The main component of the allowance for credit losses (if
\n
applicable) is a specific loss component that relates to individually significant
\n
exposures. As at 30 September 2023 and 30 September 2022, none of the carrying amounts of trade receivables that are past due, but not
\n
impaired require the recognition of an allowance for credit losses due to their insignificant exposure to credit risk. Receivables that were neither
\n
past due nor impaired relate to customers for whom there was no recent history of default and for whom no current observable adverse credit
\n
inform
\n
ation
\n

\n
is available.
\n

\n

\n
The allowance for credit losses in respect of trade and other receivables is used to record credit losses unless management i
\n
s satisfied that
\n
no recovery of the amount owing is possible and at that point the amount considered irrecoverable is written off against the financial asset
\n
directly.
\n

\n

\n
The most significant exposure of the Group to credit risk is represented by the carrying amount of trade receivables. The Boa
\n
rd of Directors
\n
performs regular ageing reviews of trade receivables to identify any doubtful balances. Based on the review performed for the reporting period,
\n
the Board of Directors concluded that no allowance for credit losses is required in respect of trade receivables due to their insignificant exposure
\n
to credit risk. 31.2% and 58.3% of the trade receivables were due from the Group's largest customer as at 30 September 2023 and
\n
30
\n

\n
September
\n

\n
20
\n
22
\n
, respectively.
\n

\n

\n
Cash and cash equivalents and
\n
long
\n
-
\n
term
\n

\n
deposits
\n

\n
The Group limits its exposures on cash and cash
\n
equivalents by dealing only with well
\n
-
\n
established financial institutions of
\n
high
\n
-
\n
quality
\n

\n
credit
\n
standing. The majority of the Group's cash resources were deposited with HSBC based in Hong Kong and South Africa, Bank of China in
\n
South Africa and Nedbank in South Africa.
\n
\n
\n
Investments in money markets, current accounts, cash funds and income funds
\n
The Group invests only in well
\n
-
\n
known reputable financial institutions.
\n
The majority of the investment in
\n
money markets, current accounts,
\n
cash
\n
funds
\n
and income funds are kep
\n
t
\n
\n
in cash at financial institutions of high credit quality standing.
\n
\n
\n
\n
\n
The maximum exposure to credit risk at the reporting date of the consolidated financial
\n
statements was:
\n
2023
\n
\n
US$\u2019000
\n
2022
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
Financial assets
\n
\n
6 040
\n
\n
\n
6
\n
\n
019
\n
\n
\n
Restricted cash
\n
\n
13
\n
\n
713
\n
\n
\n
-
\n
\n
\n
Trade and other receivables
\n
\n
103 741
\n
\n
\n
149
\n
\n
669
\n
\n
\n
Contract
\n
assets
\n
\n
1
\n
\n
876
\n
\n
\n
2
\n
\n
078
\n
\n
\n
Cash and cash equivalents
\n
\n
2
\n
55
\n
\n
300
\n
\n
\n
143
\n
\n
300
\n
\n
\n
\n
380 670
\n
\n
\n
301
\n
\n
066
\n

\n\n

\n\n

\n\n

\n

\n

\n

\n\n

\n

\n

\n
32.
\n
\n
FINANCIAL RISK MANAGEMENT (continued)
\n
\n
\n
\n
\n
\n
\n

\n\n
Liquidity risk
\n
\n
\n
\n
Liquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financia
\n
l liabilities that are settled
\n
by delivering cash or another financial asset. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always
\n
have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or
\n
risking damage to the Group's reputation. At 30 September 2023 the Group had undrawn banking facilities of US$70.3 million
\n
(ZAR
\n
1
\n
\n
330
\n
.
\n
3
\n
\n
million) (202
\n
2
\n
: US$
\n
31.2
\n
\n
million (ZAR
\n
564.5
\n
\n
million)) available (note 2
\n
5
\n
).
\n
\n
\n
Management is aware of the above
\n
risk. Liquidity risk is monitored on a regular basis and management is taking steps deemed necessary in
\n
an attempt to manage the corresponding risk. This excludes the potential impact of extreme circumstances that cannot reasonably be
\n
predicted, such as natural disasters. In addition, financial risk management may not be possible for instances where weakened commodity
\n
prices persist, forecast production not being achieved and further funding is not raised.
\n
\n
\n
\n
\n
The following table presents the
\n
remaining contractual maturities of the Group's financial liabilities at the end of the reporting period, which are
\n
based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates
\n
c
\n
urrent at the end of the reporting period) and the earliest date the Group can be required to pay:
\n
\n
\n
\n
\n
\n
Contractual undiscounted cash flow
\n
\n
\n
30 September 2023
\n
\n
Within 1 year
\n
or on
\n
demand
\n
US$\u2019000
\n
\n
More than 1
\n
year but less
\n
than 2 years
\n
US$\u2019000
\n
More than 2
\n
years but
\n
less than 5
\n
years
\n
US$\u2019000
\n
\n
More than 5
\n
years
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
Carrying
\n
amount
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
Borrowings
\n
\n
71 402
\n
\n
\n
37 728
\n
\n
\n
48 446
\n
\n
\n
-
\n
\n
\n
157 576
\n
\n
\n
139
\n
\n
656
\n
\n
\n
Trade and other payables
\n
\n
50
\n
\n
550
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
50
\n
\n
550
\n
\n
\n
50
\n
\n
550
\n
\n
\n
\n
121 952
\n
\n
\n
37 728
\n
\n
\n
48 446
\n
\n
\n
-
\n
\n
\n
208 126
\n
\n
\n
19
\n
0
\n
\n
206
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
30 September 20
\n
2
\n
2
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Borrowings
\n
\n
42 365
\n
\n
\n
12 937
\n
\n
\n
11
\n
\n
381
\n
\n
\n
-
\n
\n
\n
66 683
\n
\n
\n
62
\n
\n
884
\n
\n
\n
Other financial liabilities
\n
\n
526
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
526
\n
\n
\n
526
\n
\n
\n
Trade
\n
and other payables
\n
\n
43
\n
\n
453
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
43
\n
\n
453
\n
\n
\n
43
\n
\n
453
\n
\n
\n
\n
86
\n
\n
344
\n
\n
\n
12
\n
\n
937
\n
\n
\n
11
\n
\n
381
\n
\n
\n
-
\n
\n
\n
110
\n
\n
662
\n
\n
\n
106
\n
\n
863
\n

\n\n
\n
\n
\n
\n
\n

\n\n

\n
Market risk
\n
\n
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Gro
\n
up's
\n
income and the
\n
values of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable
\n
parameters, while optimising the return.
\n
\n
\n\n
Currency risk
\n
\n
Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Cu
\n
rrency risk arises
\n
when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not the Group's functional
\n
currency.
\n
\n
\n
The Group is exposed to currency risk on transactions that are denominated in a currency other than the respective functional
\n
\n
currency of the
\n
Group entities. These currency risk exposures arise primarily from exchange rate movements in ZAR, Euro (\u2018\u20ac\u2019), British Sterling (\u2018GBP\u2019) and
\n
US$.
\n
\n
\n
Management is aware of the above risk. Currency risk arising from currency fluctuations is monitored on a regular basis and m
\n
anagement is
\n
taking steps deemed necessary in managing the corresponding risk. These steps may include to enter, from time to time, into forward exchange
\n
contracts within board-approval limits. Financial risk management may not be possible for instances where weakened commodity prices
\n
persist, forecast produc
\n
tion not being achieved and further funding is not raised.
\n

\n\n

\n\n

\n\n
\n

\n\n

\n

\n\n

\n
32.
\n
\n
FINANCIAL RISK MANAGEMENT (continued)
\n
\n
\n\n

\n
Market risk (continued)
\n
\n\n
The following table details the Group's exposure at the end of each reporting period to currency risk arising from recognised
\n
\n
assets and
\n
liabilities denominated in a currency other than the functional currency of the entity to which they relate. Exposures in US$ relate to recognized
\n
assets and liabilities denominated in US$ of entities of the Group that have a functional currency other than US$. For presentation purposes,
\n
the amounts of the exposure are shown in US$, translated using the spot rate at the reporting date. The spot rates used at the reporting date
\n
against the US$ are a) US$:ZAR, 18.91 (2022: 18.07); b) US$:EUR, 0.94 (2022: 1.02) and c) US$:GBP, 0.82 (2022: 0.90). Differences resulting
\n
from the translation of the financial statements of foreign operations into the Group's presentation currency are excluded.
\n
\n
\n
The Group entered into a number of forward exchange contracts to hedge certain aspects of the foreign exchange
\n
risk associated to the
\n
conversion of the US$ to the ZAR and the EUR against the ZAR. The net exposure of these contracts was US$11.0 million (2022:
\n
US$
\n
8.5
\n
\n
million) with various expiries no later than
\n
16
\n
\n
November
\n
\n
202
\n
3
\n
\n
(20
\n
2
\n
2
\n
: no later than
\n
2
\n
7
\n
\n
October
\n
\n
20
\n
2
\n
2
\n
)
\n
.
\n
\n
\n
At the reporting date the Group's exposure to currency risk was as follows:
\n
\n
\n
\n
30 September 2023
\n
\n
30 September 2022
\n
\n
Amounts in US$\u2019000
\n
\n
US$
\n
\n
ZAR
\n
\n
\u20ac
\n
\n
AUD
\n
\n
GBP
\n
\n
US$
\n
\n
ZAR
\n
\n
\u20ac
\n
\n
GBP
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Other financial assets
\n
\n
13 713
\n
\n
\n
-
\n
\n
\n
48
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
19
\n
\n
\n
-
\n
\n
\n
Trade and
\n
other receivables
\n
\n
28
\n
\n
485
\n
\n
\n
80
\n
\n
\n
450
\n
\n
\n
-
\n
\n
\n
57
\n
\n
\n
133
\n
\n
214
\n
\n
\n
27
\n
\n
\n
157
\n
\n
\n
19
\n
\n
\n
Current taxation
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(682)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(1
\n
\n
726)
\n
\n
-
\n
\n
\n
Cash and cash equivalents
\n
\n
65 329
\n
\n
\n
429
\n
\n
\n
246
\n
\n
\n
-
\n
\n
\n
45
\n
\n
\n
11
\n
\n
604
\n
\n
\n
161
\n
\n
\n
204
\n
\n
\n
142
\n
\n
\n
Borrowings
\n
\n
(101
\n
\n
531)
\n
\n
-
\n
\n
\n
(53)
\n
\n
(1
\n
\n
117)
\n
\n
-
\n
\n
\n
(26
\n
\n
890)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Other financial liabilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(526)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Trade and other payables
\n
\n
(103)
\n
\n
(4
\n
\n
606
\n
)
\n
\n
(1
\n
\n
651)
\n
\n
(7)
\n
\n
(258)
\n
\n
(33)
\n
\n
(2
\n
\n
898)
\n
\n
(680)
\n
\n
(342)
\n
\n
\n
5
\n
\n
893
\n
\n
\n
(
\n
4
\n
\n
097
\n
)
\n
\n
(1
\n
\n
642)
\n
\n
(1
\n
\n
124)
\n
\n
(156)
\n
\n
(117
\n
\n
369)
\n
\n
(2
\n
\n
710)
\n
\n
(2
\n
\n
026)
\n
\n
(181)
\n
\n
\n
A 10.0% strengthening of the US$
\n
against the above currencies at the reporting date would have changed profits and equity by the amounts
\n
presented below. This analysis assumes that all other variables, and in particular interest rates, remain constant. The analysis has been
\n
performed on t
\n
he same basis for each reporting date.
\n
\n
\n
2023
\n
(Decrease)/
\n
increase/
\n
in profit or loss
\n
and equity
\n
US$\u2019000
\n
\n
2022
\n
Increase/
\n
(decrease)
\n
in profit or loss
\n
and equity
\n
US$\u2019000
\n
\n
\n
\n
\n
US$
\n
\n
(655)
\n
\n
7
\n
\n
717
\n
\n
\n
ZAR
\n
\n
4
\n
55
\n
\n
\n
216
\n
\n
\n
\u20ac
\n
\n
183
\n
\n
\n
159
\n
\n
\n
AUD
\n
\n
125
\n
\n
\n
-
\n
\n
\n
GBP
\n
\n
17
\n
\n
\n
14
\n
\n
\n
\n
\n
\n
A
\n
\n
10.0% weakening of the US$ against the above currencies at each reporting date would have had an equal but opposite effect to
\n
\n
the
\n
amounts shown above, on the basis that all other variables remain constant.
\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n
32.
\n
\n
FINANCIAL RISK MANAGEMENT
\n
(continued)
\n
\n
\n\n
Interest rate risk
\n
\n
Interest rate risk is the Group's exposure to adverse movements in interest rates. It arises as a result of timing difference
\n
s on the repricing of
\n
assets and liabilities. Management is aware of the above risk. Interest rate risk is monitored on a regular basis and management is taking
\n
steps deemed necessary
\n
managing
\n
\n
the corresponding risk.
\n
\n
As at the reporting date, the interest rate profile of the Group was as follows:
\n
\n
\n
\n
2023
\n
\n
2022
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Variable rate financial assets
\n
\n
\n
\n
\n
\n
Investments in money markets, current
\n
accounts, cash funds and income funds
\n
\n
6.9%
\n
-
\n
\n
8.6%
\n
\n
4.1%
\n
-
\n
\n
6.4%
\n
\n
6
\n
\n
040
\n
\n
\n
6
\n
\n
019
\n
\n
\n
Restricted cash
\n
\n
3.8%
\n
\n
-
\n
\n
\n
13
\n
\n
713
\n
\n
\n
-
\n
\n
\n
Cash and cash equivalents
\n
\n
0%
\n
-
\n
\n
8.2%
\n
\n
0%
\n
-
\n
\n
6.73%
\n
\n
2
\n
55 300
\n
\n
\n
143
\n
\n
300
\n
\n
\n
\n
\n
\n
275
\n
\n
053
\n
\n
\n
149
\n
\n
319
\n
\n
\n
\n
\n
\n
\n
\n
Variable rate financial liabilities
\n
\n
\n
\n
\n
\n
Commodity off
\n
-
\n
take financing
\n
\n
SOFR plus 3.6%
\n
\n
-
\n
\n
\n
77
\n
\n
703
\n
\n
\n
-
\n
\n
\n
Equipment loan facility
\n
\n
1
\n
-
\n
month SOFR plus
\n
between 3.25% and
\n
3.5%
\n
\n
1
\n
-
\n
month SOFR plus
\n
between 3.25% and
\n
3.5%
\n
\n
19
\n
\n
099
\n
\n
\n
23
\n
\n
699
\n
\n
\n
Atrafin loan
\n
\n
6
\n
-
\n
month
\n
SOFR
\n
\n
plus
\n
2
\n
.25
\n
%
\n
\n
6
\n
-
\n
month US Libor plus
\n
2%
\n
\n
2
\n
\n
243
\n
\n
\n
2
\n
\n
955
\n
\n
\n
Absa commercial asset finance
\n
\n
RSA prime less 1.15%
\n
\n
RSA prime less 1.15%
\n
\n
5
\n
\n
508
\n
\n
\n
6 885
\n
\n
\n
Wesbank revolving facility
\n
\n
RSA prime less
\n
between 0.65% and
\n
1.15%
\n
\n
RSA prime less
\n
between 0.65% and
\n
1.15%
\n
\n
5
\n
\n
234
\n
\n
\n
1
\n
\n
404
\n
\n
\n
L
\n
ease
\n
\n
liabilities
\n
\n
5.9%
\n
-
\n
\n
RSA prime +
\n
3.75%
\n
\n
5.9%
\n
-
\n
\n
RSA prime +
\n
3.75%
\n
\n
2
\n
\n
713
\n
\n
\n
3
\n
\n
579
\n
\n
\n
Property loans
\n
\n
-
\n
\n
\n
RSA prime
\n
\n
-
\n
\n
\n
553
\n
\n
\n
Bank credit facilities
\n
\n
-
\n
1
\n
-
\n
month SOFR plus
\n
between 1.65% and
\n
3.05%
\n
\n
-
\n
\n
\n
23
\n
\n
809
\n
\n
\n
\n
\n
\n
1
\n
12 500
\n
\n
\n
62 884
\n
\n
\n
\n
\n
\n
A change of 100
\n
basis points in interest rates at each reporting date would have changed profits and equity by the amounts presented below.
\n
This analysis assumes that all other variables, and in particular foreign currency rates, remain constant. The analysis has been performed on
\n
the same basis for each reporting date.
\n
\n
2023
\n
Increase/
\n
(decrease) in
\n
profit or loss and
\n
equity
\n
US$\u2019000
\n
\n
2022
\n
Increase/
\n
(decrease) in
\n
profit or loss
\n
and equity
\n
US$\u2019000
\n
\n
\n
\n
\n
Investments in money markets, current accounts, cash funds and
\n
income funds
\n
\n
498
\n
\n
\n
482
\n
\n
\n
Restricted cash
\n
\n
2
\n
\n
\n
-
\n
\n
\n
Cash and cash equivalents
\n
\n
1
\n
\n
5
\n
35
\n
\n
\n
224
\n
\n
\n
Commodity off
\n
-
\n
take financing
\n
\n
(833)
\n
\n
-
\n
\n
\n
Equipment loan facility
\n
\n
(200)
\n
\n
(273)
\n
\n
Atrafin loan
\n
\n
(24)
\n
\n
(34)
\n
\n
Absa commercial asset finance
\n
\n
(57)
\n
\n
(79)
\n
\n
Wesbank revolving
\n
facility
\n
\n
(54)
\n
\n
(16)
\n
\n
L
\n
ease
\n
\n
liabilities
\n
\n
(29)
\n
\n
(55)
\n
\n
Bank credit facilities
\n
\n
-
\n
\n
\n
(208)
\n
\n
Property loans
\n
\n
-
\n
\n
\n
(1)
\n
\n
\n
8
\n
3
\n
8
\n
\n
\n
40
\n
\n
\n
\n
\n
\n
A decrease of 100 basis points in interest rates at each reporting date would have had an equal but opposite effect to the
\n
amounts shown
\n
above, on the basis that all other variables remain constant.
\n

\n\n

\n\n

\n\n

\n

\n\n

\n
32.
\n
\n
FINANCIAL RISK MANAGEMENT (continued)
\n
\n
\n
\n
\n

\n\n

\n\n
Fair values
\n
\n
\n
\n
The Board of Directors considers that the fair values of significant financial assets and financial
\n
liabilities approximate to their carrying values
\n
at each reporting date.
\n
\n
\n
\n
\n
Financial instruments carried at fair value:
\n
\n
\n
\n
The following table presents the carrying values of financial instruments measured at fair value at the end of each reporting
\n
\n
period across the
\n
three levels of the fair value hierarchy defined in IFRS 13, Fair Value Measurement, with the fair value of each financial instrument categorised
\n
in its entirety based on the lowest level of input that is significant to that fair value measurement.
\n
\n
\n
\n
The levels are defined as follows:
\n
\n
Level 1: fair values measured using quoted prices (unadjusted) in active
\n
markets for identical financial instruments (highest level).
\n
\n
Level 2: fair values measured using quoted prices in active markets for similar financial instruments, or using valuation met
\n
hodologies in which
\n
all significant inputs are directly or indirectly based on observable market data.
\n
\n
Level 3: fair values measured using valuation methodologies in which any significant inputs are not based on observable marke
\n
t data.
\n
\n
\n
\n
\n
\n
\n
Fair value
\n
\n
\n
\n
Financial
\n
instrument
\n
\n
Fair value
\n
level
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
US$\u2019000
\n
\n
Valuation technique
\n
and key inputs
\n
\n
\n
\n
\n
\n
\n
\n
Financial assets measured at fair value
\n
\n
\n
\n
\n
\n
\n
\n
Investments in money markets, current
\n
accounts, cash funds and income funds
\n
\n
Level 2
\n
\n
6
\n
\n
040
\n
\n
\n
6
\n
\n
019
\n
\n
\n
Quoted market price for similar
\n
instruments
\n
\n
\n
PGM commodity hedging derivative
\n
\n
Level 2
\n
\n
2
\n
\n
369
\n
\n
\n
-
\n
\n
\n
Quoted market metal prices and
\n
exchange rate (refer below)
\n
\n
\n
Forward exchange contracts
\n
\n
Level 2
\n
\n
68 189 Quoted market closing exchange
\n
rates
\n
\n
\n
Investments in equity
\n
instruments
\n
\n
Level 1
\n
\n
48
\n
\n
\n
19
\n
\n
\n
Quoted market price
\n
\n
\n
\n
\n
\n
\n
\n
Trade and other receivables measured at
\n
fair value
\n
\n
\n
\n
\n
\n
\n
\n
PGM receivables
\n
\n
Level 2
\n
\n
27 900 26 884 Quoted market metal prices and
\n
exchange rate (refer below)
\n
\n
\n
PGM
\n
discounting
\n
receivable
\n
\n
Level 2
\n
\n
- 76 750 Quoted market metal prices and
\n
exchange rate (refer below)
\n
\n
\n
\n
\n
\n
\n
\n
Financial liabilities measured at fair value
\n
\n
\n
\n
\n
\n
\n
\n
Option granted to NCI to call upon shares in
\n
Karo Platinum
\n
(Private) Limited
\n
\n
Level 3
\n
\n
11
\n
\n
\n
16
\n
\n
779
\n
\n
\n
Discounted cash flow valuation and a
\n
Monte Carlo Simulation model
\n
\n
\n
PGM discount facility hedging derivative
\n
\n
Level 2
\n
\n
- 337 Quoted market metal prices and
\n
exchange rate
\n
\n
\n
Forward exchange contracts
\n
\n
Level 2
\n
\n
- 189 Quoted market closing exchange
\n
rates
\n
\n
\n
\n
\n
\n
\n
\n
There have been no transfers between fair value hierarchy levels in the current year.
\n
\n
\n
Refer to note 20 for the fair value recognised relating to the PGM discounting receivable.
\n

\n\n

\n\n
\n

\n\n

\n\n

\n

\n\n

\n
32.
\n
\n
FINANCIAL RISK MANAGEMENT (continued)
\n
\n
\n
\n
\n
\n
\n

\n

\n\n

\n\n

\n\n
Fair value gains and
\n
losses recognised in the financial instruments during the year:
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
\n
\n
\n
US$\u2019000
\n
\n
Changes in fair value of financial assets at fair value through profit or loss
\n
\n
\n
\n
\n
Investments in equity instruments
\n
\n
29
\n
\n
\n
1
\n
\n
\n
\n
Investments in money
\n
markets, current accounts, cash funds and income funds
\n
\n
367
\n
\n
\n
242
\n
\n
\n
\n
PGM
\n
commodity hedges
\n
\n
derivative
\n
\n
4
\n
\n
497
\n
\n
\n
-
\n
\n
\n
\n
Right to acquire shares in Karo Platinum (Private) Limited
\n
\n
-
\n
\n
\n
(5
\n
\n
870)
\n
\n
\n
Forward exchange contracts
\n
\n
258
\n
\n
\n
-
\n
\n
\n
\n
5
\n
\n
151
\n
\n
\n
(5
\n
\n
627)
\n
\n
Chan
\n
ges in
\n
fair value of financial liabilities
\n
\n
at fair value through profit or loss
\n
\n
\n
\n
\n
PGM discount facility hedging derivative
\n
\n
59
\n
\n
\n
174
\n
\n
\n
\n
Option granted to NCI to call upon shares in Karo Platinum (Private) Limited
\n
\n
16
\n
\n
768
\n
\n
\n
1 100
\n
\n
\n
\n
Forward exchange contracts
\n
\n
-
\n
\n
\n
247
\n
\n
\n
\n
16
\n
\n
827
\n
\n
\n
1 521
\n
\n
\n
\n
\n
\n
Level 3: Option granted to NCI to call upon shares in Karo Platinum (Private) Limited
\n
\n
(\u2018Karo Platinum\u2019)
\n
\n
Refer to
\n
notes 1
\n
7
\n
\n
and 3
\n
0
\n
.
\n
The Republic of Zimbabwe has an option to increase its shareholding in Karo Platinum by 11.0% exercisable after
\n
24 months from 30 March 2022, but before 36 months, payable in cash at the net present value of Karo Platinum at 30 March 2022. The option
\n
represents a financial instrument which is recognised at fair value through profit or loss. At 30 September 2023, the Group completed a
\n
valuation of Karo Platinum which was independently reviewed. In determining the fair value, the discounted cash flow valuation technique was
\n
used. The following significant inputs were used in determining the fair value:
\n
\n
\n
\n
\n
2023
\n
\n
2022
\n
\n
\n
\n
\n
\n
\n
PGM basket
\n
price (6E)
\n
\n
US$/oz
\n
\n
\n
1
\n
\n
565
\n
\n
\n
2
\n
\n
140
\n
\n
\n
Base metal basket price
\n
\n
US$/t
\n
\n
\n
19
\n
\n
315
\n
\n
\n
15
\n
\n
099
\n
\n
\n
Life of Mine
\n
\n
years
\n
\n
\n
11
\n
\n
\n
17
\n
\n
\n
Annual throughput
\n
\n
kt
\n
\n
\n
215
\n
\n
\n
205
\n
\n
\n
6E PGM grade per tonne feed
\n
\n
g/t
\n
\n
\n
3.0
\n
\n
\n
3.6
\n
\n
\n
Annual production (6E)
\n
\n
k
\n
oz
\n
\n
\n
211
\n
\n
\n
194
\n
\n
\n
PGM recovery
\n
\n
%
\n
\n
\n
81% first
\n
three
\n
\n
years, thereafter
\n
83%
\n
\n
78% first two
\n
years, thereafter
\n
82%
\n
\n
WACC
\n
\n
%
\n
\n
\n
10.4%
\n
\n
\n
10.
\n
0
\n
%
\n
\n
\n
Tax holiday
\n
\n
years
\n
\n
\n
First 5
\n
\n
\n
First 5
\n
\n
\n
\n
\n
\n
\n
The Monte
\n
-
\n
Carlo simulation was used in determining the fair value of Karo Platinum at the end of the 36
\n
-
\n
month period (31 March 2025). The
\n
option value has been determined by averaging the discounted values between month 25 and 36 (the period in which the option can be
\n
exercised).
\n
\n
The following significant inputs were used:
\n
\n
\n
\n
2023
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
\n
Strike price: Independently verified net present value of Karo
\n
Platinum as at 30 March 2022 using a discounted
\n
cash flow model
\n
\n
US$71.8 million US$71.8 million
\n
Valuation of 11.0% of Karo Platinum
\n
\n
Discounted cash flow model
\n
\n
US$37.4 million
\n
\n
\n
US$59.5 million
\n
\n
\n
Volatility:
\n
\n
Sector volatility (converted to monthly)
\n
\n
4.4%
\n
\n
\n
4.4%
\n
\n
\n
Drift:
\n
\n
Risk free rate (converted to monthly) based on the
\n
US risk free zero yield curve and includes a country
\n
risk premium for the operations being in Zimbabwe.
\n
\n
1.3%
\n
\n
\n
1.5%
\n
\n
Time step:
\n
\n
Annual time intervals
\n
\n
1.0
\n
\n
\n
1.0
\n
\n
\n
Discount rate:
\n
\n
Converted to
\n
monthly
\n
\n
0.87%
\n
\n
\n
0.83%
\n
\n
\n
\n
\n
A sensitivity analysis was performed on the option value with the following results in the fair value of the option:
\n
\n
\n
\n
\n
\n
Sensitivity
\n
\n
Option value
\n
US$\u2019000
\n
\n
(Decrease)/increase in
\n
profit or loss and equity
\n
US$\u2019000
\n
\n
\n
Option value
\n
US$\u2019000
\n
\n
(Decrease)/increase in profit
\n
or loss and equity
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Discount rate minus 5.0%
\n
\n
14
\n
\n
\n
(
\n
3
\n
)
\n
\n
16 795
\n
\n
(16)
\n
\n
Discount plus 5.0%
\n
\n
8
\n
\n
\n
3
\n
\n
\n
16 763
\n
\n
16
\n
\n
\n
Volatility minus 10.0%
\n
\n
5
\n
\n
\n
5
\n
\n
\n
16 299
\n
\n
480
\n
\n
\n
Volatility plus 10.0%
\n
\n
18
\n
\n
\n
(
\n
6
\n
)
\n
\n
17 296
\n
\n
(517)
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n
32.
\n
\n
FINANCIAL RISK MANAGEMENT (continued)
\n
\n
\n\n
Estimation of fair values
\n
\n
\n
\n
The fair value of financial instruments that are not traded in an active market (for example, over the counter derivatives) i
\n
s determined by using
\n
valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at the end
\n
of each reporting period. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining
\n
financial instruments. The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the end of
\n
the reporting period.
\n
\n
\n
T
\n
he carrying value less impairment allowance of trade receivables and the carrying value of trade payables are assumed to appr
\n
oximate their
\n
fair values as the short term effect of discounting is not material. The fair value of financial liabilities for disclosure purposes is estimated by
\n
discounting the future contractual cash flows at the current market interest rate that is available to the Company for simila
\n
r financial instrument
\n
s.
\n
\n
\n
T
\n
he
\n
carrying v
\n
alue of financial assets and liabilities at amortised cost approximates its fair value.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag411": { "value": "\n

\n\n

\n

\n

\n

\n
Accounting policy
\n
\n
Measurement: Financial assets at amortised cost
\n
\n
Financial assets at amortised cost are initially recognised at fair value, and subsequently carried at amortised cost less an
\n
y
\n
allowance for
\n
impairment.
\n
\n
\n\n
Measurement: Financial assets at fair value through profit or loss
\n
\n
Financial assets carried at fair value through profit or loss are initially recorded at fair value and transaction costs are
\n
expensed in the
\n
statement of profit or loss. Realised and unrealised gains and losses arising from changes in the fair value of the financial assets held at fair
\n
value through profit or loss are included in the statement of profit or loss in the period in which they arise.
\n

\n\n
\n
\n\n
Derecognition: Financial assets
\n
\n
The Group derecognises financial assets only when the contractual
\n
rights to cash flows from the financial assets expire, or when it transfers
\n
the financial assets and substantially all the associated risks and rewards of ownership to another entity. Gains and losses on derecognition
\n
are generally recognised in the statem
\n
ent of profit or loss
\n
.
\n

\n\n
\n
\n\n

\n\n
Hedge accounting
\n
\n
The Group does not apply hedge accounting.
\n

\n\n

\n\n
\n
\n\n
Accounting policy: Impairment
\n
\n
Financial asset at amortised cost
\n
\n
The classification of financial assets at initial recognition depends on the financial
\n
asset\u2019s contractual cash flow characteristics and the
\n
Group\u2019s business model for managing them.
\n
\n
\n
In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are
\n
\u2018solely payments of
\n
principal and interest\u2019 (\u2018SPPI\u2019) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
\n
instrument level.
\n
\n
\n
The Group\u2019s business model for managing financial assets refers to how it manages its
\n
financial assets in order to generate cash flows. The
\n
business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets
\n
, or both.
\n
\n
\n
Impairment requirements are based on expected credit losses (expected credit loss model). Expected credit losses (\u2018ECLs\u2019) are
\n
\n
an estimate
\n
of credit losses over the life of a financial instrument and are recognised as a loss allowance or provision. The amount of ECLs to be
\n
recognised depends on the extent of credit deterioration since initial recognition.
\n
\n
\n
The Group applies the expected credit loss model to all debt instruments classified as measured at amortised cost, or at fair
\n
\n
value through
\n
other comprehensive income, including lease receivables and
\n
contract assets.
\n
\n
\n
The Group considers both approaches: the general approach and the simplified approach. For trade receivables (not subject to
\n
provisional
\n
pricing) due in less than 12 months, the group applies the simplified approach in calculating ECLs. Therefore, the Group does not track
\n
changes in credit risk, but instead, recognises a loss allowance based on the financial asset\u2019s lifetime ECL at each reporting date. The Group
\n
considers its historical credit loss experience, adjusted for forward looking factors that could indicate impairments taking into account the
\n
specific debtors and the economic environment.
\n
\n
\n
The general approach requires the assessment of financial assets to be split into 3 stages:
\n
\n
Stage 1: no significant
\n
deterioration in credit quality. This identifies financial assets as having a low credit risk, and the asset is considered
\n
to be performing as anticipated. At this stage, a 12 month expected credit loss assessment is required.
\n
\n
\n
Stage 2: significant deterioration in credit quality of the financial asset but no indication of a credit loss event. This st
\n
age identifies assets as
\n
under
\n
-
\n
performing. Lifetime expected credit losses are required to be assessed.
\n
\n
\n
Stage 3: clear and objective evidence of
\n
impairment is present. This stage identifies assets as non
\n
-
\n
performing financial instruments. Lifetime
\n
expected credit losses are required to be assessed
\n
.
\n
\n
\n
Once a default has occurred, it is considered a deterioration of credit risk and therefore an increase in the credit risk.
\n
\n
\n
The Group considers a wide variety of indicators when assessing the increase in credit risk as well as the probability of the
\n
\n
default happening
\n
for impairment purposes. Some indicators considered include: Significant changes in the expected performance and behaviour of the debtor;
\n
past due information; significant changes in external market indicators including market information related to the debtor, existing or forecast
\n
adverse changes in business, financial or economic conditions; an actual or expected significant adverse change in the regulatory, economic,
\n
or technological environment; actual or expected significant internal credit rating downgrade or decrease; actual or expected significant
\n
change in the operating results of the debtor.
\n
\n
\n
The expected credit loss value is determined as the estimated cash shortfall that would be incurred, multiplied by the probab
\n
ility of the default
\n
occurring
\n

\n\n

\n\n

\n\n

\n

\n
Accounting policy
\n
\n\n
Measurement: Financial liabilities at fair value through profit or loss
\n
\n
Financial liabilities carried at
\n
fair value through profit or loss are initially recorded at fair value and transaction costs are expensed in the
\n
statement of profit or loss. Realised and unrealised gains and losses arising from changes in the fair value of the financial liabilities held at
\n
fair value through profit or loss are included in the statement of profit or loss in the period in which they arise. Where management has
\n
designated to recognise a financial liability at fair value through profit or loss, any changes associated with the Group\u2019s own credit risk will be
\n
recognised in other comprehensive income.
\n
\n

\n\n
\n\n
Derecognition: Financial liabilities
\n
\n
The Group derecognises financial liabilities only when its obligations under the financial liabilities are discharged, cancel
\n
led or
\n
expired. The
\n
difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-
\n
cash assets transferred or liabilities assumed, is recognised in profit or loss.
\n

\n\n
\n

\n\n

\n\n

\n\n
Accounting
\n
policy: Financial instruments
\n
\n
-
\n
\n
classification
\n
\n
The Group classifies its financial instruments in the following categories:
\n
\n
\u2022 At fair value through profit or loss
\n
\u2022 At fair value through other comprehensive income
\n
\u2022
\n
At amortised cost
\n
\n
\n
The Group
\n
determines the classification of financial assets at initial recognition. Theclassificationofdebt instruments is driven by
\n
\n
the
\n
Group\u2019s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held
\n
for trading are classified at fair value through profit or loss, for other equity instruments, on the day of acquisition the Group can make an
\n
irrevocable election (on an instrument-by-instrument basis) to designate them as at fair value through other comprehensive income.
\n
Financial liabilities are measured at amortised cost, unless they are required to be measured at fair value through profit or loss (such as
\n
derivatives) or the Group has designated to measure them at fair value through profit
\n
\n
or loss.
\n
\n
\n
The following table presents the classification of the Group\u2019s financial instruments:
\n
\n
\n
Financial assets
\n
\n
\n
Classification
\n
\n
\n
\n
\n
Other financial assets
\n
\n
\n
\n
Investments in money markets, current accounts, cash funds and income
\n
funds
\n
\n
\n
Fair
\n
value through profit or loss
\n
\n
PGM commodity hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
PGM discount facility hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
Investment in equity instruments
\n
\n
\n
Fair value through profit or loss
\n
\n
Trade
\n
and other receivables
\n
\n
\n
Amortised cost
\n
\n
PGM
\n
receivables and PGM
\n
discounting
\n
receivable
\n
\n
\n
Fair value through profit or loss
\n
\n
Cash and cash equivalents
\n
\n
\n
Amortised cost
\n
\n
\n
\n
\n
Financial liabilities
\n
\n
\n
Classification
\n
\n
\n
\n
\n
Borrowings
\n
\n
\n
Amortised cost
\n
\n
Option
\n
granted to NCI to call upon shares in Karo Platinum (Private) Limited
\n
\n
\n
Fair value through profit or loss
\n
\n
PGM discount facility hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
Forward exchange contracts
\n
\n
\n
Fair value through profit or loss
\n
\n
Trade
\n
and other payables
\n
\n
\n
Amortised cost
\n
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag405": { "value": "\n

\n

\n

\n

\n
Accounting policy
\n
\n
Measurement: Financial assets at amortised cost
\n
\n
Financial assets at amortised cost are initially recognised at fair value, and subsequently carried at amortised cost less an
\n
y
\n
allowance for
\n
impairment.
\n
\n
\n\n
Measurement: Financial assets at fair value through profit or loss
\n
\n
Financial assets carried at fair value through profit or loss are initially recorded at fair value and transaction costs are
\n
expensed in the
\n
statement of profit or loss. Realised and unrealised gains and losses arising from changes in the fair value of the financial assets held at fair
\n
value through profit or loss are included in the statement of profit or loss in the period in which they arise.
\n

\n\n
\n
\n\n
Derecognition: Financial assets
\n
\n
The Group derecognises financial assets only when the contractual
\n
rights to cash flows from the financial assets expire, or when it transfers
\n
the financial assets and substantially all the associated risks and rewards of ownership to another entity. Gains and losses on derecognition
\n
are generally recognised in the statem
\n
ent of profit or loss
\n
.
\n

\n\n
\n
\n\n

\n\n
Hedge accounting
\n
\n
The Group does not apply hedge accounting.
\n

\n\n

\n\n
\n
\n\n
Accounting policy: Impairment
\n
\n
Financial asset at amortised cost
\n
\n
The classification of financial assets at initial recognition depends on the financial
\n
asset\u2019s contractual cash flow characteristics and the
\n
Group\u2019s business model for managing them.
\n
\n
\n
In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are
\n
\u2018solely payments of
\n
principal and interest\u2019 (\u2018SPPI\u2019) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
\n
instrument level.
\n
\n
\n
The Group\u2019s business model for managing financial assets refers to how it manages its
\n
financial assets in order to generate cash flows. The
\n
business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets
\n
, or both.
\n
\n
\n
Impairment requirements are based on expected credit losses (expected credit loss model). Expected credit losses (\u2018ECLs\u2019) are
\n
\n
an estimate
\n
of credit losses over the life of a financial instrument and are recognised as a loss allowance or provision. The amount of ECLs to be
\n
recognised depends on the extent of credit deterioration since initial recognition.
\n
\n
\n
The Group applies the expected credit loss model to all debt instruments classified as measured at amortised cost, or at fair
\n
\n
value through
\n
other comprehensive income, including lease receivables and
\n
contract assets.
\n
\n
\n
The Group considers both approaches: the general approach and the simplified approach. For trade receivables (not subject to
\n
provisional
\n
pricing) due in less than 12 months, the group applies the simplified approach in calculating ECLs. Therefore, the Group does not track
\n
changes in credit risk, but instead, recognises a loss allowance based on the financial asset\u2019s lifetime ECL at each reporting date. The Group
\n
considers its historical credit loss experience, adjusted for forward looking factors that could indicate impairments taking into account the
\n
specific debtors and the economic environment.
\n
\n
\n
The general approach requires the assessment of financial assets to be split into 3 stages:
\n
\n
Stage 1: no significant
\n
deterioration in credit quality. This identifies financial assets as having a low credit risk, and the asset is considered
\n
to be performing as anticipated. At this stage, a 12 month expected credit loss assessment is required.
\n
\n
\n
Stage 2: significant deterioration in credit quality of the financial asset but no indication of a credit loss event. This st
\n
age identifies assets as
\n
under
\n
-
\n
performing. Lifetime expected credit losses are required to be assessed.
\n
\n
\n
Stage 3: clear and objective evidence of
\n
impairment is present. This stage identifies assets as non
\n
-
\n
performing financial instruments. Lifetime
\n
expected credit losses are required to be assessed
\n
.
\n
\n
\n
Once a default has occurred, it is considered a deterioration of credit risk and therefore an increase in the credit risk.
\n
\n
\n
The Group considers a wide variety of indicators when assessing the increase in credit risk as well as the probability of the
\n
\n
default happening
\n
for impairment purposes. Some indicators considered include: Significant changes in the expected performance and behaviour of the debtor;
\n
past due information; significant changes in external market indicators including market information related to the debtor, existing or forecast
\n
adverse changes in business, financial or economic conditions; an actual or expected significant adverse change in the regulatory, economic,
\n
or technological environment; actual or expected significant internal credit rating downgrade or decrease; actual or expected significant
\n
change in the operating results of the debtor.
\n
\n
\n
The expected credit loss value is determined as the estimated cash shortfall that would be incurred, multiplied by the probab
\n
ility of the default
\n
occurring
\n

\n\n

\n\n

\n\n
Accounting
\n
policy: Financial instruments
\n
\n
-
\n
\n
classification
\n
\n
The Group classifies its financial instruments in the following categories:
\n
\n
\u2022 At fair value through profit or loss
\n
\u2022 At fair value through other comprehensive income
\n
\u2022
\n
At amortised cost
\n
\n
\n
The Group
\n
determines the classification of financial assets at initial recognition. Theclassificationofdebt instruments is driven by
\n
\n
the
\n
Group\u2019s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held
\n
for trading are classified at fair value through profit or loss, for other equity instruments, on the day of acquisition the Group can make an
\n
irrevocable election (on an instrument-by-instrument basis) to designate them as at fair value through other comprehensive income.
\n
Financial liabilities are measured at amortised cost, unless they are required to be measured at fair value through profit or loss (such as
\n
derivatives) or the Group has designated to measure them at fair value through profit
\n
\n
or loss.
\n
\n
\n
The following table presents the classification of the Group\u2019s financial instruments:
\n
\n
\n
Financial assets
\n
\n
\n
Classification
\n
\n
\n
\n
\n
Other financial assets
\n
\n
\n
\n
Investments in money markets, current accounts, cash funds and income
\n
funds
\n
\n
\n
Fair
\n
value through profit or loss
\n
\n
PGM commodity hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
PGM discount facility hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
Investment in equity instruments
\n
\n
\n
Fair value through profit or loss
\n
\n
Trade
\n
and other receivables
\n
\n
\n
Amortised cost
\n
\n
PGM
\n
receivables and PGM
\n
discounting
\n
receivable
\n
\n
\n
Fair value through profit or loss
\n
\n
Cash and cash equivalents
\n
\n
\n
Amortised cost
\n
\n
\n
\n
\n
Financial liabilities
\n
\n
\n
Classification
\n
\n
\n
\n
\n
Borrowings
\n
\n
\n
Amortised cost
\n
\n
Option
\n
granted to NCI to call upon shares in Karo Platinum (Private) Limited
\n
\n
\n
Fair value through profit or loss
\n
\n
PGM discount facility hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
Forward exchange contracts
\n
\n
\n
Fair value through profit or loss
\n
\n
Trade
\n
and other payables
\n
\n
\n
Amortised cost
\n
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag406": { "value": "\n
Measurement: Financial assets at fair value through profit or loss
\n
\n
Financial assets carried at fair value through profit or loss are initially recorded at fair value and transaction costs are
\n
expensed in the
\n
statement of profit or loss. Realised and unrealised gains and losses arising from changes in the fair value of the financial assets held at fair
\n
value through profit or loss are included in the statement of profit or loss in the period in which they arise.
\n

\n\n
Measurement: Financial liabilities at fair value through profit or loss
\n
\n
Financial liabilities carried at
\n
fair value through profit or loss are initially recorded at fair value and transaction costs are expensed in the
\n
statement of profit or loss. Realised and unrealised gains and losses arising from changes in the fair value of the financial liabilities held at
\n
fair value through profit or loss are included in the statement of profit or loss in the period in which they arise. Where management has
\n
designated to recognise a financial liability at fair value through profit or loss, any changes associated with the Group\u2019s own credit risk will be
\n
recognised in other comprehensive income.
\n
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag407": { "value": "\n
Derecognition: Financial assets
\n
\n
The Group derecognises financial assets only when the contractual
\n
rights to cash flows from the financial assets expire, or when it transfers
\n
the financial assets and substantially all the associated risks and rewards of ownership to another entity. Gains and losses on derecognition
\n
are generally recognised in the statem
\n
ent of profit or loss
\n
.
\n

\n\n
Derecognition: Financial liabilities
\n
\n
The Group derecognises financial liabilities only when its obligations under the financial liabilities are discharged, cancel
\n
led or
\n
expired. The
\n
difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-
\n
cash assets transferred or liabilities assumed, is recognised in profit or loss.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag408": { "value": "\n

\n\n
Hedge accounting
\n
\n
The Group does not apply hedge accounting.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag409": { "value": "\n
Hedge accounting
\n
\n
The Group does not apply hedge accounting.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag410": { "value": "\n
Accounting policy: Impairment
\n
\n
Financial asset at amortised cost
\n
\n
The classification of financial assets at initial recognition depends on the financial
\n
asset\u2019s contractual cash flow characteristics and the
\n
Group\u2019s business model for managing them.
\n
\n
\n
In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are
\n
\u2018solely payments of
\n
principal and interest\u2019 (\u2018SPPI\u2019) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
\n
instrument level.
\n
\n
\n
The Group\u2019s business model for managing financial assets refers to how it manages its
\n
financial assets in order to generate cash flows. The
\n
business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets
\n
, or both.
\n
\n
\n
Impairment requirements are based on expected credit losses (expected credit loss model). Expected credit losses (\u2018ECLs\u2019) are
\n
\n
an estimate
\n
of credit losses over the life of a financial instrument and are recognised as a loss allowance or provision. The amount of ECLs to be
\n
recognised depends on the extent of credit deterioration since initial recognition.
\n
\n
\n
The Group applies the expected credit loss model to all debt instruments classified as measured at amortised cost, or at fair
\n
\n
value through
\n
other comprehensive income, including lease receivables and
\n
contract assets.
\n
\n
\n
The Group considers both approaches: the general approach and the simplified approach. For trade receivables (not subject to
\n
provisional
\n
pricing) due in less than 12 months, the group applies the simplified approach in calculating ECLs. Therefore, the Group does not track
\n
changes in credit risk, but instead, recognises a loss allowance based on the financial asset\u2019s lifetime ECL at each reporting date. The Group
\n
considers its historical credit loss experience, adjusted for forward looking factors that could indicate impairments taking into account the
\n
specific debtors and the economic environment.
\n
\n
\n
The general approach requires the assessment of financial assets to be split into 3 stages:
\n
\n
Stage 1: no significant
\n
deterioration in credit quality. This identifies financial assets as having a low credit risk, and the asset is considered
\n
to be performing as anticipated. At this stage, a 12 month expected credit loss assessment is required.
\n
\n
\n
Stage 2: significant deterioration in credit quality of the financial asset but no indication of a credit loss event. This st
\n
age identifies assets as
\n
under
\n
-
\n
performing. Lifetime expected credit losses are required to be assessed.
\n
\n
\n
Stage 3: clear and objective evidence of
\n
impairment is present. This stage identifies assets as non
\n
-
\n
performing financial instruments. Lifetime
\n
expected credit losses are required to be assessed
\n
.
\n
\n
\n
Once a default has occurred, it is considered a deterioration of credit risk and therefore an increase in the credit risk.
\n
\n
\n
The Group considers a wide variety of indicators when assessing the increase in credit risk as well as the probability of the
\n
\n
default happening
\n
for impairment purposes. Some indicators considered include: Significant changes in the expected performance and behaviour of the debtor;
\n
past due information; significant changes in external market indicators including market information related to the debtor, existing or forecast
\n
adverse changes in business, financial or economic conditions; an actual or expected significant adverse change in the regulatory, economic,
\n
or technological environment; actual or expected significant internal credit rating downgrade or decrease; actual or expected significant
\n
change in the operating results of the debtor.
\n
\n
\n
The expected credit loss value is determined as the estimated cash shortfall that would be incurred, multiplied by the probab
\n
ility of the default
\n
occurring
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag415": { "value": "\n
\n\n
\n\n
Non
\n
-
\n
current assets
\n
\n
Fair value
\n
hierarchy
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
US$\u2019000
\n
\n
Financial assets
\n
\n
\n
\n
\n
Investments in money markets, current accounts, cash funds and income funds
\n
\n
Level 2
\n
\n
6
\n
\n
040
\n
\n
\n
6
\n
\n
019
\n
\n
\n
PGM commodity hedging derivative
\n
\n
Level
\n
2
\n
\n
81
\n
\n
\n
-
\n
\n
\n
Restricted cash
\n
\n
\n
13
\n
\n
713
\n
\n
\n
-
\n
\n
\n
\n
\n
19 834
\n
\n
\n
6
\n
\n
019
\n
\n
\n
\n
\n
\n
\n
Current assets
\n
\n
\n
\n
\n
Financial assets
\n
\n
\n
\n
\n
PGM commodity hedging derivative
\n
\n
Level 2
\n
\n
2
\n
\n
288
\n
\n
\n
-
\n
\n
\n
Forward exchange contracts
\n
\n
Level
\n
2
\n
\n
68
\n
\n
\n
-
\n
\n
\n
Investments in equity instruments
\n
\n
Level 1
\n
\n
48
\n
\n
\n
19
\n
\n
\n
\n
\n
2
\n
\n
404
\n
\n
\n
19
\n
\n
\n\n
\n\n
\n\n
Forward exchange contracts
\n
\u2013
\n
\n
fair value through profit or loss
\n
\n
The Group entered into a number of forward exchange
\n
contracts to hedge certain aspects of the foreign exchange risk associated with the
\n
conversion of the US$ to the ZAR. At 30 September 2023 the net exposure of these contracts was US$11.0 million (2022: US$8.5 million)
\n
with various expiries no later than 16 November 2023 (2022: no later than 27 October 2022). The forward exchange contracts were mark-to-
\n
market by using applicable closing exchange rates at 30 September 202
\n
3
\n
\n
(202
\n
2
\n
: 30 September 202
\n
2
\n
).
\n
\n
\n
Investments in equity instruments
\n
\u2013
\n
\n
fair value through profit or loss
\n
\n
Investments at fair value through profit or loss are valued based on quoted market prices at the end of the reporting period
\n
without any
\n
deduction for transaction costs. The investment represents shares in the Bank of Cyprus Public Co
\n
Limited.
\n
\n\n
Fair value gains and
\n
losses recognised in the financial instruments during the year:
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
\n
\n
\n
US$\u2019000
\n
\n
Changes in fair value of financial assets at fair value through profit or loss
\n
\n
\n
\n
\n
Investments in equity instruments
\n
\n
29
\n
\n
\n
1
\n
\n
\n
\n
Investments in money
\n
markets, current accounts, cash funds and income funds
\n
\n
367
\n
\n
\n
242
\n
\n
\n
\n
PGM
\n
commodity hedges
\n
\n
derivative
\n
\n
4
\n
\n
497
\n
\n
\n
-
\n
\n
\n
\n
Right to acquire shares in Karo Platinum (Private) Limited
\n
\n
-
\n
\n
\n
(5
\n
\n
870)
\n
\n
\n
Forward exchange contracts
\n
\n
258
\n
\n
\n
-
\n
\n
\n
\n
5
\n
\n
151
\n
\n
\n
(5
\n
\n
627)
\n
\n
Chan
\n
ges in
\n
fair value of financial liabilities
\n
\n
at fair value through profit or loss
\n
\n
\n
\n
\n
PGM discount facility hedging derivative
\n
\n
59
\n
\n
\n
174
\n
\n
\n
\n
Option granted to NCI to call upon shares in Karo Platinum (Private) Limited
\n
\n
16
\n
\n
768
\n
\n
\n
1 100
\n
\n
\n
\n
Forward exchange contracts
\n
\n
-
\n
\n
\n
247
\n
\n
\n
\n
16
\n
\n
827
\n
\n
\n
1 521
\n
\n
\n
\n
\n
\n
Level 3: Option granted to NCI to call upon shares in Karo Platinum (Private) Limited
\n
\n
(\u2018Karo Platinum\u2019)
\n
\n
Refer to
\n
notes 1
\n
7
\n
\n
and 3
\n
0
\n
.
\n
The Republic of Zimbabwe has an option to increase its shareholding in Karo Platinum by 11.0% exercisable after
\n
24 months from 30 March 2022, but before 36 months, payable in cash at the net present value of Karo Platinum at 30 March 2022. The option
\n
represents a financial instrument which is recognised at fair value through profit or loss. At 30 September 2023, the Group completed a
\n
valuation of Karo Platinum which was independently reviewed. In determining the fair value, the discounted cash flow valuation technique was
\n
used. The following significant inputs were used in determining the fair value:
\n
\n
\n
\n
\n
2023
\n
\n
2022
\n
\n
\n
\n
\n
\n
\n
PGM basket
\n
price (6E)
\n
\n
US$/oz
\n
\n
\n
1
\n
\n
565
\n
\n
\n
2
\n
\n
140
\n
\n
\n
Base metal basket price
\n
\n
US$/t
\n
\n
\n
19
\n
\n
315
\n
\n
\n
15
\n
\n
099
\n
\n
\n
Life of Mine
\n
\n
years
\n
\n
\n
11
\n
\n
\n
17
\n
\n
\n
Annual throughput
\n
\n
kt
\n
\n
\n
215
\n
\n
\n
205
\n
\n
\n
6E PGM grade per tonne feed
\n
\n
g/t
\n
\n
\n
3.0
\n
\n
\n
3.6
\n
\n
\n
Annual production (6E)
\n
\n
k
\n
oz
\n
\n
\n
211
\n
\n
\n
194
\n
\n
\n
PGM recovery
\n
\n
%
\n
\n
\n
81% first
\n
three
\n
\n
years, thereafter
\n
83%
\n
\n
78% first two
\n
years, thereafter
\n
82%
\n
\n
WACC
\n
\n
%
\n
\n
\n
10.4%
\n
\n
\n
10.
\n
0
\n
%
\n
\n
\n
Tax holiday
\n
\n
years
\n
\n
\n
First 5
\n
\n
\n
First 5
\n
\n
\n
\n
\n
\n
\n
The Monte
\n
-
\n
Carlo simulation was used in determining the fair value of Karo Platinum at the end of the 36
\n
-
\n
month period (31 March 2025). The
\n
option value has been determined by averaging the discounted values between month 25 and 36 (the period in which the option can be
\n
exercised).
\n
\n
The following significant inputs were used:
\n
\n
\n
\n
2023
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
\n
Strike price: Independently verified net present value of Karo
\n
Platinum as at 30 March 2022 using a discounted
\n
cash flow model
\n
\n
US$71.8 million US$71.8 million
\n
Valuation of 11.0% of Karo Platinum
\n
\n
Discounted cash flow model
\n
\n
US$37.4 million
\n
\n
\n
US$59.5 million
\n
\n
\n
Volatility:
\n
\n
Sector volatility (converted to monthly)
\n
\n
4.4%
\n
\n
\n
4.4%
\n
\n
\n
Drift:
\n
\n
Risk free rate (converted to monthly) based on the
\n
US risk free zero yield curve and includes a country
\n
risk premium for the operations being in Zimbabwe.
\n
\n
1.3%
\n
\n
\n
1.5%
\n
\n
Time step:
\n
\n
Annual time intervals
\n
\n
1.0
\n
\n
\n
1.0
\n
\n
\n
Discount rate:
\n
\n
Converted to
\n
monthly
\n
\n
0.87%
\n
\n
\n
0.83%
\n
\n
\n
\n
\n
A sensitivity analysis was performed on the option value with the following results in the fair value of the option:
\n
\n
\n
\n
\n
\n
Sensitivity
\n
\n
Option value
\n
US$\u2019000
\n
\n
(Decrease)/increase in
\n
profit or loss and equity
\n
US$\u2019000
\n
\n
\n
Option value
\n
US$\u2019000
\n
\n
(Decrease)/increase in profit
\n
or loss and equity
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Discount rate minus 5.0%
\n
\n
14
\n
\n
\n
(
\n
3
\n
)
\n
\n
16 795
\n
\n
(16)
\n
\n
Discount plus 5.0%
\n
\n
8
\n
\n
\n
3
\n
\n
\n
16 763
\n
\n
16
\n
\n
\n
Volatility minus 10.0%
\n
\n
5
\n
\n
\n
5
\n
\n
\n
16 299
\n
\n
480
\n
\n
\n
Volatility plus 10.0%
\n
\n
18
\n
\n
\n
(
\n
6
\n
)
\n
\n
17 296
\n
\n
(517)
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag416": { "value": "\n
\n\n
Non
\n
-
\n
current assets
\n
\n
Fair value
\n
hierarchy
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
US$\u2019000
\n
\n
Financial assets
\n
\n
\n
\n
\n
Investments in money markets, current accounts, cash funds and income funds
\n
\n
Level 2
\n
\n
6
\n
\n
040
\n
\n
\n
6
\n
\n
019
\n
\n
\n
PGM commodity hedging derivative
\n
\n
Level
\n
2
\n
\n
81
\n
\n
\n
-
\n
\n
\n
Restricted cash
\n
\n
\n
13
\n
\n
713
\n
\n
\n
-
\n
\n
\n
\n
\n
19 834
\n
\n
\n
6
\n
\n
019
\n
\n
\n
\n
\n
\n
\n
Current assets
\n
\n
\n
\n
\n
Financial assets
\n
\n
\n
\n
\n
PGM commodity hedging derivative
\n
\n
Level 2
\n
\n
2
\n
\n
288
\n
\n
\n
-
\n
\n
\n
Forward exchange contracts
\n
\n
Level
\n
2
\n
\n
68
\n
\n
\n
-
\n
\n
\n
Investments in equity instruments
\n
\n
Level 1
\n
\n
48
\n
\n
\n
19
\n
\n
\n
\n
\n
2
\n
\n
404
\n
\n
\n
19
\n
\n
\n\n
\n\n
\n
\n
\n
Restricted cash
\n
\n
The balance
\n
represents a debt reserve account held at Absa Bank Limited and serves
\n
as security
\n
as required by the commodity off
\n
-
\n
take
\n
financing (refer to note 25). The balance arose on 22 September 2023 and represents cash in the name of Tharisa Minerals Proprietary
\n
Limited, but Tharisa Minerals Proprietary Limited is unable to utilise the funds on demand due to access restrictions placed by lenders in
\n
accessing the account, which is only allowed if certain criteria within the commodity off-take financing agreement is satisfied. The balance is
\n
equal to approximately three months\u2019 instalments in terms of the commodity off-take financing with the required balance to be maintained
\n
dependent on the debt profile.
\n
The balance is expected to decrease
\n
to
\n
\n
US$
\n
5.9 million
\n
\n
by 15 October 2024.
\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag417": { "value": "\n
Non
\n
-
\n
current assets
\n
\n
Fair value
\n
hierarchy
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
US$\u2019000
\n
\n
Financial assets
\n
\n
\n
\n
\n
Investments in money markets, current accounts, cash funds and income funds
\n
\n
Level 2
\n
\n
6
\n
\n
040
\n
\n
\n
6
\n
\n
019
\n
\n
\n
PGM commodity hedging derivative
\n
\n
Level
\n
2
\n
\n
81
\n
\n
\n
-
\n
\n
\n
Restricted cash
\n
\n
\n
13
\n
\n
713
\n
\n
\n
-
\n
\n
\n
\n
\n
19 834
\n
\n
\n
6
\n
\n
019
\n
\n
\n
\n
\n
\n
\n
Current assets
\n
\n
\n
\n
\n
Financial assets
\n
\n
\n
\n
\n
PGM commodity hedging derivative
\n
\n
Level 2
\n
\n
2
\n
\n
288
\n
\n
\n
-
\n
\n
\n
Forward exchange contracts
\n
\n
Level
\n
2
\n
\n
68
\n
\n
\n
-
\n
\n
\n
Investments in equity instruments
\n
\n
Level 1
\n
\n
48
\n
\n
\n
19
\n
\n
\n
\n
\n
2
\n
\n
404
\n
\n
\n
19
\n
\n
\n\n
PGM commodity hedging derivative
\n
\n
In terms of the commodity off
\n
-
\n
take financing (note 25), the lenders require commodity price protection for capital repayment amounts against
\n
commodity price volatility. The PGM commodity hedging derivative comprises of commodity hedges for a maximum 13-month rolling basis for
\n
platinum and palladium. The Group enters into commodity hedges over sufficient of the production to match the capital repayment profile. The
\n
total exposure at 30 September 2023 was US$63.8 million expiring not later than 15 October 2024. The commodity hedges were mark-to-
\n
market by using applicable
\n
quoted
\n
closing
\n
commodity prices
\n
\n
at 30 September
\n
\n
2023
\n
.
\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag437": { "value": "\n
18.
\n
\n
DEFERRED TAX
\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Deferred tax assets
\n
\n
1
\n
\n
709
\n
\n
\n
1
\n
\n
174
\n
\n
\n
Deferred tax liabilities
\n
\n
(11
\n
0
\n
\n
045
\n
)
\n
\n
(112
\n
\n
341)
\n
\n
Net deferred tax liability
\n
\n
(10
\n
8
\n
\n
336
\n
)
\n
\n
(111
\n
\n
167)
\n
\n
\n
\n
\n
Deferred tax assets
\n
\n
\n
\n
Property, plant and
\n
equipment
\n
\n
(62)
\n
\n
(68)
\n
\n
Tax losses not utilised
\n
\n
501
\n
\n
\n
335
\n
\n
\n
Provisions and a
\n
ccrued leave
\n
\n
461
\n
\n
\n
366
\n
\n
\n
Share
\n
-
\n
based payments
\n
\n
731
\n
\n
\n
459
\n
\n
\n
Other
\n
\n
78
\n
\n
\n
82
\n
\n
\n
\n
1
\n
\n
709
\n
\n
\n
1
\n
\n
174
\n
\n
\n
\n
\n
\n
Deferred tax liabilities
\n
\n
\n
\n
Property, plant and equipment
\n
\n
(11
\n
4
\n
\n
078
\n
)
\n
\n
(115
\n
\n
537)
\n
\n
Inventory
\n
\n
2
\n
\n
730
\n
\n
\n
-
\n
\n
\n
Provisions
\n
\n
and accrued leave
\n
\n
6 106
\n
\n
\n
5 401
\n
\n
\n
Share
\n
-
\n
based payments
\n
\n
160
\n
\n
\n
181
\n
\n
\n
Dividend withholding tax
\n
\n
(166)
\n
\n
(124)
\n
\n
D
\n
ividend withholding ta
\n
x
\n
-
\n
\n
unremitted distributable reserves of foreign subsidiaries
\n
\n
(4
\n
\n
14
\n
3
\n
)
\n
\n
(2
\n
\n
805)
\n
\n
Exchange
\n
losses
\n
\n
(422)
\n
\n
59
\n
\n
\n
Other
\n
\n
(
\n
232
\n
)
\n
\n
484
\n
\n
\n
\n
(11
\n
0
\n
\n
045
\n
)
\n
\n
(112
\n
\n
341)
\n
\n
\n
\n
\n
Reconciliation of deferred tax liability
\n
\n
\n
\n
Balance at the beginning of the year
\n
\n
(111
\n
\n
167)
\n
\n
(86
\n
\n
388)
\n
\n
Business
\n
combination (note 3
\n
0
\n
)
\n
\n
-
\n
\n
\n
(30
\n
\n
263)
\n
\n
\n
\n
\n
Temporary differences recognised in
\n
profit or loss in relation to:
\n
\n
\n
\n
\n
Change in RSA tax rate
\n
\n
-
\n
\n
\n
3
\n
\n
333
\n
\n
\n
\n
Capital allowances on property, plant and equipment
\n
\n
(
\n
3
\n
3
\n
75
\n
)
\n
\n
(11
\n
\n
352)
\n
\n
\n
Provisions
\n
\n
and accrued leave
\n
\n
1
\n
\n
533
\n
\n
\n
(431)
\n
\n
\n
Tax losses utilised/available for future set off
\n
against profits
\n
\n
177
\n
\n
\n
645
\n
\n
\n
\n
Currency losses
\n
\n
(497)
\n
\n
(558)
\n
\n
\n
Inventory
\n
\n
2 730
\n
\n
\n
-
\n
\n
\n
\n
Share
\n
-
\n
based payments
\n
\n
2
\n
93
\n
\n
\n
(358)
\n
\n
\n
Dividend withholding tax
\n
\n
(42)
\n
\n
1
\n
\n
945
\n
\n
\n
\n
D
\n
ividend withholding ta
\n
x
\n
-
\n
\n
unremitted distributable reserves of foreign
\n
subsidiaries
\n
\n
(1
\n
\n
3
\n
3
\n
9
\n
)
\n
\n
(2
\n
\n
805)
\n
\n
\n
Other
\n
\n
(
\n
21
\n
7
\n
)
\n
\n
(318)
\n
\n
\n
(
\n
737
\n
)
\n
\n
(9
\n
\n
899)
\n
\n
\n
\n
\n
Exchange differences
\n
\n
3
\n
\n
5
\n
6
\n
8
\n
\n
\n
15
\n
\n
383
\n
\n
\n
\n
\n
\n
Balance at the end of the year
\n
\n
(10
\n
8
\n
\n
336
\n
)
\n
\n
(111
\n
\n
167)
\n
\n
\n
\n
\n
Amounts recognised in:
\n
\n
\n
\n
\n
Profit and loss (refer
\n
to note 12)
\n
\n
(737)
\n
\n
(9
\n
\n
899)
\n
\n
\n
Deferred tax assets and deferred tax liabilities are not offset unless the Group has a legally enforceable right to offset su
\n
ch assets and liabilities.
\n
\n
\n
All of the above amounts have used the currently enacted income taxation rates of the respective tax jurisdictions the Group operates in.
\n
South African taxation losses normally expire within 12-months of the respective entities not trading. The deductible temporary timing
\n
differences do not expire under current taxation legislation. Deferred tax assets have only been recognised in terms of these items when it is
\n
probable that taxable profit will
\n
be available in the immediate future against which the respective entities can utilise the benefits therefrom.
\n
\n
\n
Deferred tax assets were recognised for
\n
MetQ Proprietary Limited (US$0.2 million)
\n
\n
(2022: US$0.2 million)
\n
, Arxo Finance plc (US$0.1 million)
\n
(2022: US$0.1 million) and Redox One Limited (US$0.2 million) (2022: nil), resulting from generated tax losses to be utilised against future
\n
taxable income
\n
\n
\n
The estimates used to assess the recoverability of recognised deferred tax assets include a forecast of the future taxable in
\n
come and future
\n
cash flow projections based on a three
\n
-
\n
year period.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag418": { "value": "\n

\n

\n
19.
\n
\n
INVENTORIES
\n
\n
\n
\n
\n
\n
\n\n

\n\n
Accounting
\n
policy
\n
\n
\n
\n
Inventories comprising PGM and chrome concentrates, ore stockpiled, in
\n
-
\n
process metal contained in ore and consumable items are measured
\n
at the lower of cost and net realisable value. The cost is determined using the weighted average method and includes direct mining expenditure
\n
and an appropriate portion of overhead expenditure. Net realisable value is the estimated selling price in the ordinary course of business, less
\n
the estimated costs of completion and costs to sell. Obsolete, redundant and slow-moving inventories are identified and written down to net
\n
realisable value.
\n

\n\n

\n\n
\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Finished products
\n
\n
47
\n
\n
644
\n
\n
\n
31
\n
\n
778
\n
\n
\n
Ore stockpile
\n
\n
17
\n
\n
648
\n
\n
\n
19
\n
\n
939
\n
\n
\n
Consumables
\n
\n
24
\n
\n
545
\n
\n
\n
25
\n
\n
085
\n
\n
\n
\n
8
\n
9
\n
\n
837
\n
\n
\n
76 802
\n
\n
\n
Reversal of net realisable value write down/
\n
(net
\n
realisable value write down
\n
)
\n
\n
2
\n
43
\n
\n
\n
(3 562)
\n
\n
Total carrying amount
\n
\n
90 080
\n
\n
\n
73 240
\n
\n
\n
\n
\n
\n
Inventories are stated at the lower of cost or net realisable value. Low
\n
-
\n
grade chrome concentrates to the value of
\n
US$
\n
5.5
\n
\n
million (202
\n
2
\n
:
\n
US$1.6 million) are carried at the realisable value after a net realisable value write down of US$0.2 million (2022: US$0.7 million). The net
\n
realisable write down was allocated to the chrome segment.
\n
\n
\n
\n
\n
Certain PGM finished products, which previously were provided for in full, were reprocessed to an acceptable saleable conditi
\n
on during the
\n
year ended 30 September 2023. This resulted in a reversal of a write down previously recognised. The reversal amounts to US$0.5 million at
\n
30 September 2023 (2022: write down of US$2.0 million). The provision and the reversal of the net realisable value write down were allocated
\n
to the PGM segment.
\n
\n
\n
In addition, certain consumables and spares were provided for during the year ended 30 September
\n
\n
202
\n
3
\n
\n
as their operational use became
\n
doubtful. The provision to the value of US$0.1 million (2022: US$0.9 million) is allocated 45.0% and 55.0% to the PGM and chrome
\n
operating segments respectively (2022: 70.0% and 30.0%).
\n
\n\n
Judgement and estimates: net realisable value and measurement of inventories
\n
\n
Net realisable value tests are performed at least
\n
quarterly
\n
\n
based on the estimated future sales price of the products based on prevailing metal
\n
prices, less estimated costs to complete production and bring the product to sale. The nature of the net realisable value test inherently limits
\n
the ability to precisely m
\n
onitor recoverability levels and may result in additional write
\n
-
\n
downs of inventories in future periods.
\n
\n
\n
The prevailing PGM basket price and chrome concentrate prices as at 30 September 20
\n
2
\n
3
\n
\n
were used as estimated selling prices less forecast
\n
selling costs to determine the net realisable value of the Group\u2019s inventories. At 30 September 2023, except for certain PGM finished products
\n
and low
\n
-
\n
grade chrome concentrates,
\n
the calculated net realisable values exceeded the cost of inventories.
\n
\n
\n
Below
\n
are
\n
the prices and exchange rate used to determine the net realisable value of inventories:
\n
\n
\n
202
\n
3
\n
\n
\n
20
\n
22
\n
\n
\n
\n
\n
\n
Platinum
\n
\n
US$/oz
\n
\n
922
\n
\n
\n
878
\n
\n
\n
Palladium
\n
\n
US$/oz
\n
\n
1
\n
\n
238
\n
\n
\n
2
\n
\n
113
\n
\n
\n
Rhodium
\n
\n
US$/oz
\n
\n
3
\n
\n
918
\n
\n
\n
13
\n
\n
709
\n
\n
\n
Gold
\n
\n
US$/oz
\n
\n
1
\n
\n
918
\n
\n
\n
1
\n
\n
684
\n
\n
\n
Ruthenium
\n
\n
US$/oz
\n
\n
388
\n
\n
\n
440
\n
\n
\n
Iridium
\n
\n
US$/oz
\n
\n
4
\n
\n
311
\n
\n
\n
3
\n
\n
638
\n
\n
\n
Metallurgical chrome concentrate
\n
\n
US$/tonne
\n
\n
28
\n
4
\n
\n
\n
209
\n
\n
US$: ZAR exchange rate
\n
\n
\n
18.98
\n
\n
\n
17.57
\n

\n\n
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag419": { "value": "\n
Accounting
\n
policy
\n
\n
\n
\n
Inventories comprising PGM and chrome concentrates, ore stockpiled, in
\n
-
\n
process metal contained in ore and consumable items are measured
\n
at the lower of cost and net realisable value. The cost is determined using the weighted average method and includes direct mining expenditure
\n
and an appropriate portion of overhead expenditure. Net realisable value is the estimated selling price in the ordinary course of business, less
\n
the estimated costs of completion and costs to sell. Obsolete, redundant and slow-moving inventories are identified and written down to net
\n
realisable value.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag420": { "value": "\n

\n

\n

\n
20.
\n
\n
TRADE AND OTHER RECEIVABLES
\n
\n
\n
\n
\n
\n
\n\n

\n\n
Accounting policy
\n
\n
Trade and other receivables, excluding
\n
the PGM discounting receivable
\n
, prepayments
\n
,
\n
\n
deposits and
\n
value added tax, are non
\n
-
\n
derivative
\n
financial assets categorised as financial assets measured at amortised cost.
\n
\n
\n
\n
The
\n
se
\n
\n
non
\n
-
\n
derivative financial assets are initially recognised at fair value and subsequently carried at amortised cost less allowance
\n
for
\n
impairment. Estimates made for impairment are based on a review of all outstanding amounts at year end in line with the impairment policy
\n
described
\n
in note 1
\n
7
\n
.
\n
Irrecoverable
\n
\n
amounts are written off during the period in which they are identified.
\n
\n
\n
The Group entered into offtake agreements in terms of which the concentrate of the PGMs is treated by the offtake parties.
\n
\n
The PGM
\n
discounting receivable is measured at fair value through profit or loss from the date of recognition up to date of settlement, as it fails the IFRS
\n
9 amortised cost requirement of cash flows representing solely payment of principal and interest. Payment is due on the last day of the fourth
\n
month following delivery.
\n
\n
\n
The fair value changes due to non
\n
-
\n
market variability (that is, changes based on quantity and quality of the contained metal) are considered to
\n
be variable consideration within the scope of IFRS 15 as the Group's right to consideration is contingent upon the physical attributes of the
\n
contained metal. Therefore, the variable consideration is considered to be constrained. At each subsequent reporting date the receivable is
\n
restated to reflect the fair value movements (market variability) in the pricing mechanism which are recognised in revenue. Foreign exchange
\n
movements subsequent to the recognition of a sale are recognised as a foreign exchange gain or loss in profit or loss.
\n

\n\n

\n\n
\n
\n
\n\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Trade receivables
\n
\n
37
\n
\n
678
\n
\n
\n
28 041
\n
\n
\n
PGM receivables and
\n
PGM
\n
discounting
\n
receivable
\n
\n
27
\n
\n
900
\n
\n
\n
103 634
\n
\n
\n
Total trade receivables
\n
\n
65
\n
\n
578
\n
\n
\n
131
\n
\n
675
\n
\n
\n
Other receivables
\n
\u2013
\n
\n
related parties (
\n
refer
\n
to note 3
\n
3
\n
)
\n
\n
112
\n
\n
\n
57
\n
\n
\n
Deposits, prepayments and other receivables
\n
*
\n
\n
23 455
\n
\n
\n
4
\n
\n
342
\n
\n
\n
Accrued income
\n
\n
4
\n
\n
726
\n
\n
\n
4
\n
\n
660
\n
\n
\n
Value added tax
\n
(VAT)
\n
receivable
\n
\n
9
\n
\n
870
\n
\n
\n
8
\n
\n
935
\n
\n
\n
\n
103 741
\n
\n
\n
149
\n
\n
669
\n
\n
\n
\n
\n
\n
*
\n
\n
The increase in d
\n
eposits, prepayments and other receivables
\n
\n
mainly relates to deposits paid to suppliers of capital equipment for Karo
\n
Platinum (Private) Limited. In order to secure capital orders, suppliers require deposit payments.
\n
\n

\n\n
\n
The fair value of trade and other receivables measured at amortised cost approximate the carrying amount due to the short
\n
-
\n
term maturity. The
\n
fair value of the PGM receivables and PGM discounting receivable was determined on ruling quoted market prices and exchange rates. At
\n
30 September 2022, PGM receivables of US$26.9 million was included in trade receivables. Since the fair value of the PGM receivables is
\n
determined by quoted market prices and exchange rates and it represents a Level 2 financial instrument in terms of the fair value hierarchy,
\n
the amount has been reclassified to PGM receivables and PGM discounting receivable at 30 September 2023. The reclassification had no
\n
impact on any reported totals, earnings per share or on any amounts presented in the statement of financial position.
\n
\n
\n
During the
\n
year
\n
\n
ended 3
\n
0
\n
\n
September
\n
\n
2023, the limited recourse disclosed receivables discounting agreement in respect of the PGM
\n
discounting receivable was wound down and settled in full. The PGM receivable represents receivables arising from the delivery of PGM
\n
concentrates to off
\n
-
\n
take par
\n
ties valued at the closing exchange rate and closing market prices.
\n
\n
\n\n
Trade and other receivables of the Group are expected to be recoverable within one year from each reporting date. Trade recei
\n
vables are
\n
unsecured, non-interest bearing and payment terms vary from 0 to 120 days (30 September 2022: 0 to 120 days). During the year ended
\n
30 September 2023, customers, for which a credit loss allowance was previously recognised, settled the outstanding balances in full.
\n
Consequently, the relating expected credit loss allowance was reversed. The reversal amounted to US$0.1 million (2022: expected credit loss
\n
allowance of US$0.1 million raised). The expected credit loss reversal relates to the chrome and manufacturing segments (2022:
\n
manufacturing segment). No impairment of trade receivables was recognised due to their insignificant exposure to credit risk during the years
\n
ended 3
\n
0
\n
\n
September
\n
\n
2023
\n
\n
and
\n
30
\n
\n
September 2022.
\n
\n

\n\n

\n\n

\n

\n
20.
\n
\n
TRADE AND OTHER RECEIVABLES
\n
\n
(continued)
\n
\n
\n
\n
\n
\n
\n\n
The table below summarises the maturity profile of trade receivables:
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
Current
\n
\n
64
\n
\n
977
\n
\n
\n
130
\n
\n
916
\n
\n
\n
Less than 90 days past due but not impaired
\n
\n
558
\n
\n
\n
390
\n
\n
\n
Greater than 90 days past due but not impaired
\n
\n
43
\n
\n
\n
369
\n
\n
\n
\n
65
\n
\n
578
\n
\n
\n
131
\n
\n
675
\n
\n
\n
\n
\n
\n
The credit exposure of trade receivables by country is as follows:
\n
\n
\n
\n
South Africa
\n
\n
36
\n
\n
618
\n
\n
\n
108
\n
\n
378
\n
\n
\n
China
\n
\n
11
\n
\n
483
\n
\n
\n
6
\n
\n
163
\n
\n
\n
Hong Kong
\n
\n
-
\n
\n
\n
12
\n
\n
264
\n
\n
\n
Singapore
\n
\n
17
\n
\n
402
\n
\n
\n
4
\n
\n
310
\n
\n
\n
Other countries
\n
\n
75
\n
\n
\n
560
\n
\n
\n
\n
65
\n
\n
578
\n
\n
\n
131
\n
\n
675
\n
\n
\n
\n
\n
\n
The
\n
foreign currency balances, translated to US$ included in trade receivables were as follows:
\n
\n
\n
\n
ZAR\u2019000
\n
\n
8
\n
\n
123
\n
\n
\n
4
\n
\n
125
\n
\n
\n
US$\u2019000
\n
\n
57
\n
\n
455
\n
\n
\n
127
\n
\n
550
\n

\n\n
\n
\n
\n
\n
\n
Diesel rebates
\n
\n
At 30 September 2023, the Group had certain
\n
unresolved tax matters. Included in trade and
\n
other receivables is an amount of US$4.4
\n
\n
million
\n
(ZAR82.3 million) (2022: US4.6 million (ZAR82.3 million)) which relates to diesel rebates receivable from the South African Revenue Service
\n
(\u2018SARS\u2019) in respect of the mining operations. SARS rejected diesel claims relating to the period from September 2011 to February 2018. The
\n
Group is taking the necessary action to recover the amount due
\n
\n
and believes that it remains probable that the amounts will be recovered.
\n
\n
\n
\n
\n\n
Judgements and estimates: expected
\n
credit losses (\u2018ECL\u2019)
\n
\n
\n
\n
The Group applies a simplified approach to measure the loss allowance for trade receivables classified at amortised cost, usi
\n
ng the lifetime
\n
expected loss provision. The expected credit loss on trade receivables is estimated using a provision matrix by reference to past default
\n
experience and credit rating if available, adjusted as appropriate for current observable data.
\n
\n
\n
The customer base of the Group consists of a limited number of premium customers of high credit quality and no historical
\n
defaults, with
\n
relationships that have been established over many years. The sale of products typically is of a high quantity and consequently high value.
\n
The Group\u2019s policy and preference is to sell products in large quantities to only established premium customers. The Group believes that this
\n
policy reduces the overall group credit risk.
\n
\n
\n
PGM concentrate is sold in terms of off
\n
-
\n
take agreements
\n
\n
to a limited number of clients
\n
. The following entity
\n
-
\n
specific observable data
\n
was
\n
\n
considered for each of the PGM customers:
\n
\n
\u2022
\n
An assessment of the accessibility and transparency of the business relationship with the customer, with specific reference t
\n
o how
\n
differences (if any) in assayed results had been resolved and whether any requests to amend contractual terms had been receiv
\n
ed;
\n
\n
\u2022
\n
\n
The payment history and history of credit limits granted;
\n
\n
\u2022
\n
A general assessment of the bi
\n
-
\n
annual financial statements with specific reference to cash flow information, servicing of outstanding
\n
debt and outstanding
\n
commitments;
\n
\n
\u2022
\n
\n
A general review of the quarterly production and operational information; and
\n
\n
\u2022
\n
\n
An assessment of the reputation of the customer across the mining industry.
\n
\n
\n
The majority of chrome concentrates are exported from South Africa.
\n
F
\n
or export
\n
chrome concentrate transactions, payment terms vary from
\n
30 days to 90 days, however, the Group obtains letters of credit from reputable financial institutions before shipment occurs. The Group only
\n
accepts letters of credit from financial institutions that are approved by the Group\u2019s financiers. Before entering into an export chrome
\n
concentrate sale agreement, the Group ensures that the customer/potential customer is able to provide a letter of credit from such an
\n
acceptable financial institution.
\n

\n\n

\n\n

\n
20.
\n
\n
TRADE AND OTHER RECEIVABLES
\n
\n
(continued)
\n
\n
\n\n
Judgements and estimates:
\n
ECL (continued)
\n
\n
The Group also sells chrome concentrates locally. The following entity
\n
-
\n
specific observable data was considered for local customers:
\n
\n
\u2022 An assessment of the accessibility and transparency of the business relationship with the customer, with specific reference to the
\n
manner how differences (if any) in results and quantities delivered were resolved and whether any requests to amend contractual
\n
terms had been rec
\n
eived;
\n
\n
\u2022
\n
The payment history and record of the credit limit granted;
\n
\n
\u2022 A comparison between the Group\u2019s balance owing in terms of the unsecured loan financing and the credit provided to the customer;
\n
and
\n
\n
\u2022
\n
An assessment of the reputation of the customer across the mining industry.
\n
\n
\n
The following entity
\n
-
\n
specific forward looking information was considered in estimating the ECL allowance:
\n
\n
\u2022
\n
PGM pricing forecast and global supply and demand;
\n
\n
\u2022 Chrome supply and demand through the value chain i.e. to stainless steel production and general state of growth in the global
\n
economy;
\n
\n
\u2022
\n
Chinese chrome port stocks;
\n
\n
\u2022
\n
Banks credit ratings
\n
\n
and inflation
\n
;
\n
\n
\u2022
\n
Trade facilities available to the Group;
\n
\n
and
\n
\n
\u2022
\n
For chrome concentrate sales the
\n
South African
\n
rail and port infrastructure.
\n
\n
\n
For customers of the manufacturing operating segment, a combination of the aforementioned considerations are taken into accou
\n
nt to estimate
\n
the ECL allowance.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag421": { "value": "\n
Accounting policy
\n
\n
Trade and other receivables, excluding
\n
the PGM discounting receivable
\n
, prepayments
\n
,
\n
\n
deposits and
\n
value added tax, are non
\n
-
\n
derivative
\n
financial assets categorised as financial assets measured at amortised cost.
\n
\n
\n
\n
The
\n
se
\n
\n
non
\n
-
\n
derivative financial assets are initially recognised at fair value and subsequently carried at amortised cost less allowance
\n
for
\n
impairment. Estimates made for impairment are based on a review of all outstanding amounts at year end in line with the impairment policy
\n
described
\n
in note 1
\n
7
\n
.
\n
Irrecoverable
\n
\n
amounts are written off during the period in which they are identified.
\n
\n
\n
The Group entered into offtake agreements in terms of which the concentrate of the PGMs is treated by the offtake parties.
\n
\n
The PGM
\n
discounting receivable is measured at fair value through profit or loss from the date of recognition up to date of settlement, as it fails the IFRS
\n
9 amortised cost requirement of cash flows representing solely payment of principal and interest. Payment is due on the last day of the fourth
\n
month following delivery.
\n
\n
\n
The fair value changes due to non
\n
-
\n
market variability (that is, changes based on quantity and quality of the contained metal) are considered to
\n
be variable consideration within the scope of IFRS 15 as the Group's right to consideration is contingent upon the physical attributes of the
\n
contained metal. Therefore, the variable consideration is considered to be constrained. At each subsequent reporting date the receivable is
\n
restated to reflect the fair value movements (market variability) in the pricing mechanism which are recognised in revenue. Foreign exchange
\n
movements subsequent to the recognition of a sale are recognised as a foreign exchange gain or loss in profit or loss.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag436": { "value": "\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Trade receivables
\n
\n
37
\n
\n
678
\n
\n
\n
28 041
\n
\n
\n
PGM receivables and
\n
PGM
\n
discounting
\n
receivable
\n
\n
27
\n
\n
900
\n
\n
\n
103 634
\n
\n
\n
Total trade receivables
\n
\n
65
\n
\n
578
\n
\n
\n
131
\n
\n
675
\n
\n
\n
Other receivables
\n
\u2013
\n
\n
related parties (
\n
refer
\n
to note 3
\n
3
\n
)
\n
\n
112
\n
\n
\n
57
\n
\n
\n
Deposits, prepayments and other receivables
\n
*
\n
\n
23 455
\n
\n
\n
4
\n
\n
342
\n
\n
\n
Accrued income
\n
\n
4
\n
\n
726
\n
\n
\n
4
\n
\n
660
\n
\n
\n
Value added tax
\n
(VAT)
\n
receivable
\n
\n
9
\n
\n
870
\n
\n
\n
8
\n
\n
935
\n
\n
\n
\n
103 741
\n
\n
\n
149
\n
\n
669
\n
\n
\n
\n
\n
\n
*
\n
\n
The increase in d
\n
eposits, prepayments and other receivables
\n
\n
mainly relates to deposits paid to suppliers of capital equipment for Karo
\n
Platinum (Private) Limited. In order to secure capital orders, suppliers require deposit payments.
\n
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag422": { "value": "\n
Trade and other receivables of the Group are expected to be recoverable within one year from each reporting date. Trade recei
\n
vables are
\n
unsecured, non-interest bearing and payment terms vary from 0 to 120 days (30 September 2022: 0 to 120 days). During the year ended
\n
30 September 2023, customers, for which a credit loss allowance was previously recognised, settled the outstanding balances in full.
\n
Consequently, the relating expected credit loss allowance was reversed. The reversal amounted to US$0.1 million (2022: expected credit loss
\n
allowance of US$0.1 million raised). The expected credit loss reversal relates to the chrome and manufacturing segments (2022:
\n
manufacturing segment). No impairment of trade receivables was recognised due to their insignificant exposure to credit risk during the years
\n
ended 3
\n
0
\n
\n
September
\n
\n
2023
\n
\n
and
\n
30
\n
\n
September 2022.
\n
\n

\n\n
The table below summarises the maturity profile of trade receivables:
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
Current
\n
\n
64
\n
\n
977
\n
\n
\n
130
\n
\n
916
\n
\n
\n
Less than 90 days past due but not impaired
\n
\n
558
\n
\n
\n
390
\n
\n
\n
Greater than 90 days past due but not impaired
\n
\n
43
\n
\n
\n
369
\n
\n
\n
\n
65
\n
\n
578
\n
\n
\n
131
\n
\n
675
\n
\n
\n
\n
\n
\n
The credit exposure of trade receivables by country is as follows:
\n
\n
\n
\n
South Africa
\n
\n
36
\n
\n
618
\n
\n
\n
108
\n
\n
378
\n
\n
\n
China
\n
\n
11
\n
\n
483
\n
\n
\n
6
\n
\n
163
\n
\n
\n
Hong Kong
\n
\n
-
\n
\n
\n
12
\n
\n
264
\n
\n
\n
Singapore
\n
\n
17
\n
\n
402
\n
\n
\n
4
\n
\n
310
\n
\n
\n
Other countries
\n
\n
75
\n
\n
\n
560
\n
\n
\n
\n
65
\n
\n
578
\n
\n
\n
131
\n
\n
675
\n
\n
\n
\n
\n
\n
The
\n
foreign currency balances, translated to US$ included in trade receivables were as follows:
\n
\n
\n
\n
ZAR\u2019000
\n
\n
8
\n
\n
123
\n
\n
\n
4
\n
\n
125
\n
\n
\n
US$\u2019000
\n
\n
57
\n
\n
455
\n
\n
\n
127
\n
\n
550
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag423": { "value": "\n

\n
22.
\n
\n
CASH AND CASH EQUIVALENTS
\n
\n
\n
\n
\n
\n
\n\n

\n\n
Accounting policy
\n
\n
\n
\n
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other
\n
financial institutions, and short
\n
-
\n
term,
\n
highly liquid investments held for the purpose of meeting short-term cash commitments that are readily convertible into known amounts of
\n
cash and which are subject to insignificant risk of changes in value, having been within three months of maturity at acquisition. Cash and cash
\n
equivalents are stated at amortised cost less any expected credit losses.
\n
\n

\n\n

\n\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
Bank balances
\n
\n
1
\n
62 071
\n
\n
\n
106
\n
\n
873
\n
\n
\n
Short
\n
-
\n
term bank
\n
deposits
\n
\n
and money market investments
\n
\n
93
\n
\n
229
\n
\n
\n
36
\n
\n
427
\n
\n
\n
\n
2
\n
55
\n
\n
300
\n
\n
\n
143
\n
\n
300
\n
\n
\n
\n
\n
\n
The credit exposure by country is as follows:
\n
\n
\n
\n
South Africa
\n
\n
1
\n
42
\n
\n
306
\n
\n
\n
58
\n
\n
192
\n
\n
\n
Hong Kong
\n
\n
3
\n
\n
997
\n
\n
\n
38
\n
\n
261
\n
\n
\n
Mauritius
\n
\n
42
\n
\n
471
\n
\n
\n
20
\n
\n
301
\n
\n
\n
United Kingdom
\n
\n
609
\n
\n
\n
586
\n
\n
\n
Zimbabwe
\n
\n
20
\n
\n
3
\n
1
\n
3
\n
\n
\n
2
\n
\n
745
\n
\n
\n
Cyprus
\n
\n
45
\n
\n
596
\n
\n
\n
23
\n
\n
059
\n
\n
\n
Other countries
\n
\n
8
\n
\n
\n
156
\n
\n
\n
\n
2
\n
55
\n
\n
300
\n
\n
\n
143
\n
\n
300
\n

\n\n
22.
\n
\n
CASH AND CASH EQUIVALENTS
\n
The credit exposure by bank
\n
and credit ratings are
\n
as follows:
\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
Nedbank
\n
\n
BB
\n
-
\n
\n
90
\n
\n
173
\n
\n
\n
37
\n
\n
108
\n
\n
\n
HSBC
\n
\n
A+
\n
\n
43
\n
\n
502
\n
\n
\n
38
\n
\n
275
\n
\n
\n
Bank of China
\n
\n
A
\n
\n
26
\n
\n
988
\n
\n
\n
3
\n
\n
700
\n
\n
\n
Bank of Cyprus
\n
\n
B+
\n
\n
45
\n
\n
596
\n
\n
\n
23
\n
\n
059
\n
\n
\n
Citibank
\n
\n
A
\n
\n
8
\n
\n
410
\n
\n
\n
3
\n
\n
324
\n
\n
\n
Stanlib Corporate Money Market
\n
\n
BB
\n
-
\n
\n
24
\n
\n
659
\n
\n
\n
17
\n
\n
249
\n
\n
\n
Absa
\n
\n
BB
\n
-
\n
\n
4 194
\n
\n
\n
20
\n
\n
436
\n
C
\n
ommercial
\n
B
\n
ank of
\n
Z
\n
imbabwe
\n
\n
AA
\n
-
\n
\n
(ZW)
\n
\n
8
\n
\n
962
\n
\n
\n
-
\n
\n
\n
Other
\n
\n
A+ to B
\n
\n
2
\n
\n
816
\n
\n
\n
149
\n
\n
\n
\n
2
\n
55
\n
\n
300
\n
\n
\n
143
\n
\n
300
\n
\n
\n
\n
\n
\n
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short
\n
-
\n
term deposits are generally call deposit accounts and
\n
earn interest at the respective short
\n
-
\n
term deposit rates.
\n
\n
The amounts
\n
reflected approximate fair value.
\n
\n
\n
At 30 September 202
\n
3
\n
, an
\n
amount
\n
of US$2.0 million (2022:
\n
\n
US$
\n
2.1
\n
\n
million) was provided as security for a bank guarantee issued in favour of
\n
a trade creditor of a subsidiary of the Group and US$0.3 million (2022: US$0.3 million) was provided as security against certain credit facilities
\n
of the Group.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag424": { "value": "\n
Accounting policy
\n
\n
\n
\n
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other
\n
financial institutions, and short
\n
-
\n
term,
\n
highly liquid investments held for the purpose of meeting short-term cash commitments that are readily convertible into known amounts of
\n
cash and which are subject to insignificant risk of changes in value, having been within three months of maturity at acquisition. Cash and cash
\n
equivalents are stated at amortised cost less any expected credit losses.
\n
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag425": { "value": "\n

\n\n

\n

\n
23.
\n
\n
SHARE CAPITAL AND RESERVES
\n
\n
\n
\n
\n\n

\n

\n\n
Accounting policy
\n
: share capital
\n
\n
The share capital is stated at nominal value. The difference between the fair value of the consideration received by the Comp
\n
any and the
\n
nominal value of the share capital being issued is taken to the share premium account. Incremental costs directly attributable to the issue of
\n
ordinary shares are recognised as a deduction from equity, net of any tax effects.
\n
\n
\n
When share options are exercised
\n
\n
in terms of the Tharisa Share Award Plan
\n
, the Company issues new shares or issues shares from
\n
treasury shares held. The proceeds received net of any directly attributable transaction costs are credited to share capital and share
\n
premium.
\n

\n\n
\n
\n\n
Accounting policy: non
\n
-
\n
controlling interest
\n
\n
Non
\n
-
\n
controlling interests are measured at their proportionate share of the acquiree\u2019s identifiable net assets at the date of the
\n
acquisition.
\n
Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control, are accounted for as equi
\n
ty transactions.
\n

\n\n

\n\n
\n
\n
\n\n
30 September 202
\n
3
\n
\n
30 September 20
\n
2
\n
2
\n
\n
Share capital
\n
\n
Number of
\n
\n
Shares
\n
\n
US$\u2019000
\n
\n
Number of
\n
\n
Shares
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Authorised
\n
\u2013
\n
\n
ordinary shares of US$0.001 each
\n
\n
10
\n
\n
000 000 000
\n
\n
\n
10 000
\n
\n
\n
10
\n
\n
000 000 000
\n
\n
\n
10
\n
\n
000
\n
\n
\n
\n
\n
\n
\n
\n
Authorised
\n
\u2013
\n
\n
convertible redeemable preference
\n
shares of US$1 each
\n
\n
1 051
\n
\n
\n
1
\n
\n
\n
1 051
\n
\n
\n
1
\n
\n
\n
\n
\n
\n
\n
\n
Issued o
\n
rdinary shares
\n
\n
\n
\n
\n
\n
Balance at the beginning of the year
\n
\n
302
\n
\n
596 743
\n
\n
\n
303
\n
\n
\n
275
\n
\n
000
\n
\n
000
\n
\n
\n
275
\n
\n
\n
Issued
\n
during the year
\n
\n
-
\n
\n
\n
-
\n
\n
\n
27
\n
\n
596 743
\n
\n
\n
28
\n
\n
\n
Balance at the end of the year
\n
\n
302
\n
\n
596
\n
\n
743
\n
\n
\n
303
\n
\n
\n
302
\n
\n
596 743
\n
\n
\n
303
\n
\n
\n
\n
\n
\n
\n
\n
Treasury shares
\n
\n
\n
\n
\n
\n
Balance at the beginning of the year
\n
\n
2
\n
\n
850 378
\n
\n
\n
3
\n
\n
\n
3
\n
\n
715 621
\n
\n
\n
4
\n
\n
\n
Transferred as part of management share award plans
\n
\n
(273
\n
\n
329)
\n
\n
-
\n
\n
\n
(865
\n
243)
\n
\n
(1)
\n
\n
Balance at the end of the year
\n
\n
2
\n
\n
577
\n
\n
049
\n
\n
\n
3
\n
\n
\n
2
\n
\n
850 378
\n
\n
\n
3
\n
\n
\n
\n
\n
\n
\n
\n
Issued and fully paid
\n
\n
300
\n
\n
019
\n
\n
694
\n
\n
\n
300
\n
\n
\n
299
\n
\n
746 365
\n
\n
\n
300
\n
\n
\n
\n
\n
\n
\n
\n
Share premium
\n
\n
\n
\n
Balance at the beginning of the year
\n
\n
299
\n
\n
746 365
\n
\n
\n
345
\n
\n
597
\n
\n
\n
271
\n
\n
284 379
\n
\n
\n
289
\n
\n
547
\n
\n
\n
Shares issued
\n
\n
273
\n
\n
329
\n
\n
\n
396
\n
\n
\n
28
\n
\n
461 986
\n
\n
\n
56
\n
\n
050
\n
\n
\n
Balance at the end of the year
\n
\n
300
\n
\n
019
\n
\n
694
\n
\n
\n
345
\n
\n
993
\n
\n
\n
299
\n
\n
746 365
\n
\n
\n
345
\n
\n
597
\n
\n
\n
\n
\n
\n
\n
\n
Total share capital and premium
\n
\n
\n
346
\n
\n
293
\n
\n
\n
\n
345
\n
\n
897
\n

\n\n

\n\n

\n\n

\n

\n

\n

\n\n
23.
\n
\n
SHARE CAPITAL AND RESERVES
\n
\n
(continued)
\n
\n
\n
Share capital
\n
\n
No shares were issued during the year ended 30 September 2023.
\n
During the year ended 30 September 2022, the Company issued
\n
13 693 000 ordinary shares to The Leto Settlement, a related party, as consideration for the controlling interest in Karo Mining Holdings plc
\n
(refer to note 30). In addition, the Company issued 10 695 187 and 3 208 556 ordinary shares to Thari Resources Proprietary Limited and The
\n
Tharisa Community Trust respectively, both related parties, as consideration for the acquisition of the non-controlling interest in Tharisa
\n
Minerals Proprietary Limited.
\n
\n
\n
During the year ended 30 September 2023, 273 329 (2022: 865 243) ordinary shares were transferred from treasury shares to sat
\n
isfy the
\n
vesting/exercise of Conditional Awards and Appreciation Rights by the participants of the Tharisa Share Award Plan.
\n
\n
\n
At 30 September 2023, 2
\n
\n
577 049 (2022: 2
\n
\n
850 378) ordinary shares were held in treasury.
\n
\n
\n
All shares rank equally with regard to the Company\u2019s residual assets. The holders of ordinary shares, other than treasury sha
\n
res, are entitled
\n
to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Comp
\n
any.
\n
\n
\n
Share premium
\n
\n
The share premium represents the excess of the issue price of ordinary
\n
shares over their nominal value, to the extent that it is registered at
\n
the Registrar of Companies in Cyprus, less share issue costs. The share premium is not distributable for dividend purposes.
\n
\n
\n
During the years ended 30 September 2023 and 30 September 2022, the increases in the share premium account related to the iss
\n
ue and
\n
allotment of ordinary shares.
\n

\n\n
\n
\n\n
Other reserve
\n
\n
The other reserve represents a historic ordinary share issue by the Company to parties external to the Group in exchange for
\n
preference
\n
shares in Tharisa Minerals. The ordinary shares were issued at a price reflective of the fair value of the preference shares less share issue
\n
costs, which was in excess of the nominal value of the ordinary shares, but the excess was not registered as share premium at the Registrar
\n
of Companies in Cyprus, thus presented and disclosed separately from share premium. The other reserve is not distributable for dividend
\n
purposes.
\n
\n
\n
Foreign currency translation reserve
\n
\n
The foreign currency translation reserve comprises all foreign currency differences arising from the translation of the finan
\n
cial statements of
\n
foreign operations with a functional currency other than US$ and foreign currency differences relating to translation of intergroup loans and
\n
funding arrangements which are considered to be part of the Company\u2019s net investment in a foreign operation.
\n
\n
\n
Retained earnings
\n
\n
The retained earnings include the accumulated retained profits and lo
\n
sses of
\n
the Group
\n
(2023: US$
\n
425.1
\n
\n
million (2022: US$
\n
357.2
\n
\n
million)
\n
and the share-based payment reserve (2023: US$2.6 million (2022: US$1.2 million)). Retained earnings are distributable for dividend
\n
purposes.
\n

\n\n
\n
\n\n
Capital management
\n
\n
The Group
\n
\u2019
\n
s target is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain futur
\n
e
\n
development of the business in a way that optimises the cost of capital and matches the current strategic business plan. The Board of Directors
\n
monitors both the demographic spread of shareholders, as well as the return on capital. Capital is defined as equity attributable to owners of
\n
the Company. Management is aware of the risks associated to capital management. Capital needs are monitored on a regular basis and
\n
whenever needed management takes steps in an attempt to effectively manage any corresponding risks.
\n
\n

\n\n
\n\n
Non
\n
-
\n
controlling interests
\n
\n
Non
\n
-
\n
controlling interests
\n
at 30 September 202
\n
3
\n
\n
and 30 September 2022
\n
comprise amounts attributable to
\n
the Government of Zimbabwe for
\n
its 15% share in Karo Platinum (Private) Limited as well as amounts attributable to the Leto Settlement for its 25% (2022: 30%) share in Karo
\n
Mining Holdings plc.
\n
\n
\n
The non
\n
-
\n
controlling interest share of total comprehensive income
\n
for the year
\n
amounts
\n
to US$
\n
4
\n
.
\n
5
\n
\n
million (202
\n
2
\n
:
\n
\n
US$
\n
9.5
\n
\n
million).
\n
\n

\n\n

\n\n
23.
\n
\n
SHARE CAPITAL AND RESERVES
\n
\n
(continued)
\n
\n
\n
Increase in shareholding in Karo Mining Holdings plc (\u2018Karo Mining\u2019)
\n
\n
The Company acquired the controlling interest in Karo Mining at 30 March 2022 (refer to note 30) increasing its shareholding to 66.34%.
\n
Subsequent to the acquisition, the Company subscribed for additional new shares issued by Karo Mining, increasing its shareholding to 70.0%
\n
at 30
\n
\n
September 2022
\n
.
\n
\n
\n
Effective 30 June 2023, Karo Mining issued an additional 3 800 new ordinary shares for a cash subscription of US$27.3 million to the Company.
\n
The additional shares issued represented 2.33% of the issued share capital of Karo Mining which increased the Company\u2019s shareholding to
\n
72.33%.
\n
\n
\n
Effective 31 July 2023, Karo Mining issued an additional 5 248 new ordinary shares for a cash subscription of US$37.7 million to the Company.
\n
The additional shares issued represented 2.68% of the issued share capital of Karo Mining which increased the Company\u2019s shareholding to
\n
75.00%.
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Consideration for additional new shares issued by Karo Mining
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Reduction in
\n
non
\n
-
\n
controlling interest
\n
\n
\n
(6 594)
\n
\n
(4
\n
\n
509)
\n
\n
Increase to equity attributable to ordinary shareholders
\n
\n
\n
6 594
\n
\n
\n
4
\n
\n
509
\n
\n
\n
\n
Acquisition of non
\n
-
\n
controlling interest of Tharisa Minerals (Proprietary) Limited
\n
\n
During the year ended 30 September 2022, the Company acquired the remaining 26% of the issued share capital of
\n
Tharisa Minerals
\n
(Proprietary) Limited (\u2018Tharisa Minerals\u2019) from the non-controlling shareholders. 20% of the issued share capital was acquired for a purchase
\n
consideration of US$19.9 million (ZAR300.0 million) from Thari Resources Proprietary Limited and the remaining 6% from the Tharisa
\n
Community Trust for a purchase consideration of US$5.7 million (ZAR90.0 million). The purchase consideration was settled through the issue
\n
of
\n
1
\n
3
\n
903
\n
\n
743
\n
\n
new ordinary shares in the Company
\n
.
\n
\n
\n
\n
\n
2022
\n
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Shares issued as consideration
\n
\n
\n
\n
25
\n
\n
627
\n
\n
\n
Reduction in non
\n
-
\n
controlling interest
\n
\n
\n
\n
(16 473)
\n
\n
Reduction to equity attributable to ordinary
\n
shareholders
\n
\n
\n
\n
9 154
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag426": { "value": "\n

\n

\n
23.
\n
\n
SHARE CAPITAL AND RESERVES
\n
\n
\n
\n
\n\n

\n

\n\n
Accounting policy
\n
: share capital
\n
\n
The share capital is stated at nominal value. The difference between the fair value of the consideration received by the Comp
\n
any and the
\n
nominal value of the share capital being issued is taken to the share premium account. Incremental costs directly attributable to the issue of
\n
ordinary shares are recognised as a deduction from equity, net of any tax effects.
\n
\n
\n
When share options are exercised
\n
\n
in terms of the Tharisa Share Award Plan
\n
, the Company issues new shares or issues shares from
\n
treasury shares held. The proceeds received net of any directly attributable transaction costs are credited to share capital and share
\n
premium.
\n

\n\n
\n
\n\n
Accounting policy: non
\n
-
\n
controlling interest
\n
\n
Non
\n
-
\n
controlling interests are measured at their proportionate share of the acquiree\u2019s identifiable net assets at the date of the
\n
acquisition.
\n
Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control, are accounted for as equi
\n
ty transactions.
\n

\n\n

\n\n
\n
\n
\n\n
30 September 202
\n
3
\n
\n
30 September 20
\n
2
\n
2
\n
\n
Share capital
\n
\n
Number of
\n
\n
Shares
\n
\n
US$\u2019000
\n
\n
Number of
\n
\n
Shares
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Authorised
\n
\u2013
\n
\n
ordinary shares of US$0.001 each
\n
\n
10
\n
\n
000 000 000
\n
\n
\n
10 000
\n
\n
\n
10
\n
\n
000 000 000
\n
\n
\n
10
\n
\n
000
\n
\n
\n
\n
\n
\n
\n
\n
Authorised
\n
\u2013
\n
\n
convertible redeemable preference
\n
shares of US$1 each
\n
\n
1 051
\n
\n
\n
1
\n
\n
\n
1 051
\n
\n
\n
1
\n
\n
\n
\n
\n
\n
\n
\n
Issued o
\n
rdinary shares
\n
\n
\n
\n
\n
\n
Balance at the beginning of the year
\n
\n
302
\n
\n
596 743
\n
\n
\n
303
\n
\n
\n
275
\n
\n
000
\n
\n
000
\n
\n
\n
275
\n
\n
\n
Issued
\n
during the year
\n
\n
-
\n
\n
\n
-
\n
\n
\n
27
\n
\n
596 743
\n
\n
\n
28
\n
\n
\n
Balance at the end of the year
\n
\n
302
\n
\n
596
\n
\n
743
\n
\n
\n
303
\n
\n
\n
302
\n
\n
596 743
\n
\n
\n
303
\n
\n
\n
\n
\n
\n
\n
\n
Treasury shares
\n
\n
\n
\n
\n
\n
Balance at the beginning of the year
\n
\n
2
\n
\n
850 378
\n
\n
\n
3
\n
\n
\n
3
\n
\n
715 621
\n
\n
\n
4
\n
\n
\n
Transferred as part of management share award plans
\n
\n
(273
\n
\n
329)
\n
\n
-
\n
\n
\n
(865
\n
243)
\n
\n
(1)
\n
\n
Balance at the end of the year
\n
\n
2
\n
\n
577
\n
\n
049
\n
\n
\n
3
\n
\n
\n
2
\n
\n
850 378
\n
\n
\n
3
\n
\n
\n
\n
\n
\n
\n
\n
Issued and fully paid
\n
\n
300
\n
\n
019
\n
\n
694
\n
\n
\n
300
\n
\n
\n
299
\n
\n
746 365
\n
\n
\n
300
\n
\n
\n
\n
\n
\n
\n
\n
Share premium
\n
\n
\n
\n
Balance at the beginning of the year
\n
\n
299
\n
\n
746 365
\n
\n
\n
345
\n
\n
597
\n
\n
\n
271
\n
\n
284 379
\n
\n
\n
289
\n
\n
547
\n
\n
\n
Shares issued
\n
\n
273
\n
\n
329
\n
\n
\n
396
\n
\n
\n
28
\n
\n
461 986
\n
\n
\n
56
\n
\n
050
\n
\n
\n
Balance at the end of the year
\n
\n
300
\n
\n
019
\n
\n
694
\n
\n
\n
345
\n
\n
993
\n
\n
\n
299
\n
\n
746 365
\n
\n
\n
345
\n
\n
597
\n
\n
\n
\n
\n
\n
\n
\n
Total share capital and premium
\n
\n
\n
346
\n
\n
293
\n
\n
\n
\n
345
\n
\n
897
\n

\n\n

\n\n
23.
\n
\n
SHARE CAPITAL AND RESERVES
\n
\n
(continued)
\n
\n
\n
Share capital
\n
\n
No shares were issued during the year ended 30 September 2023.
\n
During the year ended 30 September 2022, the Company issued
\n
13 693 000 ordinary shares to The Leto Settlement, a related party, as consideration for the controlling interest in Karo Mining Holdings plc
\n
(refer to note 30). In addition, the Company issued 10 695 187 and 3 208 556 ordinary shares to Thari Resources Proprietary Limited and The
\n
Tharisa Community Trust respectively, both related parties, as consideration for the acquisition of the non-controlling interest in Tharisa
\n
Minerals Proprietary Limited.
\n
\n
\n
During the year ended 30 September 2023, 273 329 (2022: 865 243) ordinary shares were transferred from treasury shares to sat
\n
isfy the
\n
vesting/exercise of Conditional Awards and Appreciation Rights by the participants of the Tharisa Share Award Plan.
\n
\n
\n
At 30 September 2023, 2
\n
\n
577 049 (2022: 2
\n
\n
850 378) ordinary shares were held in treasury.
\n
\n
\n
All shares rank equally with regard to the Company\u2019s residual assets. The holders of ordinary shares, other than treasury sha
\n
res, are entitled
\n
to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Comp
\n
any.
\n
\n
\n
Share premium
\n
\n
The share premium represents the excess of the issue price of ordinary
\n
shares over their nominal value, to the extent that it is registered at
\n
the Registrar of Companies in Cyprus, less share issue costs. The share premium is not distributable for dividend purposes.
\n
\n
\n
During the years ended 30 September 2023 and 30 September 2022, the increases in the share premium account related to the iss
\n
ue and
\n
allotment of ordinary shares.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag431": { "value": "\n
Accounting policy
\n
: share capital
\n
\n
The share capital is stated at nominal value. The difference between the fair value of the consideration received by the Comp
\n
any and the
\n
nominal value of the share capital being issued is taken to the share premium account. Incremental costs directly attributable to the issue of
\n
ordinary shares are recognised as a deduction from equity, net of any tax effects.
\n
\n
\n
When share options are exercised
\n
\n
in terms of the Tharisa Share Award Plan
\n
, the Company issues new shares or issues shares from
\n
treasury shares held. The proceeds received net of any directly attributable transaction costs are credited to share capital and share
\n
premium.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag432": { "value": "\n
Accounting policy: non
\n
-
\n
controlling interest
\n
\n
Non
\n
-
\n
controlling interests are measured at their proportionate share of the acquiree\u2019s identifiable net assets at the date of the
\n
acquisition.
\n
Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control, are accounted for as equi
\n
ty transactions.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag430": { "value": "\n
30 September 202
\n
3
\n
\n
30 September 20
\n
2
\n
2
\n
\n
Share capital
\n
\n
Number of
\n
\n
Shares
\n
\n
US$\u2019000
\n
\n
Number of
\n
\n
Shares
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Authorised
\n
\u2013
\n
\n
ordinary shares of US$0.001 each
\n
\n
10
\n
\n
000 000 000
\n
\n
\n
10 000
\n
\n
\n
10
\n
\n
000 000 000
\n
\n
\n
10
\n
\n
000
\n
\n
\n
\n
\n
\n
\n
\n
Authorised
\n
\u2013
\n
\n
convertible redeemable preference
\n
shares of US$1 each
\n
\n
1 051
\n
\n
\n
1
\n
\n
\n
1 051
\n
\n
\n
1
\n
\n
\n
\n
\n
\n
\n
\n
Issued o
\n
rdinary shares
\n
\n
\n
\n
\n
\n
Balance at the beginning of the year
\n
\n
302
\n
\n
596 743
\n
\n
\n
303
\n
\n
\n
275
\n
\n
000
\n
\n
000
\n
\n
\n
275
\n
\n
\n
Issued
\n
during the year
\n
\n
-
\n
\n
\n
-
\n
\n
\n
27
\n
\n
596 743
\n
\n
\n
28
\n
\n
\n
Balance at the end of the year
\n
\n
302
\n
\n
596
\n
\n
743
\n
\n
\n
303
\n
\n
\n
302
\n
\n
596 743
\n
\n
\n
303
\n
\n
\n
\n
\n
\n
\n
\n
Treasury shares
\n
\n
\n
\n
\n
\n
Balance at the beginning of the year
\n
\n
2
\n
\n
850 378
\n
\n
\n
3
\n
\n
\n
3
\n
\n
715 621
\n
\n
\n
4
\n
\n
\n
Transferred as part of management share award plans
\n
\n
(273
\n
\n
329)
\n
\n
-
\n
\n
\n
(865
\n
243)
\n
\n
(1)
\n
\n
Balance at the end of the year
\n
\n
2
\n
\n
577
\n
\n
049
\n
\n
\n
3
\n
\n
\n
2
\n
\n
850 378
\n
\n
\n
3
\n
\n
\n
\n
\n
\n
\n
\n
Issued and fully paid
\n
\n
300
\n
\n
019
\n
\n
694
\n
\n
\n
300
\n
\n
\n
299
\n
\n
746 365
\n
\n
\n
300
\n
\n
\n
\n
\n
\n
\n
\n
Share premium
\n
\n
\n
\n
Balance at the beginning of the year
\n
\n
299
\n
\n
746 365
\n
\n
\n
345
\n
\n
597
\n
\n
\n
271
\n
\n
284 379
\n
\n
\n
289
\n
\n
547
\n
\n
\n
Shares issued
\n
\n
273
\n
\n
329
\n
\n
\n
396
\n
\n
\n
28
\n
\n
461 986
\n
\n
\n
56
\n
\n
050
\n
\n
\n
Balance at the end of the year
\n
\n
300
\n
\n
019
\n
\n
694
\n
\n
\n
345
\n
\n
993
\n
\n
\n
299
\n
\n
746 365
\n
\n
\n
345
\n
\n
597
\n
\n
\n
\n
\n
\n
\n
\n
Total share capital and premium
\n
\n
\n
346
\n
\n
293
\n
\n
\n
\n
345
\n
\n
897
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag427": { "value": "\n
Other reserve
\n
\n
The other reserve represents a historic ordinary share issue by the Company to parties external to the Group in exchange for
\n
preference
\n
shares in Tharisa Minerals. The ordinary shares were issued at a price reflective of the fair value of the preference shares less share issue
\n
costs, which was in excess of the nominal value of the ordinary shares, but the excess was not registered as share premium at the Registrar
\n
of Companies in Cyprus, thus presented and disclosed separately from share premium. The other reserve is not distributable for dividend
\n
purposes.
\n
\n
\n
Foreign currency translation reserve
\n
\n
The foreign currency translation reserve comprises all foreign currency differences arising from the translation of the finan
\n
cial statements of
\n
foreign operations with a functional currency other than US$ and foreign currency differences relating to translation of intergroup loans and
\n
funding arrangements which are considered to be part of the Company\u2019s net investment in a foreign operation.
\n
\n
\n
Retained earnings
\n
\n
The retained earnings include the accumulated retained profits and lo
\n
sses of
\n
the Group
\n
(2023: US$
\n
425.1
\n
\n
million (2022: US$
\n
357.2
\n
\n
million)
\n
and the share-based payment reserve (2023: US$2.6 million (2022: US$1.2 million)). Retained earnings are distributable for dividend
\n
purposes.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag428": { "value": "\n
Capital management
\n
\n
The Group
\n
\u2019
\n
s target is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain futur
\n
e
\n
development of the business in a way that optimises the cost of capital and matches the current strategic business plan. The Board of Directors
\n
monitors both the demographic spread of shareholders, as well as the return on capital. Capital is defined as equity attributable to owners of
\n
the Company. Management is aware of the risks associated to capital management. Capital needs are monitored on a regular basis and
\n
whenever needed management takes steps in an attempt to effectively manage any corresponding risks.
\n
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag429": { "value": "\n
Non
\n
-
\n
controlling interests
\n
\n
Non
\n
-
\n
controlling interests
\n
at 30 September 202
\n
3
\n
\n
and 30 September 2022
\n
comprise amounts attributable to
\n
the Government of Zimbabwe for
\n
its 15% share in Karo Platinum (Private) Limited as well as amounts attributable to the Leto Settlement for its 25% (2022: 30%) share in Karo
\n
Mining Holdings plc.
\n
\n
\n
The non
\n
-
\n
controlling interest share of total comprehensive income
\n
for the year
\n
amounts
\n
to US$
\n
4
\n
.
\n
5
\n
\n
million (202
\n
2
\n
:
\n
\n
US$
\n
9.5
\n
\n
million).
\n
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag433": { "value": "\n

\n
24.
\n
\n
PROVISIONS
\n
\n
\n
\n\n

\n\n

\n
Accounting policy
\n
\n
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events where it i
\n
s probable that
\n
an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the
\n
obligation can be made. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market
\n
assessments of the time value of money and the risks specific to the liability.
\n
\n
\n
Long
\n
-
\n
term environmental obligations are based on the Group
\n
\u2019
\n
s environmental management plans, in compliance with the current
\n
environmental and regulatory requirements.
\n
\n
\n
Where it is not possible that an outflow of economic benefits will be
\n
required, or the amount cannot be estimated reliably, the obligation is
\n
disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will
\n
only be confirmed by the occurrence or non-occurrence of one or more future events are disclosed as contingent liabilities unless the
\n
probability of outflow of economic benefits is remote.
\n
\n
\n\n
Rehabilitation costs
\n
\n
The net present value of estimated future costs for mine closure and
\n
rehabilitation is recognised and provided for in the consolidated financial
\n
statements and capitalised within mining assets on initial recognition. Rehabilitation will generally occur on closure or after closure of a mine.
\n
Initial recognition of the provis
\n
ion is at the time that the disturbance occurs and thereafter as and when additional disturbances take place.
\n
\n
\n
The estimates are reviewed bi
\n
-
\n
annually to take into account the effects of inflation and changes in estimates and are discounted using rates
\n
that reflect the time value of money. Bi-annual increases in the provision due to the passage of time are recognised in profit or loss as an
\n
unwinding of the value of the provision expense. The present value of additional disturbances and changes in the estimate of the rehabilitation
\n
liability is recognised in mining assets as a direct cost against an increase in the rehabilitation provision. The rehabilitation asset is depreciated
\n
as per the Group\u2019s accounting policy on depreciation. Rehabilitation projects undertaken, included in the estimates, are charged to the
\n
provision as incurred.
\n
\n
\n
Costs for restoration and rehabilitation which are created on an ongoing basis during production of inventories are provided
\n
for at their net
\n
present values and included as part of inventory costs. Environmental liabilities, other than rehabilitation costs, which relate to liabilities
\n
arising from specific events, are recognised in the consolidated statement of financial position when they are known, probable and may be
\n
reasonably estimated.
\n
\n
G
\n
ains or losses from the expected disposal of assets are not taken
\n
\n
into account when determining the provision.
\n
\n

\n\n

\n\n

\n\n

\n\n
24.
\n
\n
PROVISIONS
\n
\n
(continued)
\n
\n
\n
\n
Non
\n
-
\n
current
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
Provision for
\n
rehabilitation
\n
\n
19
\n
\n
335
\n
\n
\n
12
\n
\n
376
\n
\n
\n
\n
\n
\n
Current
\n
\n
\n
\n
\n
\n
\n
Provision for
\n
mining
\n
royalty
\n
\n
47
\n
\n
715
\n
\n
\n
50
\n
\n
444
\n
\n
\n
\n
\n
\n
Provision for rehabilitation
\n
\n
\n
\n
The Group has a legal obligation to rehabilitate the mining area, once the mining operations cease. The provision has been ca
\n
lculated based
\n
on total estimated rehabilitation costs, discounted back to their present values. The pre-tax discount rates are adjusted annually and reflect
\n
current market assessments. These costs are expected to be utilised mostly towards the end of the life of mine and associated infrastructure.
\n
The provision for the Tharisa Mine is determined using commercial closure cost assessments and not the inflation adjusted Department of
\n
Mineral Resources
\n
and Energy
\n
published rates.
\n
\n
\n
\n
\n
\n
\n
\n
\n
Restoration
\n
US$\u2019000
\n
2023
\n
Decommis
\n
-
\n
sioning
\n
US$\u2019000
\n
\n
\n
Total
\n
provision
\n
US$\u2019000
\n
\n
\n
Restoration
\n
US$\u2019000
\n
2022
\n
\n
Decommis
\n
-
\n
sioning
\n
US$\u2019000
\n
\n
Total
\n
\n
provision
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Opening balance
\n
\n
7
\n
\n
190
\n
\n
\n
5 186
\n
\n
\n
12
\n
\n
376
\n
\n
\n
13
\n
\n
737
\n
\n
\n
6
\n
\n
194
\n
\n
\n
19
\n
\n
931
\n
\n
\n
Recognised in profit and loss
\n
\n
7
\n
\n
383
\n
\n
\n
(203)
\n
\n
7
\n
\n
180
\n
\n
\n
(6
\n
\n
071)
\n
\n
-
\n
\n
\n
(6
\n
\n
071)
\n
\n
Capitalised/(reversal) to mining
\n
assets and infrastructure
\n
\n
-
\n
\n
\n
(604)
\n
\n
(604)
\n
\n
-
\n
\n
\n
(622)
\n
\n
(622)
\n
\n
Unwinding of
\n
discount (note 10)
\n
\n
683
\n
\n
\n
502
\n
\n
\n
1
\n
\n
185
\n
\n
\n
1
\n
\n
197
\n
\n
\n
543
\n
\n
\n
1
\n
\n
740
\n
\n
\n
Exchange differences
\n
\n
(650)
\n
\n
(152)
\n
\n
(802)
\n
\n
(1 673)
\n
\n
(929)
\n
\n
(2
\n
\n
602)
\n
\n
Closing balance
\n
\n
14
\n
\n
606
\n
\n
\n
4
\n
\n
729
\n
\n
\n
19
\n
\n
335
\n
\n
\n
7
\n
\n
190
\n
\n
\n
5 186
\n
\n
\n
12
\n
\n
376
\n
\n
\n
\n
The table below illustrates the movement in the provision as a result of mining operations and changes in variables.
\n
\n
\n
\n
\n
\n
30 September 2023
\n
\n
\n
Opening
\n
\n
balance
\n
US$\u2019000
\n
\n
\n
Mining
\n
operations
\n
US$\u2019000
\n
\n
Changes in
\n
variables/
\n
estimates
\n
US$\u2019000
\n
\n
\n
Exchange
\n
differences
\n
US$\u2019000
\n
\n
\n
Closing
\n
\n
Balance
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
Provision for restoration
\n
\n
7
\n
\n
190
\n
\n
\n
2
\n
\n
299
\n
\n
\n
5
\n
\n
767
\n
\n
\n
(650)
\n
\n
14
\n
\n
606
\n
\n
\n
Provision for decommissioning
\n
\n
5 186
\n
\n
\n
535
\n
\n
\n
(840)
\n
\n
(152)
\n
\n
4
\n
\n
729
\n
\n
\n
\n
12 376
\n
\n
\n
2
\n
\n
834
\n
\n
\n
4
\n
\n
927
\n
\n
\n
(802)
\n
\n
19
\n
\n
335
\n
\n
\n
\n
\n
\n
\n
\n
\n
30 September 20
\n
22
\n
\n
\n
\n
\n
\n
\n
Provision for restoration
\n
\n
13
\n
\n
737
\n
\n
\n
918
\n
\n
\n
(5 792)
\n
\n
(1
\n
\n
673)
\n
\n
7
\n
\n
190
\n
\n
\n
Provision for decommissioning
\n
\n
6
\n
\n
194
\n
\n
\n
1 132
\n
\n
\n
(1 211)
\n
\n
(929)
\n
\n
5 186
\n
\n
\n
\n
19
\n
\n
931
\n
\n
\n
2
\n
\n
050
\n
\n
\n
(7 003)
\n
\n
(2
\n
\n
602)
\n
\n
12 376
\n
\n
\n
\n
\n
\n
\n
\n
\n
The current estimated rehabilitation cost
\n
for the Tharisa Mine
\n
to be incurred taking escalation factors into account is US$73.5
\n
\n
million
\n
(ZAR1 390.5 million) (2022: US$41.3 million (ZAR745.9 million)). The estimate was calculated by an independent external expert. The change
\n
is mainly due to the considerations of the closure objectives as set out in the Environmental Management Plan and what is most likely to occur
\n
as these impacts are being reconsidered and the expected timing of performing this work which is driven to a large extent by the most likely
\n
life of mine
\n
. The change is also impacted to a smaller extent by
\n
the changes in future inflation and discount rates
\n
.
\n
\n
\n
The current estimated rehabilitation cost is
\n
projected to a future value based on a weighted average long
\n
-
\n
term inflation rate of 6.41% (2022:
\n
6.81%). The net present value of the rehabilitation estimated future value is discounted based on a weighted average SWAP cur
\n
ve. The
\n
calculated interest rate w
\n
as 9.98% (2022: 9.61%). An insurance company has provided a guarantee to the Department of Mineral Resources
\n
and Energy to satisfy the legal requirements with respect to environmental rehabilitation and the Grou
\n
p has pledged as collateral its investments
\n
in interest
\n
-
\n
bearing instruments to the insurance company to support this guarantee.
\n
\n

\n\n

\n
24.
\n
\n
PROVISIONS
\n
\n
(continued)
\n
\n
\n\n
Judgement and estimates:
\n
closure objectives as set out in the Environmental Management Plan
\n
\n
The
\n
Group
\n
\u2019s mining and exploration activities are subject to extensive environmental laws and regulations. The
\n
Group
\n
\n
has made, and expects
\n
to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures.
\n
Estimated future rehabilitation costs are based principally on legal and regulatory requirements. The approved Environmental Management
\n
Programme (\u2018EMPr\u2019) of Tharisa Minerals Proprietary Limited (\u2018Tharisa Minerals\u2019) commits the company to completely backfill the pit voids to
\n
natural ground level and restore the pre-mining land potential, namely agricultural land with grazing and wilderness capabilities. Tharisa
\n
Minerals has evaluated alternative mine closure strategies building on the establishment of a post-mining economy with socioeconomic
\n
benefits. An amendment application has been submitted to the Department of Mineral Resources and Energy (\u2018DMRE\u2019) seeking its approval
\n
for a backfill of the pit voids concurrent with mining only, also called in-pit dumping, which results in a partial void and associated pit lake which
\n
is profiled and \u2018made safe\u2019 before rehabilitation of the surface with the residual waste rock stockpiles remaining on surface (\u2018pit-lake option\u2019).
\n
This application was supported by the necessary specialty studies. On 19 September 2023 the DMRE advised that it had decided to refuse
\n
the application. Tharisa Minerals has submitted an appeal of this decision in terms of the applicable regulations and is confident of a successful
\n
ruling in its favour on the appeal. As there is uncertainty as to the successful outcome of the appeal, Tharisa Minerals has applied a probability
\n
weighted factor in calculating the mine closure liability applying a 60% (2022: 60%) probability to the successful outcome of the appeal and
\n
approval of the pit-lake option. In the alternative, Tharisa Minerals has applied a 30% (2022: 40%) probability to an alternative \u2018make safe\u2019
\n
option with the partial backfilling of the pit whereby the walls of the pit will be profiled at 24 degrees on a stepped basis for each bench and,
\n
with the passage of time, result in a pit-lake forming in the void. In view of the adverse record of decision by the DMRE and notwithstanding
\n
Tharisa Minerals\u2019 expectation of a favourable ruling on the appeal, Tharisa Minerals has applied a 10% (2022: nil) probability to the complete
\n
backfill of the pit voids to natural ground level. The rehabilitation expense and provision has been accounted for on this basis. Tharisa Minerals
\n
is confident of the successful outcome of the appeal in its engagement with the DMRE, failing which it will proceed to challenge the decision
\n
through the judicial system. It is not possible to determine and measure any additional requirements that may be required as the amended
\n
EMPr is advanced through the various regulatory process, hence no provision has
\n
been made for any such potential additional requirements.
\n
\n
\n
At 30 September 2023 the Group performed a sensitivity analysis by applying different
\n
weighted
\n
probabili
\n
ties to the actual weighted
\n
probability
\n
factor used in determining the provision for rehabilitation. A 57.5% probability was applied to the successful outcome of the appeal and
\n
approval of the pit-lake option, a 27.5% probability used to an alternative \u2018make safe\u2019 option with the partial backfilling of the pit and a 15.0%
\n
probability to the complete backfill of the pit voids to natural ground level. By using these probabilities, the provision for rehabilitation would
\n
increase by
\n
US$3.
\n
4
\n
\n
million (ZAR
\n
6
\n
5.2 million).
\n

\n\n
\n
\n
\n
\n
\n
Provision for
\n
mining
\n
royalty
\n
2023
\n
\n
US$\u2019000
\n
2022
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
Opening balance
\n
\n
50
\n
\n
444
\n
\n
\n
30
\n
\n
953
\n
\n
\n
Raised during the year
\n
\n
-
\n
\n
\n
28
\n
\n
175
\n
\n
\n
Reversed
\n
\n
during the year
\n
\n
(503)
\n
\n
-
\n
\n
\n
Exchange differences
\n
\n
(
\n
2
\n
\n
226
\n
)
\n
\n
(8
\n
\n
684)
\n
\n
Closing balance
\n
\n
47
\n
\n
715
\n
\n
\n
50
\n
\n
444
\n
\n
\n
\n
The provision raised for the ongoing mining royalty dispute
\n
at
\n
\n
30 September 2022 of US$50.4 million was presented as part of the trade and
\n
other payables line item. This provision has correctly been reclassified from the trade and other payables line item and presented as a provision
\n
at 30 September 2023. The prior year reclassification had no impact on any reported totals presented on the statement of financial position
\n
nor any impact on the earnings of the Group
\n
.
\n
\n
The Group has objected and appealed to the assessments issued by SARS imposing an additional mining royalty in relation to th
\n
e 2015 and
\n
2017 years of assessment in an amount of US$5.4 million (ZAR102.3 million) (2022: US$5.7 million (ZAR102.3 million)) (inclusive of penalties
\n
and interest). Due to the technical nature of the matter at hand, the matter underwent two separate Alternate Dispute Resolution processes
\n
and the matter is now set to be heard at the tax court on 22 July 2024. SARS increased the gross sales value of the PGM sales to the minimum
\n
specified condition (of 150 parts per million) as set out in the legislation by adjusting the average PGM grade on a linear basis. SARS did not
\n
take into account the increase in the associated costs to bring the concentrate to the minimum specified condition whether on a linear basis
\n
or otherwise. This is inconsistent with both past practice by SARS and industry applied norms. The Group objected and appealed against the
\n
assessment on the basis that it is not in terms of the applicable legislation. The Group, together with its legal adviser, has re-assessed the
\n
basis on which it is liable for payment of the mining royalty challenging both the linear basis of grossing up the sales value and determining
\n
the inc
\n
remental costs which would be incurred in bringing the concentrate to the minimum specified standard.
\n
\n
\n
In the event that SARS would be successful, the Group
\n
has provided for an estimated
\n
incremental mining royalty for the period up to the
\n
current year of assessment to be US$31.4 million (ZAR594.9 million) (2022: US$20.0 million (ZAR361.9 million)), with the amount net of tax
\n
estimated to be US$23.0 million (ZAR434.3 million) (2022: US$10.0 million (ZAR180.6 million)). In addition, the remained of the balance
\n
provided for mainly represents estimated interest and penalties. If the Group is successful with a favourable outcome of calculating the mining
\n
royalty on the re
\n
-
\n
assessed basis, it would
\n
\n
result in a refund of past royalty payments with a net inflow to the Group.
\n
\n
The principles being applied have not been tested by either SARS or the judiciary and there is therefore uncertainty on the p
\n
ossible outcome
\n
of the legal process which could lead to an outflow (royalty payable to SARS) or inflow (amount recovered by the Group from SARS).
\n
Furthermore, the time period to reach finality may be protracted. Accordingly, no estimate of the contingent amount receivabl
\n
e has been made.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag434": { "value": "\n

\n
Accounting policy
\n
\n
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events where it i
\n
s probable that
\n
an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the
\n
obligation can be made. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market
\n
assessments of the time value of money and the risks specific to the liability.
\n
\n
\n
Long
\n
-
\n
term environmental obligations are based on the Group
\n
\u2019
\n
s environmental management plans, in compliance with the current
\n
environmental and regulatory requirements.
\n
\n
\n
Where it is not possible that an outflow of economic benefits will be
\n
required, or the amount cannot be estimated reliably, the obligation is
\n
disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will
\n
only be confirmed by the occurrence or non-occurrence of one or more future events are disclosed as contingent liabilities unless the
\n
probability of outflow of economic benefits is remote.
\n
\n
\n\n
Rehabilitation costs
\n
\n
The net present value of estimated future costs for mine closure and
\n
rehabilitation is recognised and provided for in the consolidated financial
\n
statements and capitalised within mining assets on initial recognition. Rehabilitation will generally occur on closure or after closure of a mine.
\n
Initial recognition of the provis
\n
ion is at the time that the disturbance occurs and thereafter as and when additional disturbances take place.
\n
\n
\n
The estimates are reviewed bi
\n
-
\n
annually to take into account the effects of inflation and changes in estimates and are discounted using rates
\n
that reflect the time value of money. Bi-annual increases in the provision due to the passage of time are recognised in profit or loss as an
\n
unwinding of the value of the provision expense. The present value of additional disturbances and changes in the estimate of the rehabilitation
\n
liability is recognised in mining assets as a direct cost against an increase in the rehabilitation provision. The rehabilitation asset is depreciated
\n
as per the Group\u2019s accounting policy on depreciation. Rehabilitation projects undertaken, included in the estimates, are charged to the
\n
provision as incurred.
\n
\n
\n
Costs for restoration and rehabilitation which are created on an ongoing basis during production of inventories are provided
\n
for at their net
\n
present values and included as part of inventory costs. Environmental liabilities, other than rehabilitation costs, which relate to liabilities
\n
arising from specific events, are recognised in the consolidated statement of financial position when they are known, probable and may be
\n
reasonably estimated.
\n
\n
G
\n
ains or losses from the expected disposal of assets are not taken
\n
\n
into account when determining the provision.
\n
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag435": { "value": "\n
Rehabilitation costs
\n
\n
The net present value of estimated future costs for mine closure and
\n
rehabilitation is recognised and provided for in the consolidated financial
\n
statements and capitalised within mining assets on initial recognition. Rehabilitation will generally occur on closure or after closure of a mine.
\n
Initial recognition of the provis
\n
ion is at the time that the disturbance occurs and thereafter as and when additional disturbances take place.
\n
\n
\n
The estimates are reviewed bi
\n
-
\n
annually to take into account the effects of inflation and changes in estimates and are discounted using rates
\n
that reflect the time value of money. Bi-annual increases in the provision due to the passage of time are recognised in profit or loss as an
\n
unwinding of the value of the provision expense. The present value of additional disturbances and changes in the estimate of the rehabilitation
\n
liability is recognised in mining assets as a direct cost against an increase in the rehabilitation provision. The rehabilitation asset is depreciated
\n
as per the Group\u2019s accounting policy on depreciation. Rehabilitation projects undertaken, included in the estimates, are charged to the
\n
provision as incurred.
\n
\n
\n
Costs for restoration and rehabilitation which are created on an ongoing basis during production of inventories are provided
\n
for at their net
\n
present values and included as part of inventory costs. Environmental liabilities, other than rehabilitation costs, which relate to liabilities
\n
arising from specific events, are recognised in the consolidated statement of financial position when they are known, probable and may be
\n
reasonably estimated.
\n
\n
G
\n
ains or losses from the expected disposal of assets are not taken
\n
\n
into account when determining the provision.
\n
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag438": { "value": "\n

\n
25.
\n
\n
BORROWINGS
\n
\n
\n\n

\n

\n\n
Accounting policy: borrowings
\n
\n
Borrowings are non
\n
-
\n
derivative financial liabilities categorised as othisfinancial liabilities. Borrowings are recognised initially at fair valu
\n
e,
\n
net of transaction costs incurred, where applicable and subsequently measured at amortised cost using the effective interest rate method.
\n
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12
\n
months after the
\n
reporting date.
\n

\n\n
\n
\n\n
Accounting policy: leases
\n
\n
The Group recognises a lease liability at the commencement date of the contract for all leases conveying the right to ccontrol
\n
\n
the use of
\n
an
\n
identified assets for a specified period. The commencement date is the date on which a lessor makes an underlying asset available for use
\n
by the lessee.
\n
\n
\n
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement and
\n
te, discounted
\n
using the interis the implicit rate in the lease or, if that rate cannot be readily theermined, the Group\u2019s incremental borrowing rate. Generally,
\n
the Group uses its incremental borrowing rate as the discount rate.
\n
\n
\n
Lease payments included in the measurement of the lease liability include the following:
\n
\n
\u2022
\n
Fixed payments, less
\n
any lease incentives receivable;
\n
\n
\u2022
\n
Variable lease payments that depend on an index or rate, initially measured using the index or rate as at the commencement da
\n
te;
\n
\n
\u2022 Amounts expected to be payable by the lessee under residual value guarantees;
\n
\u2022
\n
The exercise price of a purchase option if the lessee is reasonably certain to exercise that option;
\n
\n
\u2022
\n
Lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option; and
\n
\n
\u2022
\n
Payments of penalties for early terminating the lease, unless the Group is reasonably certain not to terminate early.
\n
\n
\n
The lease liability is measured at amortised cost using the effective interest rate method. It is remeasured when there is a
\n
change in future
\n
lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable
\n
under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, an extension or a
\n
termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use
\n
asset, or is recorded in profit or loss if the carrying amount of the right
\n
-
\n
of
\n
-
\n
use asset has been reduced to zero.
\n
\n
\n
Short
\n
-
\n
term leases and leases of low
\n
-
\n
value assets:
\n
\n
The Group has elected not to recognise lease liabilities for short
\n
-
\n
term leases that
\n
do not contain a purchase option and
\n
have a lease term
\n
of 12 months or less and leases of low
\n
-
\n
value assets such as computer equipment.
\n

\n\n

\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Non
\n
-
\n
current
\n
\n
2023
\n
US$\u2019000
\n
2022
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Commodity off
\n
-
\n
take financing
\n
\n
30
\n
\n
347
\n
\n
\n
-
\n
\n
\n
Bond
\n
\u2013
\n
\n
listed on the Victoria Falls Stock Exchange
\n
\n
26
\n
\n
392
\n
\n
\n
-
\n
\n
\n
Asset backed
\n
facilit
\n
ies
\n
\n
18
\n
\n
951
\n
\n
\n
21
\n
\n
262
\n
\n
\n
L
\n
ease
\n
\n
liabilities
\n
\n
695
\n
\n
\n
1
\n
\n
786
\n
\n
\n
\n
76
\n
\n
385
\n
\n
\n
23
\n
\n
048
\n
\n
\n
Current
\n
\n
\n
\n
Commodity off
\n
-
\n
take financing
\n
\n
47
\n
\n
356
\n
\n
\n
-
\n
\n
\n
Bond
\n
\u2013
\n
\n
listed on the Victoria Falls Stock Exchange
\n
\n
765
\n
\n
\n
-
\n
\n
\n
Asset backed
\n
facilit
\n
ies
\n
\n
13
\n
\n
133
\n
\n
\n
13
\n
\n
681
\n
\n
\n
L
\n
ease
\n
\n
liabilities
\n
\n
2
\n
\n
017
\n
\n
\n
1
\n
\n
793
\n
\n
\n
Property loans
\n
\n
-
\n
\n
\n
553
\n
\n
\n
Bank credit
\n
facilities
\n
\n
-
\n
\n
\n
23
\n
\n
809
\n
\n
\n
\n
63
\n
\n
271
\n
\n
\n
39
\n
\n
836
\n
\n
\n
\n
\n
\n
The fair value of borrowings approximates its carrying amounts as the interest rates charged are variable and considered to b
\n
e market related.
\n
At 30 September 2023, the Group has unutilised borrowing facilities
\n
available of US$
\n
70.3
\n
\n
million (
\n
2022: US$31.2 million).
\n
\n
\n
Commodity off
\n
-
\n
take financing
\n
\n
On 27 March 2023, the Group concluded a US$130 million, 42
\n
-
\n
month commodity off
\n
-
\n
take based facility with Soci\u00e9t\u00e9 G\u00e9n\u00e9rale and Absa Bank
\n
Limited. The Facility comprises a term loan of US$80 million and a revolving US$50 million facility, secured by commodity off-take agreements,
\n
PGM commodity hedging derivative (note 17) and restricted cash (note 17). Interest accrues at the SOFR plus 360 basis point on the term
\n
loan and the SOFR plus 420 basis points on the revolving facility. The conditions precedent were fulfilled on 22 September 2023 and the first
\n
drawdown occurred on 28 September 2023. The financing is repayable in 42 months from October 2023. The revolving US$ 50 facility remains
\n
undrawn as at 30 September 2023.
\n
The bridge term loan
\n
was
\n
\n
repaid
\n
\n
upon the first drawdown.
\n

\n\n
25.
\n
\n
BORROWINGS
\n
\n
(continued)
\n
\n
\n
Bond
\n
\u2013
\n
\n
listed on the Victoria Falls Stock Exchange
\n
\n
On 16 December 2022, a subsidiary of the Company, Karo Mining Holdings plc (\u2018Karo Mining\u2019) raised external funds of US$2
\n
6
\n
.
\n
4
\n
\n
million through
\n
the issuance of a listed bond on the VFEX in Zimbabwe. The bond has a 3-year maturity, has an annual coupon of 9.5% and is measured at
\n
amortised cost using the effective interest rate. Interest payments will occur every 6-months. The Company has guaranteed the capital amount
\n
and interest payments relating to the bond issue.
\n
\n
\n
The fair value of the bond will typically be determined at its closing market value on the VFEX. However, during the
\n
year
\n
\n
ended
\n
30 September 2023, no trading occurred resulting in no available market value of the bond. Consequently, at 30 September 2023 the bond\u2019s
\n
carrying value approximates its fair value.
\n
\n
\n
Asset backed facilities
\n
\n
Asset
\n
backed facilities comprise of the equipment loan facility, Atrafin loan, commercial asset finance and the revolving facility.
\n
\n
\n
Equipment loan facility
\n
\n
The equipment loan facility represents funding for certain Caterpillar mining equipment, both replacement parts and new minin
\n
g equipment,
\n
from Caterpillar Financial Services Corporation. The total facility amounts to US$35 million (2022: US$35 million), bears interest rates between
\n
the one-month SOFR plus 325 basis points and the one-month SOFR plus 350 basis points (2022: one-month SOFR plus 325 basis points
\n
and one-month SOFR plus 350 basis points) and is repayable over 48 months from drawdown. The unutilised portion of the facility (US$15.8
\n
million) is available for drawdown until 28 February 2027.
\n
The acquired equipment serves as security for the loan facility.
\n
\n
\n
The equipment loan facility contains the following Group financial covenants:
\n
\n
\u2022 Net debt to tangible net worth not higher than 1.4 times;
\n
\u2022 Net debt to EBITDA lower than 2.0 times; and
\n
\u2022
\n
EBITDA to interest greater than 4.0 times.
\n
\n
At 30 September 202
\n
3
\n
\n
and 30 September 202
\n
2
\n
, the Group complied with all financial covenants.
\n
\n
\n
Atrafin loan
\n
\n
The loan from Atrafin LLC is for a total amount of US$3.7 million (2022: US$3.7 million), bears interest at the six
\n
-
\n
month SOFR plus 225 basis
\n
points (2022: six-month US Libor plus 200 basis points) and is repayable in ten equal bi-annual instalments ending May 2026. For the transition
\n
from LIBOR to SOFR, the Group applied the practical expedient available within the Interest Rate Benchmark Reform - Phase 2 amendments
\n
as the transition was as a direct consequence of the IBOR reform and was completed on an economically equivalent basis. The transition had
\n
no material impact on the results for the year ended 30 September 2023. The balance outstanding at 30 September 2023 amounted to
\n
US$2.2
\n
\n
million (2022: US$3.0 million).
\n
\n
\n
Commercial Asset Finance
\n
\n
Tharisa Minerals Proprietary Limited entered into a commercial asset finance facility with
\n
Absa Bank Limited to the value of US$7.9 million
\n
(ZAR150.0 million) during the year ended 30 September 2021. The balance outstanding at 30 September 2023 amounted to US$5.5 million
\n
(2022: US$6.9 million). The facility bears interest at the South African Prime rate less 115 basis points and is repayable monthly in arrears
\n
over 48 months. The equipment acquired by utilising this facility serves as security. As part of the commercial asset finance facility, Absa Bank
\n
Limited provided Tharisa Minerals Proprietary Limited with a bank overdraft facility to the value of US$2.6 million (ZAR50.0 million). At
\n
30
\n
\n
September 2023 and 30 September 2022, the overdraft facility was available in full
\n
\n
and included in the unutilised borrowing facilities
\n
.
\n
\n
\n
Revolving facility
\n
\n
Tharisa Minerals Proprietary Limited entered into a revolving facility with Wesbank Corporate Finance for a facility of US$6.
\n
9 million
\n
(ZAR125 million) during the year ended 30 September 2022. The facility bears interest at the RSA prime rate less between 65 and 115 basis
\n
points and is repayable monthly in arrears between 36 and 48 months commencing in November 2022. The facility is for financing mining
\n
equipment and specifically includes drill rigs and excavators. Such equipment serves as security for the facility. The balance outstanding at
\n
30 September 202
\n
3
\n
\n
amounted to US$5.2 million (2022: US$1.4 million).
\n
\n
\n
Bridge term loan
\n
\n
Effective 21 October 2022, the Group concluded a bridge loan facility from Absa Bank Limited to a maximum of US$60
\n
.0
\n
\n
million. The facility
\n
carried interest at the SOFR plus 295 basis points which increased monthly by 25 basis points after the first six-months and was repayable in
\n
twelve equal monthly instalments. The bridge term loan terminated upon the first drawdown of the commodity off-take financing facility on 28
\n
September 2023.
\n

\n\n

\n
25.
\n
\n
BORROWINGS
\n
\n
(continued)
\n
\n
\n\n
Lease liabilities
\n
\n
The Group entered into a number of lease arrangements for the renting of office buildings, premises, computer equipment, vehi
\n
cles and mining
\n
fleet. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that do not contain a purchase
\n
option and that have a lease term of 12 months or less and leases of low-value assets such as computer equipment. Lease expenses of
\n
US$0.1 million (2022: US$0.2 million) and US$0.1 million (2022: US$0.1 million) were included in cost of sales and other operating expenses
\n
respectively for the year ended 30
\n
\n
September 2023.
\n
\n
\n
The duration of leases relating to buildings and premises is for a period of five years, payments are due at the beginning of
\n
\n
the month escalating
\n
annually on average by 8.0%. At 30 September 2023, the remaining term of these leases vary between one and four and a half years (2022:
\n
one and five years). These leases are secured by cash deposits varying from one to three times the monthly lease payments.
\n
\n
\n
The duration of leases relating to the mining fleet and manufacturing equipment are for periods between twelve and forty eigh
\n
t months (2022:
\n
twelve and forty eight months) and bear interest at interest rates between the South African prime interest rate and the South African prime
\n
interest rate plus 375 basis points (2022: South African prime interest rate plus 375 basis points). The leases are secured by the mining fleet
\n
leased.
\n
\n
\n
\n
\n
\n
\n
\n
Lease payments due:
\n
2023
\n
\n
US$\u2019000
\n
2022
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Within one year
\n
\n
2
\n
\n
116
\n
\n
\n
2
\n
\n
030
\n
\n
\n
\n
Two to five years
\n
\n
718
\n
\n
\n
1
\n
\n
883
\n
\n
\n
\n
2
\n
\n
834
\n
\n
\n
3
\n
\n
913
\n
\n
\n
Less future finance charges
\n
\n
(12
\n
2
\n
)
\n
\n
(334)
\n
\n
Present value of lease payments due
\n
\n
2
\n
\n
71
\n
2
\n
\n
\n
3
\n
\n
579
\n
\n
\n
\n
\n
\n
Present value of lease payments due:
\n
\n
\n
\n
\n
Within one year
\n
\n
2 017
\n
\n
\n
1
\n
\n
793
\n
\n
\n
\n
Two to five years
\n
\n
695
\n
\n
\n
1
\n
\n
786
\n
\n
\n
\n
2
\n
\n
71
\n
2
\n
\n
\n
3
\n
\n
579
\n

\n\n
\n
\n
\n
\n
\n
Property loans
\n
\n
As part of the acquisition of MetQ Proprietary Limited during the year ended 30 September 2020, the Group acquired industrial
\n
\n
premises and
\n
buildings. MetQ Proprietary Limited acquired these buildings and premises immediately before the business combination and secured funding
\n
in the form of loans owing to the previous owners. These loan
\n
s
\n
\n
were settled in full during the year ended 30 September 2023.
\n
\n
\n
Bank credit
\n
facilities
\n
\n
The bank credit facilities relate to pre
\n
-
\n
and post
\n
-
\n
shipment finance and discounting of the letters of credit by the Group\u2019s banks following
\n
performance of the letter of credit conditions by the Group, which results in funds being received in advance of the normal payment date.
\n
Interest on these facilities at the reporting date varied between the one-month SOFR plus 165 basis points and the one-month SOFR plus
\n
305 basis points (2022: one-month SOFR plus 165 basis points and the one-month SOFR plus 305 basis points). Inventory serves as security
\n
for credit facilities. The available bank credit facilities at 30 September 2023 amounted to US$20.0 million (2022: nil). Bank credit facilities are
\n
not included in unutlised borrowing facilit
\n
ies at 30 September 2023.
\n

\n\n

\n
25.
\n
\n
BORROWINGS
\n
\n
(continued)
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
Asset
\n
backed
\n
facilities
\n
US$\u2019000
\n
\n
\n
\n
Commodity
\n
off-take
\n
financing
\n
US$\u2019000
\n
\n
Bridge term
\n
loan
\n
US$\u2019000
\n
\n
Bond
\n
\u2013
\n
\n
listed on the
\n
Victoria Falls
\n
Stock
\n
Exchange
\n
US$\u2019000
\n
\n
Lease
\n
liabilities
\n
US$\u2019000
\n
\n
Bank credit
\n
facilities
\n
US$\u2019000
\n
\n
Property
\n
loans
\n
US$\u2019000
\n
\n
Total
\n
borrowings
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Balance 30 September 2022
\n
\n
34
\n
\n
943
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
3
\n
\n
579
\n
\n
\n
23
\n
\n
809
\n
\n
\n
553
\n
\n
\n
62
\n
\n
884
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Changes from financing cash flows
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Advances: bank credit facilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
5
\n
\n
890
\n
\n
\n
-
\n
\n
\n
5
\n
\n
890
\n
\n
\n
Repayment: bank credit facilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(29
\n
\n
689)
\n
\n
-
\n
\n
\n
(29
\n
\n
689)
\n
\n
Net repayment of bank credit
\n
facilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(23
\n
\n
799)
\n
\n
-
\n
\n
\n
(23
\n
\n
799)
\n
\n
Advances received
\n
\n
13
\n
\n
022
\n
\n
\n
80
\n
\n
732
\n
\n
\n
59
\n
\n
936
\n
\n
\n
26
\n
\n
392
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
180
\n
\n
082
\n
\n
\n
Repayment of borrowings
\n
\n
(15
\n
\n
443)
\n
\n
-
\n
\n
\n
(61
\n
\n
429)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(550)
\n
\n
(77
\n
\n
422)
\n
\n
Principal l
\n
ease payments
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(2
\n
\n
500)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(2
\n
\n
500)
\n
\n
Repayment of interest
\n
\n
(2
\n
\n
865)
\n
\n
-
\n
\n
\n
(2
\n
\n
015)
\n
\n
(1
\n
\n
115)
\n
\n
(241)
\n
\n
(48)
\n
\n
-
\n
\n
\n
(6
\n
\n
284)
\n
\n
Changes from financing cash flows
\n
\n
(5
\n
\n
286)
\n
\n
80
\n
\n
732
\n
\n
\n
(3
\n
\n
508)
\n
\n
25
\n
\n
277
\n
\n
\n
(2
\n
\n
741)
\n
\n
(23
\n
\n
847)
\n
\n
(550)
\n
\n
70
\n
\n
077
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Foreign currency translation differences
\n
\n
(1
\n
\n
503)
\n
\n
(3
\n
\n
146)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(12
\n
9
\n
)
\n
\n
-
\n
\n
\n
(3)
\n
\n
(4
\n
\n
78
\n
1
\n
)
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Liability
\n
-
\n
related changes
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Lease agreements entered into
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
133
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
133
\n
\n
\n
Re
\n
-
\n
measurement of lease liabilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
1
\n
\n
502
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
1
\n
\n
502
\n
\n
\n
Interest expense
\n
\n
2
\n
\n
945
\n
\n
\n
101
\n
\n
\n
2
\n
\n
255
\n
\n
\n
1
\n
\n
880
\n
\n
\n
241
\n
\n
\n
38
\n
\n
\n
-
\n
\n
\n
7
\n
\n
460
\n
\n
\n
Revaluation of foreign denominated loan
\n
\n
985
\n
\n
\n
16
\n
\n
\n
1
\n
\n
253
\n
\n
\n
-
\n
\n
\n
127
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
2
\n
\n
381
\n
\n
\n
Total liability
\n
-
\n
related changes
\n
\n
3
\n
\n
930
\n
\n
\n
117
\n
\n
\n
3
\n
\n
508
\n
\n
\n
1
\n
\n
880
\n
\n
\n
2
\n
\n
003
\n
\n
\n
38
\n
\n
\n
-
\n
\n
\n
11
\n
\n
476
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 30 September 202
\n
3
\n
\n
32
\n
\n
084
\n
\n
\n
77
\n
\n
703
\n
\n
\n
-
\n
\n
\n
27
\n
\n
157
\n
\n
\n
2
\n
\n
71
\n
2
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
139
\n
\n
65
\n
6
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Non
\n
-
\n
current borrowings
\n
\n
18
\n
\n
951
\n
\n
\n
30
\n
\n
347
\n
\n
\n
-
\n
\n
\n
26
\n
\n
392
\n
\n
\n
695
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
76
\n
\n
385
\n
\n
\n
Current borrowings
\n
\n
13
\n
\n
133
\n
\n
\n
47
\n
\n
356
\n
\n
\n
-
\n
\n
\n
765
\n
\n
\n
2
\n
\n
01
\n
7
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
63
\n
\n
27
\n
1
\n
\n
\n
Total borrowings
\n
\n
32
\n
\n
084
\n
\n
\n
77
\n
\n
703
\n
\n
\n
-
\n
\n
\n
27
\n
\n
157
\n
\n
\n
2
\n
\n
71
\n
2
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
139
\n
\n
65
\n
6
\n

\n\n

\n\n

\n
25.
\n
\n
BORROWINGS
\n
\n
(continued)
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
Asset backed
\n
facilities
\n
US$\u2019000
\n
\n
Lease
\n
liabilities
\n
US$\u2019000
\n
\n
Bank credit
\n
facilities
\n
US$\u2019000
\n
\n
Property
\n
loans
\n
US$\u2019000
\n
\n
Loan from
\n
related party
\n
US$\u2019000
\n
\n
Total
\n
borrowings
\n
\n
\n
\n
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
Balance 30 September 202
\n
1
\n
\n
28
\n
\n
485
\n
\n
\n
5
\n
\n
385
\n
\n
\n
1
\n
\n
774
\n
\n
\n
664
\n
\n
\n
542
\n
\n
\n
36
\n
\n
850
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Changes from financing cash flows
\n
\n
\n
\n
\n
\n
\n
\n
Advances: bank credit facilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
209
\n
\n
904
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
209
\n
\n
904
\n
\n
\n
Repayment: bank credit
\n
facilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(187
\n
\n
878)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(187
\n
\n
878)
\n
\n
Net repayment of bank credit facilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
22
\n
\n
026
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
22
\n
\n
026
\n
\n
\n
Advances received
\n
\n
20
\n
\n
942
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
20
\n
\n
942
\n
\n
\n
Repayment of borrowings
\n
\n
(13
\n
\n
906)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(500)
\n
\n
(14
\n
\n
406)
\n
\n
Principal lease payments
\n
\n
-
\n
\n
\n
(3
\n
\n
793)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(3
\n
\n
793)
\n
\n
Repayment of interest
\n
\n
(1
\n
\n
403)
\n
\n
(406)
\n
\n
(306)
\n
\n
-
\n
\n
\n
(55)
\n
\n
(2
\n
\n
170)
\n
\n
Changes from financing cash flows
\n
\n
5
\n
\n
633
\n
\n
\n
(4
\n
\n
199)
\n
\n
21
\n
\n
720
\n
\n
\n
-
\n
\n
\n
(555)
\n
\n
22
\n
\n
599
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Foreign currency translation differences
\n
\n
(6
\n
\n
358)
\n
\n
(766)
\n
\n
-
\n
\n
\n
(111)
\n
\n
-
\n
\n
\n
(7
\n
\n
235)
\n
\n
\n
\n
\n
\n
\n
\n
\n
Liability
\n
-
\n
related changes
\n
\n
\n
\n
\n
\n
\n
\n
Lease agreements entered into
\n
\n
-
\n
\n
\n
2
\n
\n
712
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
\n
2
\n
\n
712
\n
\n
\n
Re
\n
-
\n
measurement of lease liabilities
\n
\n
-
\n
\n
\n
8
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
\n
8
\n
\n
\n
Interest expense
\n
\n
1
\n
\n
515
\n
\n
\n
448
\n
\n
\n
315
\n
\n
\n
\n
13
\n
\n
\n
2
\n
\n
291
\n
\n
\n
Revaluation of foreign denominated loan
\n
\n
5
\n
\n
668
\n
\n
\n
(9)
\n
\n
-
\n
\n
\n
\n
-
\n
\n
\n
5
\n
\n
659
\n
\n
\n
Total liability
\n
-
\n
related changes
\n
\n
7
\n
\n
183
\n
\n
\n
3
\n
\n
159
\n
\n
\n
315
\n
\n
\n
-
\n
\n
\n
13
\n
\n
\n
10
\n
\n
670
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 30 September 202
\n
2
\n
\n
34
\n
\n
943
\n
\n
\n
3
\n
\n
579
\n
\n
\n
23
\n
\n
809
\n
\n
\n
553
\n
\n
\n
-
\n
\n
\n
62
\n
\n
884
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Non
\n
-
\n
current borrowings
\n
\n
21
\n
\n
262
\n
\n
\n
1
\n
\n
786
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
23
\n
\n
048
\n
\n
\n
Current borrowings
\n
\n
13
\n
\n
681
\n
\n
\n
1
\n
\n
793
\n
\n
\n
23
\n
\n
809
\n
\n
\n
553
\n
\n
\n
-
\n
\n
\n
39
\n
\n
836
\n
\n
\n
Total borrowings
\n
\n
34
\n
\n
943
\n
\n
\n
3
\n
\n
579
\n
\n
\n
23
\n
\n
809
\n
\n
\n
553
\n
\n
\n
-
\n
\n
\n
62
\n
\n
884
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag443": { "value": "\n
Accounting policy: borrowings
\n
\n
Borrowings are non
\n
-
\n
derivative financial liabilities categorised as othisfinancial liabilities. Borrowings are recognised initially at fair valu
\n
e,
\n
net of transaction costs incurred, where applicable and subsequently measured at amortised cost using the effective interest rate method.
\n
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12
\n
months after the
\n
reporting date.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag449": { "value": "\n
Lease liabilities
\n
\n
The Group entered into a number of lease arrangements for the renting of office buildings, premises, computer equipment, vehi
\n
cles and mining
\n
fleet. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that do not contain a purchase
\n
option and that have a lease term of 12 months or less and leases of low-value assets such as computer equipment. Lease expenses of
\n
US$0.1 million (2022: US$0.2 million) and US$0.1 million (2022: US$0.1 million) were included in cost of sales and other operating expenses
\n
respectively for the year ended 30
\n
\n
September 2023.
\n
\n
\n
The duration of leases relating to buildings and premises is for a period of five years, payments are due at the beginning of
\n
\n
the month escalating
\n
annually on average by 8.0%. At 30 September 2023, the remaining term of these leases vary between one and four and a half years (2022:
\n
one and five years). These leases are secured by cash deposits varying from one to three times the monthly lease payments.
\n
\n
\n
The duration of leases relating to the mining fleet and manufacturing equipment are for periods between twelve and forty eigh
\n
t months (2022:
\n
twelve and forty eight months) and bear interest at interest rates between the South African prime interest rate and the South African prime
\n
interest rate plus 375 basis points (2022: South African prime interest rate plus 375 basis points). The leases are secured by the mining fleet
\n
leased.
\n
\n
\n
\n
\n
\n
\n
\n
Lease payments due:
\n
2023
\n
\n
US$\u2019000
\n
2022
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Within one year
\n
\n
2
\n
\n
116
\n
\n
\n
2
\n
\n
030
\n
\n
\n
\n
Two to five years
\n
\n
718
\n
\n
\n
1
\n
\n
883
\n
\n
\n
\n
2
\n
\n
834
\n
\n
\n
3
\n
\n
913
\n
\n
\n
Less future finance charges
\n
\n
(12
\n
2
\n
)
\n
\n
(334)
\n
\n
Present value of lease payments due
\n
\n
2
\n
\n
71
\n
2
\n
\n
\n
3
\n
\n
579
\n
\n
\n
\n
\n
\n
Present value of lease payments due:
\n
\n
\n
\n
\n
Within one year
\n
\n
2 017
\n
\n
\n
1
\n
\n
793
\n
\n
\n
\n
Two to five years
\n
\n
695
\n
\n
\n
1
\n
\n
786
\n
\n
\n
\n
2
\n
\n
71
\n
2
\n
\n
\n
3
\n
\n
579
\n

\n\n
Asset
\n
backed
\n
facilities
\n
US$\u2019000
\n
\n
\n
\n
Commodity
\n
off-take
\n
financing
\n
US$\u2019000
\n
\n
Bridge term
\n
loan
\n
US$\u2019000
\n
\n
Bond
\n
\u2013
\n
\n
listed on the
\n
Victoria Falls
\n
Stock
\n
Exchange
\n
US$\u2019000
\n
\n
Lease
\n
liabilities
\n
US$\u2019000
\n
\n
Bank credit
\n
facilities
\n
US$\u2019000
\n
\n
Property
\n
loans
\n
US$\u2019000
\n
\n
Total
\n
borrowings
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Balance 30 September 2022
\n
\n
34
\n
\n
943
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
3
\n
\n
579
\n
\n
\n
23
\n
\n
809
\n
\n
\n
553
\n
\n
\n
62
\n
\n
884
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Changes from financing cash flows
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Advances: bank credit facilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
5
\n
\n
890
\n
\n
\n
-
\n
\n
\n
5
\n
\n
890
\n
\n
\n
Repayment: bank credit facilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(29
\n
\n
689)
\n
\n
-
\n
\n
\n
(29
\n
\n
689)
\n
\n
Net repayment of bank credit
\n
facilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(23
\n
\n
799)
\n
\n
-
\n
\n
\n
(23
\n
\n
799)
\n
\n
Advances received
\n
\n
13
\n
\n
022
\n
\n
\n
80
\n
\n
732
\n
\n
\n
59
\n
\n
936
\n
\n
\n
26
\n
\n
392
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
180
\n
\n
082
\n
\n
\n
Repayment of borrowings
\n
\n
(15
\n
\n
443)
\n
\n
-
\n
\n
\n
(61
\n
\n
429)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(550)
\n
\n
(77
\n
\n
422)
\n
\n
Principal l
\n
ease payments
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(2
\n
\n
500)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(2
\n
\n
500)
\n
\n
Repayment of interest
\n
\n
(2
\n
\n
865)
\n
\n
-
\n
\n
\n
(2
\n
\n
015)
\n
\n
(1
\n
\n
115)
\n
\n
(241)
\n
\n
(48)
\n
\n
-
\n
\n
\n
(6
\n
\n
284)
\n
\n
Changes from financing cash flows
\n
\n
(5
\n
\n
286)
\n
\n
80
\n
\n
732
\n
\n
\n
(3
\n
\n
508)
\n
\n
25
\n
\n
277
\n
\n
\n
(2
\n
\n
741)
\n
\n
(23
\n
\n
847)
\n
\n
(550)
\n
\n
70
\n
\n
077
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Foreign currency translation differences
\n
\n
(1
\n
\n
503)
\n
\n
(3
\n
\n
146)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(12
\n
9
\n
)
\n
\n
-
\n
\n
\n
(3)
\n
\n
(4
\n
\n
78
\n
1
\n
)
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Liability
\n
-
\n
related changes
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Lease agreements entered into
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
133
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
133
\n
\n
\n
Re
\n
-
\n
measurement of lease liabilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
1
\n
\n
502
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
1
\n
\n
502
\n
\n
\n
Interest expense
\n
\n
2
\n
\n
945
\n
\n
\n
101
\n
\n
\n
2
\n
\n
255
\n
\n
\n
1
\n
\n
880
\n
\n
\n
241
\n
\n
\n
38
\n
\n
\n
-
\n
\n
\n
7
\n
\n
460
\n
\n
\n
Revaluation of foreign denominated loan
\n
\n
985
\n
\n
\n
16
\n
\n
\n
1
\n
\n
253
\n
\n
\n
-
\n
\n
\n
127
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
2
\n
\n
381
\n
\n
\n
Total liability
\n
-
\n
related changes
\n
\n
3
\n
\n
930
\n
\n
\n
117
\n
\n
\n
3
\n
\n
508
\n
\n
\n
1
\n
\n
880
\n
\n
\n
2
\n
\n
003
\n
\n
\n
38
\n
\n
\n
-
\n
\n
\n
11
\n
\n
476
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 30 September 202
\n
3
\n
\n
32
\n
\n
084
\n
\n
\n
77
\n
\n
703
\n
\n
\n
-
\n
\n
\n
27
\n
\n
157
\n
\n
\n
2
\n
\n
71
\n
2
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
139
\n
\n
65
\n
6
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Non
\n
-
\n
current borrowings
\n
\n
18
\n
\n
951
\n
\n
\n
30
\n
\n
347
\n
\n
\n
-
\n
\n
\n
26
\n
\n
392
\n
\n
\n
695
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
76
\n
\n
385
\n
\n
\n
Current borrowings
\n
\n
13
\n
\n
133
\n
\n
\n
47
\n
\n
356
\n
\n
\n
-
\n
\n
\n
765
\n
\n
\n
2
\n
\n
01
\n
7
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
63
\n
\n
27
\n
1
\n
\n
\n
Total borrowings
\n
\n
32
\n
\n
084
\n
\n
\n
77
\n
\n
703
\n
\n
\n
-
\n
\n
\n
27
\n
\n
157
\n
\n
\n
2
\n
\n
71
\n
2
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
139
\n
\n
65
\n
6
\n

\n\n
Asset backed
\n
facilities
\n
US$\u2019000
\n
\n
Lease
\n
liabilities
\n
US$\u2019000
\n
\n
Bank credit
\n
facilities
\n
US$\u2019000
\n
\n
Property
\n
loans
\n
US$\u2019000
\n
\n
Loan from
\n
related party
\n
US$\u2019000
\n
\n
Total
\n
borrowings
\n
\n
\n
\n
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
Balance 30 September 202
\n
1
\n
\n
28
\n
\n
485
\n
\n
\n
5
\n
\n
385
\n
\n
\n
1
\n
\n
774
\n
\n
\n
664
\n
\n
\n
542
\n
\n
\n
36
\n
\n
850
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Changes from financing cash flows
\n
\n
\n
\n
\n
\n
\n
\n
Advances: bank credit facilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
209
\n
\n
904
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
209
\n
\n
904
\n
\n
\n
Repayment: bank credit
\n
facilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(187
\n
\n
878)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(187
\n
\n
878)
\n
\n
Net repayment of bank credit facilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
22
\n
\n
026
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
22
\n
\n
026
\n
\n
\n
Advances received
\n
\n
20
\n
\n
942
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
20
\n
\n
942
\n
\n
\n
Repayment of borrowings
\n
\n
(13
\n
\n
906)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(500)
\n
\n
(14
\n
\n
406)
\n
\n
Principal lease payments
\n
\n
-
\n
\n
\n
(3
\n
\n
793)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(3
\n
\n
793)
\n
\n
Repayment of interest
\n
\n
(1
\n
\n
403)
\n
\n
(406)
\n
\n
(306)
\n
\n
-
\n
\n
\n
(55)
\n
\n
(2
\n
\n
170)
\n
\n
Changes from financing cash flows
\n
\n
5
\n
\n
633
\n
\n
\n
(4
\n
\n
199)
\n
\n
21
\n
\n
720
\n
\n
\n
-
\n
\n
\n
(555)
\n
\n
22
\n
\n
599
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Foreign currency translation differences
\n
\n
(6
\n
\n
358)
\n
\n
(766)
\n
\n
-
\n
\n
\n
(111)
\n
\n
-
\n
\n
\n
(7
\n
\n
235)
\n
\n
\n
\n
\n
\n
\n
\n
\n
Liability
\n
-
\n
related changes
\n
\n
\n
\n
\n
\n
\n
\n
Lease agreements entered into
\n
\n
-
\n
\n
\n
2
\n
\n
712
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
\n
2
\n
\n
712
\n
\n
\n
Re
\n
-
\n
measurement of lease liabilities
\n
\n
-
\n
\n
\n
8
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
\n
8
\n
\n
\n
Interest expense
\n
\n
1
\n
\n
515
\n
\n
\n
448
\n
\n
\n
315
\n
\n
\n
\n
13
\n
\n
\n
2
\n
\n
291
\n
\n
\n
Revaluation of foreign denominated loan
\n
\n
5
\n
\n
668
\n
\n
\n
(9)
\n
\n
-
\n
\n
\n
\n
-
\n
\n
\n
5
\n
\n
659
\n
\n
\n
Total liability
\n
-
\n
related changes
\n
\n
7
\n
\n
183
\n
\n
\n
3
\n
\n
159
\n
\n
\n
315
\n
\n
\n
-
\n
\n
\n
13
\n
\n
\n
10
\n
\n
670
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Balance at 30 September 202
\n
2
\n
\n
34
\n
\n
943
\n
\n
\n
3
\n
\n
579
\n
\n
\n
23
\n
\n
809
\n
\n
\n
553
\n
\n
\n
-
\n
\n
\n
62
\n
\n
884
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Non
\n
-
\n
current borrowings
\n
\n
21
\n
\n
262
\n
\n
\n
1
\n
\n
786
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
23
\n
\n
048
\n
\n
\n
Current borrowings
\n
\n
13
\n
\n
681
\n
\n
\n
1
\n
\n
793
\n
\n
\n
23
\n
\n
809
\n
\n
\n
553
\n
\n
\n
-
\n
\n
\n
39
\n
\n
836
\n
\n
\n
Total borrowings
\n
\n
34
\n
\n
943
\n
\n
\n
3
\n
\n
579
\n
\n
\n
23
\n
\n
809
\n
\n
\n
553
\n
\n
\n
-
\n
\n
\n
62
\n
\n
884
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag439": { "value": "\n

\n

\n
27.
\n
\n
TRADE AND OTHER PAYABLES
\n
\n
\n
\n
\n
\n
\n\n

\n\n
Accounting policy
\n
\n
\n
\n
Trade and other payables, excluding payroll creditors and leave pay accruals are non
\n
-
\n
derivative financial liabilities categorised as other
\n
financial liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the
\n
effective interest
\n
rate
\n
method.
\n
\n
\n
\n
\n
Provision is made for employee entitlement benefits accumulated as a result of employees rendering services up to the reporti
\n
ng date.
\n
Liabilities arising in respect of salaries, annual leave and other benefits due to be settled within 12 months of the reporting date are measured
\n
at rates which are expected to be paid when the liability is settled.
\n

\n\n

\n\n
\n
\n
\n
\n
\n\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Trade payables
\n
\n
50
\n
\n
3
\n
29
\n
\n
\n
42
\n
\n
753
\n
\n
\n
Accrued expenses
\n
\n
33
\n
\n
8
\n
9
\n
7
\n
\n
\n
24 982
\n
\n
\n
Leave pay accrual
\n
\n
5
\n
\n
520
\n
\n
\n
4 932
\n
\n
\n
Value added tax
\n
payable
\n
\n
3
\n
\n
497
\n
\n
\n
89
\n
\n
\n
Other payables
\n
\u2013
\n
\n
related
\n
parties (note 3
\n
3
\n
)
\n
\n
109
\n
\n
\n
113
\n
\n
\n
Other payables
\n
\n
112
\n
\n
\n
587
\n
\n
\n
\n
93
\n
\n
464
\n
\n
\n
73
\n
\n
456
\n

\n\n
\n
\n
\n
\n
\n
T
\n
rade payables in foreign currency
\n
balances
\n
translated to US$
\n
were as follows:
\n
\n
\n
\n
US$
\n
\n
2
\n
\n
647
\n
\n
\n
5
\n
\n
554
\n
\n
\n
ZAR
\n
\n
46
\n
\n
793
\n
\n
\n
37
\n
\n
046
\n
\n
\n
EUR
\n
\n
857
\n
\n
\n
142
\n
\n
\n
Other
\n
\n
32
\n
\n
\n
11
\n
\n
\n
\n
50
\n
\n
329
\n
\n
\n
42
\n
\n
753
\n
\n
\n
-
\n
\n
The amounts above are
\n
unsecured, non
\n
-
\n
interest bearing and
\n
payable within one year from the reporting period. The
\n
amounts reflected above
\n
approximate fair value
\n
, due to the short
\n
-
\n
term thereof
\n
.
\n
\n
\n
The provision raised for the ongoing mining royalty dispute at 30 September 2022 of US$50.4 million was presented as part of
\n
the trade and
\n
other payables line item. This provision has correctly been reclassified from the trade and other payables line item and presented as a provision
\n
at 30 September 2023. The prior year reclassification had no impact on any reported totals presented on the statement of financial position
\n
nor any impact on the earnings of the Group.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag444": { "value": "\n
Accounting policy
\n
\n
\n
\n
Trade and other payables, excluding payroll creditors and leave pay accruals are non
\n
-
\n
derivative financial liabilities categorised as other
\n
financial liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the
\n
effective interest
\n
rate
\n
method.
\n
\n
\n
\n
\n
Provision is made for employee entitlement benefits accumulated as a result of employees rendering services up to the reporti
\n
ng date.
\n
Liabilities arising in respect of salaries, annual leave and other benefits due to be settled within 12 months of the reporting date are measured
\n
at rates which are expected to be paid when the liability is settled.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag450": { "value": "\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Trade payables
\n
\n
50
\n
\n
3
\n
29
\n
\n
\n
42
\n
\n
753
\n
\n
\n
Accrued expenses
\n
\n
33
\n
\n
8
\n
9
\n
7
\n
\n
\n
24 982
\n
\n
\n
Leave pay accrual
\n
\n
5
\n
\n
520
\n
\n
\n
4 932
\n
\n
\n
Value added tax
\n
payable
\n
\n
3
\n
\n
497
\n
\n
\n
89
\n
\n
\n
Other payables
\n
\u2013
\n
\n
related
\n
parties (note 3
\n
3
\n
)
\n
\n
109
\n
\n
\n
113
\n
\n
\n
Other payables
\n
\n
112
\n
\n
\n
587
\n
\n
\n
\n
93
\n
\n
464
\n
\n
\n
73
\n
\n
456
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag440": { "value": "\n
29.
\n
\n
TAX PAID
\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Opening balance
\n
\n
\n
\n
Current taxation receivable
\n
\n
7
\n
\n
302
\n
\n
\n
8
\n
\n
949
\n
\n
\n
Current taxation payable
\n
\n
(2
\n
\n
056)
\n
\n
(286)
\n
\n
Corporate income tax for the year
\n
\n
(2
\n
6
\n
\n
051
\n
)
\n
\n
(40
\n
\n
595)
\n
\n
Special contribution for defence in Cyprus
\n
\n
(118)
\n
\n
(1)
\n
\n
Dividend withholding tax
\n
\n
(658)
\n
\n
(2
\n
\n
572)
\n
\n
Tax refunds received
\n
\n
(
\n
7
\n
\n
225
\n
)
\n
\n
(34)
\n
\n
Interest
\n
\n
receiv
\n
able/(payable)
\n
\n
2
\n
0
\n
\n
\n
(1)
\n
\n
Business
\n
combination (note 3
\n
0
\n
)
\n
\n
-
\n
\n
\n
(6)
\n
\n
Closing balance
\n
\n
\n
\n
Current taxation receivable
\n
\n
(
\n
1 851
\n
)
\n
\n
(7
\n
\n
302)
\n
\n
Current taxation payable
\n
\n
7
\n
6
\n
6
\n
\n
\n
2
\n
\n
056
\n
\n
\n
Exchange differences on translation
\n
\n
(1
\n
14
\n
)
\n
\n
(1
\n
\n
405)
\n
\n
Tax paid
\n
\n
(2
\n
9
\n
\n
985
\n
)
\n
\n
(41
\n
\n
197)
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag441": { "value": "\n

\n
30.
\n
\n
BUSINESS COMBINATION
\n
\n
\n\n

\n\n

\n\n
Accounting policy
\n
\n
The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consi
\n
deration
\n
transferred in the acquisition is generally measured at fair value, as are the identifiable net
\n
assets acquired.
\n
\n
\n
Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss im
\n
mediately.
\n
Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does
\n
not include amounts related to the settlement of pre
\n
-
\n
existing relationships. Such amounts are generally recognised in profit or loss.
\n
\n
\n
Any contingent consideration is measured at the fair value at the date of acquisition. If an obligation to pay the contingent
\n
\n
consideration
\n
that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted within equity.
\n
Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in fair value of the
\n
contingent consideration are recognised in profit or loss.
\n

\n\n

\n\n

\n\n
\n
\n
Acquisition of Karo Mining Holdings
\n
plc
\n
\n
Effective 30 March 2022, the Company acquired a controlling interest in Karo Mining by increasing its shareholding to 66.34% in Karo Mining.
\n
Prior to the acquisition, the investment in Karo Mining was accounted for as a joint venture investment at cost. At 30 September 2021 the joint
\n
venture investment represented 26.8% of the issued share capital of Karo Mining, a company incorporated in Cyprus. Effective 7 February
\n
2022, the Company acquired an additional 1.58% of the issued share capital of Karo Mining increasing its shareholding to 28.38% for a cash
\n
subscription of 22 new ordinary shares totalling US$5.0 million.
\n
\n
\n
The 37.96% of the issued share capital of Karo Mining was acquired from The Leto Settlement, a related party (refer to note 33) for a purchase
\n
consideration of US$29.4 million. The purchase consideration was settled through the issue of 13 693 000 ordinary shares of the Company to
\n
The Leto Settlement. The acquisition of Karo Mining represented a business and accordingly the Group accounted for the acquisition as a
\n
business combination in terms of IFRS 3.
\n
\n
\n
Effective 30 March 2022, the Investment
\n
Project Framework Agreement entered into between the Republic of Zimbabwe and the Leto
\n
Settlement was amended by changing the shareholding in Karo Platinum (Private) Limited (\u2018Karo Platinum\u2019), an indirect subsidiary of Karo
\n
Mining, to 85.0% by Karo Zimbabwe Holdings (Private) Limited and 15.0% by the Republic of Zimbabwe, on a free funded carry basis. Before
\n
the amendment, the Republic of Zimbabwe was entitled to a 50.0% shareholding in Karo Platinum. The remaining entities are all indirect
\n
wholly
\n
-
\n
owned sub
\n
sidiaries of Karo Mining.
\n
\n
\n
The table below details Karo Mining
\n
\u2019
\n
s
\n
\n
interest in sub
\n
sidiaries as at 3
\n
0
\n
\n
March 2022
\n
(acquisition date) and at 30 September 2022
\n
(collectively
\n
referred to as \u2018Karo Group\u2019):
\n
\n
Company name
\n
\n
Effective interest
\n
\n
Country of
\n
incorporation and
\n
principal place of business
\n
\n
Principal activity
\n
\n
Karo Zimbabwe Holdings (Private) Limited
\n
\n
100%
\n
\n
\n
Zimbabwe
\n
\n
\n
Investment holding
\n
\n
Karo Platinum (Private) Limited
\n
\n
85
\n
%
\n
\n
\n
Zimbabwe
\n
\n
\n
Platinum mining
\n
, smelting and
\n
refining
\n
\n
\n
Karo Coal
\n
Mines (Private) Limited
\n
\n
100%
\n
\n
\n
Zimbabwe
\n
\n
\n
Dormant
\n
\n
Karo Powe
\n
r Generation (Private) Limited
\n
\n
100%
\n
\n
\n
Zimbabwe
\n
\n
\n
Power generation
\n
\n
K
\n
aro Refinery (Private) Limited
\n
\n
100%
\n
\n
\n
Zimbabwe
\n
\n
\n
Dormant
\n
\n
\n
\n
\n
\n
The transaction cost
\n
relating to the acquisition
\n
was US$0.1
\n
\n
million
\n
\n
which is classified as other operating expenses
\n
.
\n
\n

\n\n
30.
\n
\n
BUSINESS COMBINATION (continued)
\n
\n
\n
Acquisition of Karo Mining Holdings
\n
plc (continued)
\n
\n
The following table summarises the fair value of the
\n
consolidated
\n
assets and liabilities of the Karo Group
\n
at the date of acquisition
\n
:
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Assets
\n
2022
\n
Fair value recognised on
\n
acquisition
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
Property, plant and equipment
\n
\n
\n
203
\n
\n
409
\n
\n
\n
Inventories
\n
\n
\n
2
\n
\n
\n
Trade and other receivables
\n
\n
\n
337
\n
\n
\n
Cash and cash equivalents
\n
\n
\n
4
\n
\n
984
\n
\n
\n
\n
\n
208
\n
\n
732
\n
\n
\n
Liabilities
\n
\n
\n
\n
Borrowings
\n
\n
\n
(8
\n
\n
466)
\n
\n
Other financial liabilities
\n
\n
\n
(17 879)
\n
\n
Deferred tax
\n
\n
\n
(30
\n
\n
263)
\n
\n
Tax liability
\n
\n
\n
(6)
\n
\n
Trade and other payables
\n
\n
\n
(3
\n
\n
735)
\n
\n
\n
\n
(60 349)
\n
\n
\n
\n
\n
Total identifiable net assets at fair value
\n
\n
\n
148
\n
\n
383
\n
\n
\n
Non
\n
-
\n
controlling interest
\n
\n
\n
(66
\n
\n
181)
\n
\n
Total
\n
attribuable
\n
\n
net
\n
assets
\n
acquired
\n
\n
\n
82
\n
\n
202
\n
\n
\n
Consideration
\n
\n
\n
\n
Book value of existing shareholding
\n
\n
\n
(1 656)
\n
\n
Prepaid investment in
\n
With Platinum (Private) Limited (note 1
\n
7
\n
)
\n
\n
\n
(2
\n
\n
7
\n
10
\n
)
\n
\n
Gain on acquisition: fair value of existing 28.38% shareholding
\n
\n
\n
(33
\n
\n
503)
\n
\n
Gain on acquisition: purchase of shares at a discount
\n
\n
\n
(
\n
14 88
\n
8
\n
)
\n
\n
Total purchase price to be settled by the issue of
\n
ordinary shares
\n
\n
\n
(29
\n
\n
445)
\n
\n
\n
\n
\n
Net cash acquired
\n
\n
\n
4
\n
\n
984
\n
\n
\n
Cash inflow from business combination
\n
\n
\n
4
\n
\n
984
\n
\n
\n
\n
\n
\n
The fair value of receivables acquired approximate
\n
d
\n

\n
their carrying amount due to the
\n

\n
short
\n
-
\n
term nature thereof.
\n

\n
The purchase of shares at a
\n
discount represented a bargain purchase on the acquisition (US$14.9 million). The non-controlling interest represents the proportionate share
\n
of the fair value of the net identifiable assets.
\n

\n

\n

\n

\n
Subsequent to
\n
acquiring the controlling interest in Karo Mining, the Group increased its shareholding in Karo Mining by converting the loan
\n

\n
receivable to ordinary shares and by subscribing to additional shares issued by Karo Mining (described in the following paragraphs). Refer to
\n
note 2
\n
3
\n

\n
for the consequential decrease in the non
\n
-
\n
controlling interest in Karo Mining.
\n

\n

\n

\n

\n
Effective 19 May 2022, the Company acquired the loan receivable from Arxo Finance plc (a wholly owned subsidiary of the Company) that
\n
was receivable from Karo Mining. The loan was converted to ordinary shares issued by Karo Mining. Karo Mining issued an additional 38 new
\n
ordinary shares to the Company as consideration. The loan payable (including accrued interest) amounted to US$8.5 million. The additional
\n
shares issued represented 1.21% of the issued share capital of Karo Mining which increased the Company\u2019s shareholding to 67.5
\n
5%.
\n

\n

\n

\n

\n
Effective 2 June 2022, Karo Mining issued an additional 44 new ordinary shares for a cash
\n
subscription of US$9.9 million to the Company.
\n
The additional shares issued represented 1.29% of the issued share capital of Karo Mining which increased the Company\u2019s shareholding to
\n
68.84%.
\n

\n

\n

\n

\n
Effective
\n
10
\n

\n
August
\n

\n
2022,
\n
Karo Mining
\n

\n
issued an additional 45 new ordinary shares for a cash subscription of US$10.2 million to
\n
the Company
\n
.
\n
The additional shares issued represented 1.22% of the issued share capital of Karo Mining which increased the Company\u2019s shareholding to
\n
70.0
\n
0
\n
%.
\n

\n

\n

\n

\n
Effective
\n
7
\n

\n
September
\n

\n
2022,
\n
Karo Mining
\n

\n
issued an additional
\n
44 051
\n
new ordinary shares for a cash subscription of US$
\n
44
\n

\n
thousand
\n

\n
to
\n
the
\n
Company and the non-controlling shareholder. The Company subscribed to 30 835 ordinary shares while the non-controlling shareholder
\n
subscribed to 13 216 ordinary shares. The shares were subscribed to according to the existing proportionate share of each shareholder. The
\n
cash subscription was not settled by the non
\n
-
\n
controlling shareholder as at 30 September 2022 and remains
\n

\n
unpaid as at 30 September 2023.
\n

\n

\n\n
30.
\n
\n
BUSINESS COMBINATION (continued)
\n
\n
\n
\n
\n
Effective 30 June 2023, Karo Mining issued an additional 3 800 new ordinary shares for a cash subscription of US$27.3 million to the Company.
\n
The additional shares issued represented 2.33% of the issued share capital of Karo Mining which increased the Company\u2019s shareholding to
\n
72.33%.
\n

\n

\n
Effective 31 July 2023, Karo Mining issued an additional 5 248 new ordinary shares for a cash subscription of US$37.7 million
\n

\n
to the Company.
\n
The additional shares issued represented 2.68% of the issued share capital of Karo Mining which increased the Company\u2019s shareholding to
\n
75.00%.
\n

\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag445": { "value": "\n

\n\n
Accounting policy
\n
\n
The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consi
\n
deration
\n
transferred in the acquisition is generally measured at fair value, as are the identifiable net
\n
assets acquired.
\n
\n
\n
Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss im
\n
mediately.
\n
Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does
\n
not include amounts related to the settlement of pre
\n
-
\n
existing relationships. Such amounts are generally recognised in profit or loss.
\n
\n
\n
Any contingent consideration is measured at the fair value at the date of acquisition. If an obligation to pay the contingent
\n
\n
consideration
\n
that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted within equity.
\n
Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in fair value of the
\n
contingent consideration are recognised in profit or loss.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag446": { "value": "\n
Accounting policy
\n
\n
The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consi
\n
deration
\n
transferred in the acquisition is generally measured at fair value, as are the identifiable net
\n
assets acquired.
\n
\n
\n
Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss im
\n
mediately.
\n
Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does
\n
not include amounts related to the settlement of pre
\n
-
\n
existing relationships. Such amounts are generally recognised in profit or loss.
\n
\n
\n
Any contingent consideration is measured at the fair value at the date of acquisition. If an obligation to pay the contingent
\n
\n
consideration
\n
that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted within equity.
\n
Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in fair value of the
\n
contingent consideration are recognised in profit or loss.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag442": { "value": "\n

\n
32.
\n
\n
FINANCIAL RISK MANAGEMENT
\n
\n
\n
\n
\n\n

\n\n

\n\n

\n\n
Accounting
\n
policy: Financial instruments
\n
\n
-
\n
\n
classification
\n
\n
The Group classifies its financial instruments in the following categories:
\n
\n
\u2022 At fair value through profit or loss
\n
\u2022 At fair value through other comprehensive income
\n
\u2022
\n
At amortised cost
\n
\n
\n
The Group
\n
determines the classification of financial assets at initial recognition. Theclassificationofdebt instruments is driven by
\n
\n
the
\n
Group\u2019s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held
\n
for trading are classified at fair value through profit or loss, for other equity instruments, on the day of acquisition the Group can make an
\n
irrevocable election (on an instrument-by-instrument basis) to designate them as at fair value through other comprehensive income.
\n
Financial liabilities are measured at amortised cost, unless they are required to be measured at fair value through profit or loss (such as
\n
derivatives) or the Group has designated to measure them at fair value through profit
\n
\n
or loss.
\n
\n
\n
The following table presents the classification of the Group\u2019s financial instruments:
\n
\n
\n
Financial assets
\n
\n
\n
Classification
\n
\n
\n
\n
\n
Other financial assets
\n
\n
\n
\n
Investments in money markets, current accounts, cash funds and income
\n
funds
\n
\n
\n
Fair
\n
value through profit or loss
\n
\n
PGM commodity hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
PGM discount facility hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
Investment in equity instruments
\n
\n
\n
Fair value through profit or loss
\n
\n
Trade
\n
and other receivables
\n
\n
\n
Amortised cost
\n
\n
PGM
\n
receivables and PGM
\n
discounting
\n
receivable
\n
\n
\n
Fair value through profit or loss
\n
\n
Cash and cash equivalents
\n
\n
\n
Amortised cost
\n
\n
\n
\n
\n
Financial liabilities
\n
\n
\n
Classification
\n
\n
\n
\n
\n
Borrowings
\n
\n
\n
Amortised cost
\n
\n
Option
\n
granted to NCI to call upon shares in Karo Platinum (Private) Limited
\n
\n
\n
Fair value through profit or loss
\n
\n
PGM discount facility hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
Forward exchange contracts
\n
\n
\n
Fair value through profit or loss
\n
\n
Trade
\n
and other payables
\n
\n
\n
Amortised cost
\n
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n
32.
\n
\n
FINANCIAL RISK MANAGEMENT
\n
\n
(continued)
\n
\n
\n
\n
\n
\n
\n
In the ordinary course of business the Group is exposed to credit risk, liquidity risk, and market risk. This note presents i
\n
nformation about the
\n
Group's exposure to each of the aforementioned risks and its objectives, policies and processes for measuring and managing risks. Further
\n
quantitative disclosures are included throughout this note.
\n
The Group's risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate
\n
\n
risk limits and
\n
controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in
\n
market conditions and the Group's activities. The Group, through its training and management standards and procedures, aims to develop a
\n
disciplined and constructive control environment in which all employees understand their roles a
\n
nd obligations.
\n
\n
\n
The Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framewor
\n
k.
\n
\n
\n\n
Credit risk
\n

\n
Credit risk is the risk of financial loss to the Group if a customer or a counterparty to a financial instrument fails to mee
\n
t its contractual obligations
\n
and arises principally from the Grou
\n
p's trade and other receivables,
\n
cash and cash equivalents and
\n
other financial assets
\n
.
\n

\n

\n
Trade and other receivables
\n

\n
The Group's exposure to credit risk is influenced mainly by the individual characteristics of each
\n
customer. However, management also
\n
considers the demographics of the Group's customer base, including the default risk of the industry and country, in which customers operate,
\n
as these factors may have an influence on credit risk. In monitoring customer credit risk, management reviews on a regular basis the ageing
\n
of trade and other receivables to obtain comfort that there are no past due amounts
\n

\n
without acceptable mitigating credit information available
\n
.
\n

\n

\n
The Group establishes an allowance for credit losses that represents its estimate of expected credit losses in respect of tra
\n
de and other
\n
receivables. The Group applies a simplified approach to measure the loss allowance for trade receivables, using the lifetime expected loss
\n
provision. The expected credit loss on trade receivables is estimated using a provision matrix by reference to past default experience and
\n
credit rating if available, adjusted as appropriate for current observable data.
\n

\n

\n
The main component of the allowance for credit losses (if
\n
applicable) is a specific loss component that relates to individually significant
\n
exposures. As at 30 September 2023 and 30 September 2022, none of the carrying amounts of trade receivables that are past due, but not
\n
impaired require the recognition of an allowance for credit losses due to their insignificant exposure to credit risk. Receivables that were neither
\n
past due nor impaired relate to customers for whom there was no recent history of default and for whom no current observable adverse credit
\n
inform
\n
ation
\n

\n
is available.
\n

\n

\n
The allowance for credit losses in respect of trade and other receivables is used to record credit losses unless management i
\n
s satisfied that
\n
no recovery of the amount owing is possible and at that point the amount considered irrecoverable is written off against the financial asset
\n
directly.
\n

\n

\n
The most significant exposure of the Group to credit risk is represented by the carrying amount of trade receivables. The Boa
\n
rd of Directors
\n
performs regular ageing reviews of trade receivables to identify any doubtful balances. Based on the review performed for the reporting period,
\n
the Board of Directors concluded that no allowance for credit losses is required in respect of trade receivables due to their insignificant exposure
\n
to credit risk. 31.2% and 58.3% of the trade receivables were due from the Group's largest customer as at 30 September 2023 and
\n
30
\n

\n
September
\n

\n
20
\n
22
\n
, respectively.
\n

\n

\n
Cash and cash equivalents and
\n
long
\n
-
\n
term
\n

\n
deposits
\n

\n
The Group limits its exposures on cash and cash
\n
equivalents by dealing only with well
\n
-
\n
established financial institutions of
\n
high
\n
-
\n
quality
\n

\n
credit
\n
standing. The majority of the Group's cash resources were deposited with HSBC based in Hong Kong and South Africa, Bank of China in
\n
South Africa and Nedbank in South Africa.
\n
\n
\n
Investments in money markets, current accounts, cash funds and income funds
\n
The Group invests only in well
\n
-
\n
known reputable financial institutions.
\n
The majority of the investment in
\n
money markets, current accounts,
\n
cash
\n
funds
\n
and income funds are kep
\n
t
\n
\n
in cash at financial institutions of high credit quality standing.
\n
\n
\n
\n
\n
The maximum exposure to credit risk at the reporting date of the consolidated financial
\n
statements was:
\n
2023
\n
\n
US$\u2019000
\n
2022
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
Financial assets
\n
\n
6 040
\n
\n
\n
6
\n
\n
019
\n
\n
\n
Restricted cash
\n
\n
13
\n
\n
713
\n
\n
\n
-
\n
\n
\n
Trade and other receivables
\n
\n
103 741
\n
\n
\n
149
\n
\n
669
\n
\n
\n
Contract
\n
assets
\n
\n
1
\n
\n
876
\n
\n
\n
2
\n
\n
078
\n
\n
\n
Cash and cash equivalents
\n
\n
2
\n
55
\n
\n
300
\n
\n
\n
143
\n
\n
300
\n
\n
\n
\n
380 670
\n
\n
\n
301
\n
\n
066
\n

\n\n

\n\n

\n

\n

\n
32.
\n
\n
FINANCIAL RISK MANAGEMENT (continued)
\n
\n
\n
\n
\n
\n
\n

\n\n
Liquidity risk
\n
\n
\n
\n
Liquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financia
\n
l liabilities that are settled
\n
by delivering cash or another financial asset. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always
\n
have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or
\n
risking damage to the Group's reputation. At 30 September 2023 the Group had undrawn banking facilities of US$70.3 million
\n
(ZAR
\n
1
\n
\n
330
\n
.
\n
3
\n
\n
million) (202
\n
2
\n
: US$
\n
31.2
\n
\n
million (ZAR
\n
564.5
\n
\n
million)) available (note 2
\n
5
\n
).
\n
\n
\n
Management is aware of the above
\n
risk. Liquidity risk is monitored on a regular basis and management is taking steps deemed necessary in
\n
an attempt to manage the corresponding risk. This excludes the potential impact of extreme circumstances that cannot reasonably be
\n
predicted, such as natural disasters. In addition, financial risk management may not be possible for instances where weakened commodity
\n
prices persist, forecast production not being achieved and further funding is not raised.
\n
\n
\n
\n
\n
The following table presents the
\n
remaining contractual maturities of the Group's financial liabilities at the end of the reporting period, which are
\n
based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates
\n
c
\n
urrent at the end of the reporting period) and the earliest date the Group can be required to pay:
\n
\n
\n
\n
\n
\n
Contractual undiscounted cash flow
\n
\n
\n
30 September 2023
\n
\n
Within 1 year
\n
or on
\n
demand
\n
US$\u2019000
\n
\n
More than 1
\n
year but less
\n
than 2 years
\n
US$\u2019000
\n
More than 2
\n
years but
\n
less than 5
\n
years
\n
US$\u2019000
\n
\n
More than 5
\n
years
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
Carrying
\n
amount
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
Borrowings
\n
\n
71 402
\n
\n
\n
37 728
\n
\n
\n
48 446
\n
\n
\n
-
\n
\n
\n
157 576
\n
\n
\n
139
\n
\n
656
\n
\n
\n
Trade and other payables
\n
\n
50
\n
\n
550
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
50
\n
\n
550
\n
\n
\n
50
\n
\n
550
\n
\n
\n
\n
121 952
\n
\n
\n
37 728
\n
\n
\n
48 446
\n
\n
\n
-
\n
\n
\n
208 126
\n
\n
\n
19
\n
0
\n
\n
206
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
30 September 20
\n
2
\n
2
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Borrowings
\n
\n
42 365
\n
\n
\n
12 937
\n
\n
\n
11
\n
\n
381
\n
\n
\n
-
\n
\n
\n
66 683
\n
\n
\n
62
\n
\n
884
\n
\n
\n
Other financial liabilities
\n
\n
526
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
526
\n
\n
\n
526
\n
\n
\n
Trade
\n
and other payables
\n
\n
43
\n
\n
453
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
43
\n
\n
453
\n
\n
\n
43
\n
\n
453
\n
\n
\n
\n
86
\n
\n
344
\n
\n
\n
12
\n
\n
937
\n
\n
\n
11
\n
\n
381
\n
\n
\n
-
\n
\n
\n
110
\n
\n
662
\n
\n
\n
106
\n
\n
863
\n

\n\n
\n
\n
\n
\n
\n

\n\n

\n
Market risk
\n
\n
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Gro
\n
up's
\n
income and the
\n
values of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable
\n
parameters, while optimising the return.
\n
\n
\n\n
Currency risk
\n
\n
Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Cu
\n
rrency risk arises
\n
when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not the Group's functional
\n
currency.
\n
\n
\n
The Group is exposed to currency risk on transactions that are denominated in a currency other than the respective functional
\n
\n
currency of the
\n
Group entities. These currency risk exposures arise primarily from exchange rate movements in ZAR, Euro (\u2018\u20ac\u2019), British Sterling (\u2018GBP\u2019) and
\n
US$.
\n
\n
\n
Management is aware of the above risk. Currency risk arising from currency fluctuations is monitored on a regular basis and m
\n
anagement is
\n
taking steps deemed necessary in managing the corresponding risk. These steps may include to enter, from time to time, into forward exchange
\n
contracts within board-approval limits. Financial risk management may not be possible for instances where weakened commodity prices
\n
persist, forecast produc
\n
tion not being achieved and further funding is not raised.
\n

\n\n

\n\n

\n\n

\n
32.
\n
\n
FINANCIAL RISK MANAGEMENT (continued)
\n
\n
\n\n

\n
Market risk (continued)
\n
\n\n
The following table details the Group's exposure at the end of each reporting period to currency risk arising from recognised
\n
\n
assets and
\n
liabilities denominated in a currency other than the functional currency of the entity to which they relate. Exposures in US$ relate to recognized
\n
assets and liabilities denominated in US$ of entities of the Group that have a functional currency other than US$. For presentation purposes,
\n
the amounts of the exposure are shown in US$, translated using the spot rate at the reporting date. The spot rates used at the reporting date
\n
against the US$ are a) US$:ZAR, 18.91 (2022: 18.07); b) US$:EUR, 0.94 (2022: 1.02) and c) US$:GBP, 0.82 (2022: 0.90). Differences resulting
\n
from the translation of the financial statements of foreign operations into the Group's presentation currency are excluded.
\n
\n
\n
The Group entered into a number of forward exchange contracts to hedge certain aspects of the foreign exchange
\n
risk associated to the
\n
conversion of the US$ to the ZAR and the EUR against the ZAR. The net exposure of these contracts was US$11.0 million (2022:
\n
US$
\n
8.5
\n
\n
million) with various expiries no later than
\n
16
\n
\n
November
\n
\n
202
\n
3
\n
\n
(20
\n
2
\n
2
\n
: no later than
\n
2
\n
7
\n
\n
October
\n
\n
20
\n
2
\n
2
\n
)
\n
.
\n
\n
\n
At the reporting date the Group's exposure to currency risk was as follows:
\n
\n
\n
\n
30 September 2023
\n
\n
30 September 2022
\n
\n
Amounts in US$\u2019000
\n
\n
US$
\n
\n
ZAR
\n
\n
\u20ac
\n
\n
AUD
\n
\n
GBP
\n
\n
US$
\n
\n
ZAR
\n
\n
\u20ac
\n
\n
GBP
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Other financial assets
\n
\n
13 713
\n
\n
\n
-
\n
\n
\n
48
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
19
\n
\n
\n
-
\n
\n
\n
Trade and
\n
other receivables
\n
\n
28
\n
\n
485
\n
\n
\n
80
\n
\n
\n
450
\n
\n
\n
-
\n
\n
\n
57
\n
\n
\n
133
\n
\n
214
\n
\n
\n
27
\n
\n
\n
157
\n
\n
\n
19
\n
\n
\n
Current taxation
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(682)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(1
\n
\n
726)
\n
\n
-
\n
\n
\n
Cash and cash equivalents
\n
\n
65 329
\n
\n
\n
429
\n
\n
\n
246
\n
\n
\n
-
\n
\n
\n
45
\n
\n
\n
11
\n
\n
604
\n
\n
\n
161
\n
\n
\n
204
\n
\n
\n
142
\n
\n
\n
Borrowings
\n
\n
(101
\n
\n
531)
\n
\n
-
\n
\n
\n
(53)
\n
\n
(1
\n
\n
117)
\n
\n
-
\n
\n
\n
(26
\n
\n
890)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Other financial liabilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(526)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Trade and other payables
\n
\n
(103)
\n
\n
(4
\n
\n
606
\n
)
\n
\n
(1
\n
\n
651)
\n
\n
(7)
\n
\n
(258)
\n
\n
(33)
\n
\n
(2
\n
\n
898)
\n
\n
(680)
\n
\n
(342)
\n
\n
\n
5
\n
\n
893
\n
\n
\n
(
\n
4
\n
\n
097
\n
)
\n
\n
(1
\n
\n
642)
\n
\n
(1
\n
\n
124)
\n
\n
(156)
\n
\n
(117
\n
\n
369)
\n
\n
(2
\n
\n
710)
\n
\n
(2
\n
\n
026)
\n
\n
(181)
\n
\n
\n
A 10.0% strengthening of the US$
\n
against the above currencies at the reporting date would have changed profits and equity by the amounts
\n
presented below. This analysis assumes that all other variables, and in particular interest rates, remain constant. The analysis has been
\n
performed on t
\n
he same basis for each reporting date.
\n
\n
\n
2023
\n
(Decrease)/
\n
increase/
\n
in profit or loss
\n
and equity
\n
US$\u2019000
\n
\n
2022
\n
Increase/
\n
(decrease)
\n
in profit or loss
\n
and equity
\n
US$\u2019000
\n
\n
\n
\n
\n
US$
\n
\n
(655)
\n
\n
7
\n
\n
717
\n
\n
\n
ZAR
\n
\n
4
\n
55
\n
\n
\n
216
\n
\n
\n
\u20ac
\n
\n
183
\n
\n
\n
159
\n
\n
\n
AUD
\n
\n
125
\n
\n
\n
-
\n
\n
\n
GBP
\n
\n
17
\n
\n
\n
14
\n
\n
\n
\n
\n
\n
A
\n
\n
10.0% weakening of the US$ against the above currencies at each reporting date would have had an equal but opposite effect to
\n
\n
the
\n
amounts shown above, on the basis that all other variables remain constant.
\n

\n\n

\n\n

\n\n

\n
32.
\n
\n
FINANCIAL RISK MANAGEMENT
\n
(continued)
\n
\n
\n\n
Interest rate risk
\n
\n
Interest rate risk is the Group's exposure to adverse movements in interest rates. It arises as a result of timing difference
\n
s on the repricing of
\n
assets and liabilities. Management is aware of the above risk. Interest rate risk is monitored on a regular basis and management is taking
\n
steps deemed necessary
\n
managing
\n
\n
the corresponding risk.
\n
\n
As at the reporting date, the interest rate profile of the Group was as follows:
\n
\n
\n
\n
2023
\n
\n
2022
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Variable rate financial assets
\n
\n
\n
\n
\n
\n
Investments in money markets, current
\n
accounts, cash funds and income funds
\n
\n
6.9%
\n
-
\n
\n
8.6%
\n
\n
4.1%
\n
-
\n
\n
6.4%
\n
\n
6
\n
\n
040
\n
\n
\n
6
\n
\n
019
\n
\n
\n
Restricted cash
\n
\n
3.8%
\n
\n
-
\n
\n
\n
13
\n
\n
713
\n
\n
\n
-
\n
\n
\n
Cash and cash equivalents
\n
\n
0%
\n
-
\n
\n
8.2%
\n
\n
0%
\n
-
\n
\n
6.73%
\n
\n
2
\n
55 300
\n
\n
\n
143
\n
\n
300
\n
\n
\n
\n
\n
\n
275
\n
\n
053
\n
\n
\n
149
\n
\n
319
\n
\n
\n
\n
\n
\n
\n
\n
Variable rate financial liabilities
\n
\n
\n
\n
\n
\n
Commodity off
\n
-
\n
take financing
\n
\n
SOFR plus 3.6%
\n
\n
-
\n
\n
\n
77
\n
\n
703
\n
\n
\n
-
\n
\n
\n
Equipment loan facility
\n
\n
1
\n
-
\n
month SOFR plus
\n
between 3.25% and
\n
3.5%
\n
\n
1
\n
-
\n
month SOFR plus
\n
between 3.25% and
\n
3.5%
\n
\n
19
\n
\n
099
\n
\n
\n
23
\n
\n
699
\n
\n
\n
Atrafin loan
\n
\n
6
\n
-
\n
month
\n
SOFR
\n
\n
plus
\n
2
\n
.25
\n
%
\n
\n
6
\n
-
\n
month US Libor plus
\n
2%
\n
\n
2
\n
\n
243
\n
\n
\n
2
\n
\n
955
\n
\n
\n
Absa commercial asset finance
\n
\n
RSA prime less 1.15%
\n
\n
RSA prime less 1.15%
\n
\n
5
\n
\n
508
\n
\n
\n
6 885
\n
\n
\n
Wesbank revolving facility
\n
\n
RSA prime less
\n
between 0.65% and
\n
1.15%
\n
\n
RSA prime less
\n
between 0.65% and
\n
1.15%
\n
\n
5
\n
\n
234
\n
\n
\n
1
\n
\n
404
\n
\n
\n
L
\n
ease
\n
\n
liabilities
\n
\n
5.9%
\n
-
\n
\n
RSA prime +
\n
3.75%
\n
\n
5.9%
\n
-
\n
\n
RSA prime +
\n
3.75%
\n
\n
2
\n
\n
713
\n
\n
\n
3
\n
\n
579
\n
\n
\n
Property loans
\n
\n
-
\n
\n
\n
RSA prime
\n
\n
-
\n
\n
\n
553
\n
\n
\n
Bank credit facilities
\n
\n
-
\n
1
\n
-
\n
month SOFR plus
\n
between 1.65% and
\n
3.05%
\n
\n
-
\n
\n
\n
23
\n
\n
809
\n
\n
\n
\n
\n
\n
1
\n
12 500
\n
\n
\n
62 884
\n
\n
\n
\n
\n
\n
A change of 100
\n
basis points in interest rates at each reporting date would have changed profits and equity by the amounts presented below.
\n
This analysis assumes that all other variables, and in particular foreign currency rates, remain constant. The analysis has been performed on
\n
the same basis for each reporting date.
\n
\n
2023
\n
Increase/
\n
(decrease) in
\n
profit or loss and
\n
equity
\n
US$\u2019000
\n
\n
2022
\n
Increase/
\n
(decrease) in
\n
profit or loss
\n
and equity
\n
US$\u2019000
\n
\n
\n
\n
\n
Investments in money markets, current accounts, cash funds and
\n
income funds
\n
\n
498
\n
\n
\n
482
\n
\n
\n
Restricted cash
\n
\n
2
\n
\n
\n
-
\n
\n
\n
Cash and cash equivalents
\n
\n
1
\n
\n
5
\n
35
\n
\n
\n
224
\n
\n
\n
Commodity off
\n
-
\n
take financing
\n
\n
(833)
\n
\n
-
\n
\n
\n
Equipment loan facility
\n
\n
(200)
\n
\n
(273)
\n
\n
Atrafin loan
\n
\n
(24)
\n
\n
(34)
\n
\n
Absa commercial asset finance
\n
\n
(57)
\n
\n
(79)
\n
\n
Wesbank revolving
\n
facility
\n
\n
(54)
\n
\n
(16)
\n
\n
L
\n
ease
\n
\n
liabilities
\n
\n
(29)
\n
\n
(55)
\n
\n
Bank credit facilities
\n
\n
-
\n
\n
\n
(208)
\n
\n
Property loans
\n
\n
-
\n
\n
\n
(1)
\n
\n
\n
8
\n
3
\n
8
\n
\n
\n
40
\n
\n
\n
\n
\n
\n
A decrease of 100 basis points in interest rates at each reporting date would have had an equal but opposite effect to the
\n
amounts shown
\n
above, on the basis that all other variables remain constant.
\n

\n\n

\n\n

\n
32.
\n
\n
FINANCIAL RISK MANAGEMENT (continued)
\n
\n
\n
\n
\n

\n\n

\n\n
Fair values
\n
\n
\n
\n
The Board of Directors considers that the fair values of significant financial assets and financial
\n
liabilities approximate to their carrying values
\n
at each reporting date.
\n
\n
\n
\n
\n
Financial instruments carried at fair value:
\n
\n
\n
\n
The following table presents the carrying values of financial instruments measured at fair value at the end of each reporting
\n
\n
period across the
\n
three levels of the fair value hierarchy defined in IFRS 13, Fair Value Measurement, with the fair value of each financial instrument categorised
\n
in its entirety based on the lowest level of input that is significant to that fair value measurement.
\n
\n
\n
\n
The levels are defined as follows:
\n
\n
Level 1: fair values measured using quoted prices (unadjusted) in active
\n
markets for identical financial instruments (highest level).
\n
\n
Level 2: fair values measured using quoted prices in active markets for similar financial instruments, or using valuation met
\n
hodologies in which
\n
all significant inputs are directly or indirectly based on observable market data.
\n
\n
Level 3: fair values measured using valuation methodologies in which any significant inputs are not based on observable marke
\n
t data.
\n
\n
\n
\n
\n
\n
\n
Fair value
\n
\n
\n
\n
Financial
\n
instrument
\n
\n
Fair value
\n
level
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
US$\u2019000
\n
\n
Valuation technique
\n
and key inputs
\n
\n
\n
\n
\n
\n
\n
\n
Financial assets measured at fair value
\n
\n
\n
\n
\n
\n
\n
\n
Investments in money markets, current
\n
accounts, cash funds and income funds
\n
\n
Level 2
\n
\n
6
\n
\n
040
\n
\n
\n
6
\n
\n
019
\n
\n
\n
Quoted market price for similar
\n
instruments
\n
\n
\n
PGM commodity hedging derivative
\n
\n
Level 2
\n
\n
2
\n
\n
369
\n
\n
\n
-
\n
\n
\n
Quoted market metal prices and
\n
exchange rate (refer below)
\n
\n
\n
Forward exchange contracts
\n
\n
Level 2
\n
\n
68 189 Quoted market closing exchange
\n
rates
\n
\n
\n
Investments in equity
\n
instruments
\n
\n
Level 1
\n
\n
48
\n
\n
\n
19
\n
\n
\n
Quoted market price
\n
\n
\n
\n
\n
\n
\n
\n
Trade and other receivables measured at
\n
fair value
\n
\n
\n
\n
\n
\n
\n
\n
PGM receivables
\n
\n
Level 2
\n
\n
27 900 26 884 Quoted market metal prices and
\n
exchange rate (refer below)
\n
\n
\n
PGM
\n
discounting
\n
receivable
\n
\n
Level 2
\n
\n
- 76 750 Quoted market metal prices and
\n
exchange rate (refer below)
\n
\n
\n
\n
\n
\n
\n
\n
Financial liabilities measured at fair value
\n
\n
\n
\n
\n
\n
\n
\n
Option granted to NCI to call upon shares in
\n
Karo Platinum
\n
(Private) Limited
\n
\n
Level 3
\n
\n
11
\n
\n
\n
16
\n
\n
779
\n
\n
\n
Discounted cash flow valuation and a
\n
Monte Carlo Simulation model
\n
\n
\n
PGM discount facility hedging derivative
\n
\n
Level 2
\n
\n
- 337 Quoted market metal prices and
\n
exchange rate
\n
\n
\n
Forward exchange contracts
\n
\n
Level 2
\n
\n
- 189 Quoted market closing exchange
\n
rates
\n
\n
\n
\n
\n
\n
\n
\n
There have been no transfers between fair value hierarchy levels in the current year.
\n
\n
\n
Refer to note 20 for the fair value recognised relating to the PGM discounting receivable.
\n

\n\n

\n\n
\n

\n\n

\n
32.
\n
\n
FINANCIAL RISK MANAGEMENT (continued)
\n
\n
\n
\n
\n
\n
\n

\n

\n\n

\n\n

\n\n
Fair value gains and
\n
losses recognised in the financial instruments during the year:
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
\n
\n
\n
US$\u2019000
\n
\n
Changes in fair value of financial assets at fair value through profit or loss
\n
\n
\n
\n
\n
Investments in equity instruments
\n
\n
29
\n
\n
\n
1
\n
\n
\n
\n
Investments in money
\n
markets, current accounts, cash funds and income funds
\n
\n
367
\n
\n
\n
242
\n
\n
\n
\n
PGM
\n
commodity hedges
\n
\n
derivative
\n
\n
4
\n
\n
497
\n
\n
\n
-
\n
\n
\n
\n
Right to acquire shares in Karo Platinum (Private) Limited
\n
\n
-
\n
\n
\n
(5
\n
\n
870)
\n
\n
\n
Forward exchange contracts
\n
\n
258
\n
\n
\n
-
\n
\n
\n
\n
5
\n
\n
151
\n
\n
\n
(5
\n
\n
627)
\n
\n
Chan
\n
ges in
\n
fair value of financial liabilities
\n
\n
at fair value through profit or loss
\n
\n
\n
\n
\n
PGM discount facility hedging derivative
\n
\n
59
\n
\n
\n
174
\n
\n
\n
\n
Option granted to NCI to call upon shares in Karo Platinum (Private) Limited
\n
\n
16
\n
\n
768
\n
\n
\n
1 100
\n
\n
\n
\n
Forward exchange contracts
\n
\n
-
\n
\n
\n
247
\n
\n
\n
\n
16
\n
\n
827
\n
\n
\n
1 521
\n
\n
\n
\n
\n
\n
Level 3: Option granted to NCI to call upon shares in Karo Platinum (Private) Limited
\n
\n
(\u2018Karo Platinum\u2019)
\n
\n
Refer to
\n
notes 1
\n
7
\n
\n
and 3
\n
0
\n
.
\n
The Republic of Zimbabwe has an option to increase its shareholding in Karo Platinum by 11.0% exercisable after
\n
24 months from 30 March 2022, but before 36 months, payable in cash at the net present value of Karo Platinum at 30 March 2022. The option
\n
represents a financial instrument which is recognised at fair value through profit or loss. At 30 September 2023, the Group completed a
\n
valuation of Karo Platinum which was independently reviewed. In determining the fair value, the discounted cash flow valuation technique was
\n
used. The following significant inputs were used in determining the fair value:
\n
\n
\n
\n
\n
2023
\n
\n
2022
\n
\n
\n
\n
\n
\n
\n
PGM basket
\n
price (6E)
\n
\n
US$/oz
\n
\n
\n
1
\n
\n
565
\n
\n
\n
2
\n
\n
140
\n
\n
\n
Base metal basket price
\n
\n
US$/t
\n
\n
\n
19
\n
\n
315
\n
\n
\n
15
\n
\n
099
\n
\n
\n
Life of Mine
\n
\n
years
\n
\n
\n
11
\n
\n
\n
17
\n
\n
\n
Annual throughput
\n
\n
kt
\n
\n
\n
215
\n
\n
\n
205
\n
\n
\n
6E PGM grade per tonne feed
\n
\n
g/t
\n
\n
\n
3.0
\n
\n
\n
3.6
\n
\n
\n
Annual production (6E)
\n
\n
k
\n
oz
\n
\n
\n
211
\n
\n
\n
194
\n
\n
\n
PGM recovery
\n
\n
%
\n
\n
\n
81% first
\n
three
\n
\n
years, thereafter
\n
83%
\n
\n
78% first two
\n
years, thereafter
\n
82%
\n
\n
WACC
\n
\n
%
\n
\n
\n
10.4%
\n
\n
\n
10.
\n
0
\n
%
\n
\n
\n
Tax holiday
\n
\n
years
\n
\n
\n
First 5
\n
\n
\n
First 5
\n
\n
\n
\n
\n
\n
\n
The Monte
\n
-
\n
Carlo simulation was used in determining the fair value of Karo Platinum at the end of the 36
\n
-
\n
month period (31 March 2025). The
\n
option value has been determined by averaging the discounted values between month 25 and 36 (the period in which the option can be
\n
exercised).
\n
\n
The following significant inputs were used:
\n
\n
\n
\n
2023
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
\n
Strike price: Independently verified net present value of Karo
\n
Platinum as at 30 March 2022 using a discounted
\n
cash flow model
\n
\n
US$71.8 million US$71.8 million
\n
Valuation of 11.0% of Karo Platinum
\n
\n
Discounted cash flow model
\n
\n
US$37.4 million
\n
\n
\n
US$59.5 million
\n
\n
\n
Volatility:
\n
\n
Sector volatility (converted to monthly)
\n
\n
4.4%
\n
\n
\n
4.4%
\n
\n
\n
Drift:
\n
\n
Risk free rate (converted to monthly) based on the
\n
US risk free zero yield curve and includes a country
\n
risk premium for the operations being in Zimbabwe.
\n
\n
1.3%
\n
\n
\n
1.5%
\n
\n
Time step:
\n
\n
Annual time intervals
\n
\n
1.0
\n
\n
\n
1.0
\n
\n
\n
Discount rate:
\n
\n
Converted to
\n
monthly
\n
\n
0.87%
\n
\n
\n
0.83%
\n
\n
\n
\n
\n
A sensitivity analysis was performed on the option value with the following results in the fair value of the option:
\n
\n
\n
\n
\n
\n
Sensitivity
\n
\n
Option value
\n
US$\u2019000
\n
\n
(Decrease)/increase in
\n
profit or loss and equity
\n
US$\u2019000
\n
\n
\n
Option value
\n
US$\u2019000
\n
\n
(Decrease)/increase in profit
\n
or loss and equity
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Discount rate minus 5.0%
\n
\n
14
\n
\n
\n
(
\n
3
\n
)
\n
\n
16 795
\n
\n
(16)
\n
\n
Discount plus 5.0%
\n
\n
8
\n
\n
\n
3
\n
\n
\n
16 763
\n
\n
16
\n
\n
\n
Volatility minus 10.0%
\n
\n
5
\n
\n
\n
5
\n
\n
\n
16 299
\n
\n
480
\n
\n
\n
Volatility plus 10.0%
\n
\n
18
\n
\n
\n
(
\n
6
\n
)
\n
\n
17 296
\n
\n
(517)
\n

\n\n

\n\n

\n\n

\n\n

\n
32.
\n
\n
FINANCIAL RISK MANAGEMENT (continued)
\n
\n
\n\n
Estimation of fair values
\n
\n
\n
\n
The fair value of financial instruments that are not traded in an active market (for example, over the counter derivatives) i
\n
s determined by using
\n
valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at the end
\n
of each reporting period. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining
\n
financial instruments. The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the end of
\n
the reporting period.
\n
\n
\n
T
\n
he carrying value less impairment allowance of trade receivables and the carrying value of trade payables are assumed to appr
\n
oximate their
\n
fair values as the short term effect of discounting is not material. The fair value of financial liabilities for disclosure purposes is estimated by
\n
discounting the future contractual cash flows at the current market interest rate that is available to the Company for simila
\n
r financial instrument
\n
s.
\n
\n
\n
T
\n
he
\n
carrying v
\n
alue of financial assets and liabilities at amortised cost approximates its fair value.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag447": { "value": "\n
Accounting
\n
policy: Financial instruments
\n
\n
-
\n
\n
classification
\n
\n
The Group classifies its financial instruments in the following categories:
\n
\n
\u2022 At fair value through profit or loss
\n
\u2022 At fair value through other comprehensive income
\n
\u2022
\n
At amortised cost
\n
\n
\n
The Group
\n
determines the classification of financial assets at initial recognition. Theclassificationofdebt instruments is driven by
\n
\n
the
\n
Group\u2019s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held
\n
for trading are classified at fair value through profit or loss, for other equity instruments, on the day of acquisition the Group can make an
\n
irrevocable election (on an instrument-by-instrument basis) to designate them as at fair value through other comprehensive income.
\n
Financial liabilities are measured at amortised cost, unless they are required to be measured at fair value through profit or loss (such as
\n
derivatives) or the Group has designated to measure them at fair value through profit
\n
\n
or loss.
\n
\n
\n
The following table presents the classification of the Group\u2019s financial instruments:
\n
\n
\n
Financial assets
\n
\n
\n
Classification
\n
\n
\n
\n
\n
Other financial assets
\n
\n
\n
\n
Investments in money markets, current accounts, cash funds and income
\n
funds
\n
\n
\n
Fair
\n
value through profit or loss
\n
\n
PGM commodity hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
PGM discount facility hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
Investment in equity instruments
\n
\n
\n
Fair value through profit or loss
\n
\n
Trade
\n
and other receivables
\n
\n
\n
Amortised cost
\n
\n
PGM
\n
receivables and PGM
\n
discounting
\n
receivable
\n
\n
\n
Fair value through profit or loss
\n
\n
Cash and cash equivalents
\n
\n
\n
Amortised cost
\n
\n
\n
\n
\n
Financial liabilities
\n
\n
\n
Classification
\n
\n
\n
\n
\n
Borrowings
\n
\n
\n
Amortised cost
\n
\n
Option
\n
granted to NCI to call upon shares in Karo Platinum (Private) Limited
\n
\n
\n
Fair value through profit or loss
\n
\n
PGM discount facility hedging derivative
\n
\n
\n
Fair value through profit or loss
\n
\n
Forward exchange contracts
\n
\n
\n
Fair value through profit or loss
\n
\n
Trade
\n
and other payables
\n
\n
\n
Amortised cost
\n
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag448": { "value": "\n
Credit risk
\n

\n
Credit risk is the risk of financial loss to the Group if a customer or a counterparty to a financial instrument fails to mee
\n
t its contractual obligations
\n
and arises principally from the Grou
\n
p's trade and other receivables,
\n
cash and cash equivalents and
\n
other financial assets
\n
.
\n

\n

\n
Trade and other receivables
\n

\n
The Group's exposure to credit risk is influenced mainly by the individual characteristics of each
\n
customer. However, management also
\n
considers the demographics of the Group's customer base, including the default risk of the industry and country, in which customers operate,
\n
as these factors may have an influence on credit risk. In monitoring customer credit risk, management reviews on a regular basis the ageing
\n
of trade and other receivables to obtain comfort that there are no past due amounts
\n

\n
without acceptable mitigating credit information available
\n
.
\n

\n

\n
The Group establishes an allowance for credit losses that represents its estimate of expected credit losses in respect of tra
\n
de and other
\n
receivables. The Group applies a simplified approach to measure the loss allowance for trade receivables, using the lifetime expected loss
\n
provision. The expected credit loss on trade receivables is estimated using a provision matrix by reference to past default experience and
\n
credit rating if available, adjusted as appropriate for current observable data.
\n

\n

\n
The main component of the allowance for credit losses (if
\n
applicable) is a specific loss component that relates to individually significant
\n
exposures. As at 30 September 2023 and 30 September 2022, none of the carrying amounts of trade receivables that are past due, but not
\n
impaired require the recognition of an allowance for credit losses due to their insignificant exposure to credit risk. Receivables that were neither
\n
past due nor impaired relate to customers for whom there was no recent history of default and for whom no current observable adverse credit
\n
inform
\n
ation
\n

\n
is available.
\n

\n

\n
The allowance for credit losses in respect of trade and other receivables is used to record credit losses unless management i
\n
s satisfied that
\n
no recovery of the amount owing is possible and at that point the amount considered irrecoverable is written off against the financial asset
\n
directly.
\n

\n

\n
The most significant exposure of the Group to credit risk is represented by the carrying amount of trade receivables. The Boa
\n
rd of Directors
\n
performs regular ageing reviews of trade receivables to identify any doubtful balances. Based on the review performed for the reporting period,
\n
the Board of Directors concluded that no allowance for credit losses is required in respect of trade receivables due to their insignificant exposure
\n
to credit risk. 31.2% and 58.3% of the trade receivables were due from the Group's largest customer as at 30 September 2023 and
\n
30
\n

\n
September
\n

\n
20
\n
22
\n
, respectively.
\n

\n

\n
Cash and cash equivalents and
\n
long
\n
-
\n
term
\n

\n
deposits
\n

\n
The Group limits its exposures on cash and cash
\n
equivalents by dealing only with well
\n
-
\n
established financial institutions of
\n
high
\n
-
\n
quality
\n

\n
credit
\n
standing. The majority of the Group's cash resources were deposited with HSBC based in Hong Kong and South Africa, Bank of China in
\n
South Africa and Nedbank in South Africa.
\n
\n
\n
Investments in money markets, current accounts, cash funds and income funds
\n
The Group invests only in well
\n
-
\n
known reputable financial institutions.
\n
The majority of the investment in
\n
money markets, current accounts,
\n
cash
\n
funds
\n
and income funds are kep
\n
t
\n
\n
in cash at financial institutions of high credit quality standing.
\n
\n
\n
\n
\n
The maximum exposure to credit risk at the reporting date of the consolidated financial
\n
statements was:
\n
2023
\n
\n
US$\u2019000
\n
2022
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
Financial assets
\n
\n
6 040
\n
\n
\n
6
\n
\n
019
\n
\n
\n
Restricted cash
\n
\n
13
\n
\n
713
\n
\n
\n
-
\n
\n
\n
Trade and other receivables
\n
\n
103 741
\n
\n
\n
149
\n
\n
669
\n
\n
\n
Contract
\n
assets
\n
\n
1
\n
\n
876
\n
\n
\n
2
\n
\n
078
\n
\n
\n
Cash and cash equivalents
\n
\n
2
\n
55
\n
\n
300
\n
\n
\n
143
\n
\n
300
\n
\n
\n
\n
380 670
\n
\n
\n
301
\n
\n
066
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag451": { "value": "\n
Liquidity risk
\n
\n
\n
\n
Liquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financia
\n
l liabilities that are settled
\n
by delivering cash or another financial asset. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always
\n
have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or
\n
risking damage to the Group's reputation. At 30 September 2023 the Group had undrawn banking facilities of US$70.3 million
\n
(ZAR
\n
1
\n
\n
330
\n
.
\n
3
\n
\n
million) (202
\n
2
\n
: US$
\n
31.2
\n
\n
million (ZAR
\n
564.5
\n
\n
million)) available (note 2
\n
5
\n
).
\n
\n
\n
Management is aware of the above
\n
risk. Liquidity risk is monitored on a regular basis and management is taking steps deemed necessary in
\n
an attempt to manage the corresponding risk. This excludes the potential impact of extreme circumstances that cannot reasonably be
\n
predicted, such as natural disasters. In addition, financial risk management may not be possible for instances where weakened commodity
\n
prices persist, forecast production not being achieved and further funding is not raised.
\n
\n
\n
\n
\n
The following table presents the
\n
remaining contractual maturities of the Group's financial liabilities at the end of the reporting period, which are
\n
based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates
\n
c
\n
urrent at the end of the reporting period) and the earliest date the Group can be required to pay:
\n
\n
\n
\n
\n
\n
Contractual undiscounted cash flow
\n
\n
\n
30 September 2023
\n
\n
Within 1 year
\n
or on
\n
demand
\n
US$\u2019000
\n
\n
More than 1
\n
year but less
\n
than 2 years
\n
US$\u2019000
\n
More than 2
\n
years but
\n
less than 5
\n
years
\n
US$\u2019000
\n
\n
More than 5
\n
years
\n
US$\u2019000
\n
\n
Total
\n
US$\u2019000
\n
\n
Carrying
\n
amount
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
Borrowings
\n
\n
71 402
\n
\n
\n
37 728
\n
\n
\n
48 446
\n
\n
\n
-
\n
\n
\n
157 576
\n
\n
\n
139
\n
\n
656
\n
\n
\n
Trade and other payables
\n
\n
50
\n
\n
550
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
50
\n
\n
550
\n
\n
\n
50
\n
\n
550
\n
\n
\n
\n
121 952
\n
\n
\n
37 728
\n
\n
\n
48 446
\n
\n
\n
-
\n
\n
\n
208 126
\n
\n
\n
19
\n
0
\n
\n
206
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
30 September 20
\n
2
\n
2
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Borrowings
\n
\n
42 365
\n
\n
\n
12 937
\n
\n
\n
11
\n
\n
381
\n
\n
\n
-
\n
\n
\n
66 683
\n
\n
\n
62
\n
\n
884
\n
\n
\n
Other financial liabilities
\n
\n
526
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
526
\n
\n
\n
526
\n
\n
\n
Trade
\n
and other payables
\n
\n
43
\n
\n
453
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
43
\n
\n
453
\n
\n
\n
43
\n
\n
453
\n
\n
\n
\n
86
\n
\n
344
\n
\n
\n
12
\n
\n
937
\n
\n
\n
11
\n
\n
381
\n
\n
\n
-
\n
\n
\n
110
\n
\n
662
\n
\n
\n
106
\n
\n
863
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag452": { "value": "\n

\n
Market risk
\n
\n
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Gro
\n
up's
\n
income and the
\n
values of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable
\n
parameters, while optimising the return.
\n
\n
\n\n
Currency risk
\n
\n
Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Cu
\n
rrency risk arises
\n
when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not the Group's functional
\n
currency.
\n
\n
\n
The Group is exposed to currency risk on transactions that are denominated in a currency other than the respective functional
\n
\n
currency of the
\n
Group entities. These currency risk exposures arise primarily from exchange rate movements in ZAR, Euro (\u2018\u20ac\u2019), British Sterling (\u2018GBP\u2019) and
\n
US$.
\n
\n
\n
Management is aware of the above risk. Currency risk arising from currency fluctuations is monitored on a regular basis and m
\n
anagement is
\n
taking steps deemed necessary in managing the corresponding risk. These steps may include to enter, from time to time, into forward exchange
\n
contracts within board-approval limits. Financial risk management may not be possible for instances where weakened commodity prices
\n
persist, forecast produc
\n
tion not being achieved and further funding is not raised.
\n

\n\n

\n\n

\n
Market risk (continued)
\n
\n\n
The following table details the Group's exposure at the end of each reporting period to currency risk arising from recognised
\n
\n
assets and
\n
liabilities denominated in a currency other than the functional currency of the entity to which they relate. Exposures in US$ relate to recognized
\n
assets and liabilities denominated in US$ of entities of the Group that have a functional currency other than US$. For presentation purposes,
\n
the amounts of the exposure are shown in US$, translated using the spot rate at the reporting date. The spot rates used at the reporting date
\n
against the US$ are a) US$:ZAR, 18.91 (2022: 18.07); b) US$:EUR, 0.94 (2022: 1.02) and c) US$:GBP, 0.82 (2022: 0.90). Differences resulting
\n
from the translation of the financial statements of foreign operations into the Group's presentation currency are excluded.
\n
\n
\n
The Group entered into a number of forward exchange contracts to hedge certain aspects of the foreign exchange
\n
risk associated to the
\n
conversion of the US$ to the ZAR and the EUR against the ZAR. The net exposure of these contracts was US$11.0 million (2022:
\n
US$
\n
8.5
\n
\n
million) with various expiries no later than
\n
16
\n
\n
November
\n
\n
202
\n
3
\n
\n
(20
\n
2
\n
2
\n
: no later than
\n
2
\n
7
\n
\n
October
\n
\n
20
\n
2
\n
2
\n
)
\n
.
\n
\n
\n
At the reporting date the Group's exposure to currency risk was as follows:
\n
\n
\n
\n
30 September 2023
\n
\n
30 September 2022
\n
\n
Amounts in US$\u2019000
\n
\n
US$
\n
\n
ZAR
\n
\n
\u20ac
\n
\n
AUD
\n
\n
GBP
\n
\n
US$
\n
\n
ZAR
\n
\n
\u20ac
\n
\n
GBP
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Other financial assets
\n
\n
13 713
\n
\n
\n
-
\n
\n
\n
48
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
19
\n
\n
\n
-
\n
\n
\n
Trade and
\n
other receivables
\n
\n
28
\n
\n
485
\n
\n
\n
80
\n
\n
\n
450
\n
\n
\n
-
\n
\n
\n
57
\n
\n
\n
133
\n
\n
214
\n
\n
\n
27
\n
\n
\n
157
\n
\n
\n
19
\n
\n
\n
Current taxation
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(682)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(1
\n
\n
726)
\n
\n
-
\n
\n
\n
Cash and cash equivalents
\n
\n
65 329
\n
\n
\n
429
\n
\n
\n
246
\n
\n
\n
-
\n
\n
\n
45
\n
\n
\n
11
\n
\n
604
\n
\n
\n
161
\n
\n
\n
204
\n
\n
\n
142
\n
\n
\n
Borrowings
\n
\n
(101
\n
\n
531)
\n
\n
-
\n
\n
\n
(53)
\n
\n
(1
\n
\n
117)
\n
\n
-
\n
\n
\n
(26
\n
\n
890)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Other financial liabilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(526)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Trade and other payables
\n
\n
(103)
\n
\n
(4
\n
\n
606
\n
)
\n
\n
(1
\n
\n
651)
\n
\n
(7)
\n
\n
(258)
\n
\n
(33)
\n
\n
(2
\n
\n
898)
\n
\n
(680)
\n
\n
(342)
\n
\n
\n
5
\n
\n
893
\n
\n
\n
(
\n
4
\n
\n
097
\n
)
\n
\n
(1
\n
\n
642)
\n
\n
(1
\n
\n
124)
\n
\n
(156)
\n
\n
(117
\n
\n
369)
\n
\n
(2
\n
\n
710)
\n
\n
(2
\n
\n
026)
\n
\n
(181)
\n
\n
\n
A 10.0% strengthening of the US$
\n
against the above currencies at the reporting date would have changed profits and equity by the amounts
\n
presented below. This analysis assumes that all other variables, and in particular interest rates, remain constant. The analysis has been
\n
performed on t
\n
he same basis for each reporting date.
\n
\n
\n
2023
\n
(Decrease)/
\n
increase/
\n
in profit or loss
\n
and equity
\n
US$\u2019000
\n
\n
2022
\n
Increase/
\n
(decrease)
\n
in profit or loss
\n
and equity
\n
US$\u2019000
\n
\n
\n
\n
\n
US$
\n
\n
(655)
\n
\n
7
\n
\n
717
\n
\n
\n
ZAR
\n
\n
4
\n
55
\n
\n
\n
216
\n
\n
\n
\u20ac
\n
\n
183
\n
\n
\n
159
\n
\n
\n
AUD
\n
\n
125
\n
\n
\n
-
\n
\n
\n
GBP
\n
\n
17
\n
\n
\n
14
\n
\n
\n
\n
\n
\n
A
\n
\n
10.0% weakening of the US$ against the above currencies at each reporting date would have had an equal but opposite effect to
\n
\n
the
\n
amounts shown above, on the basis that all other variables remain constant.
\n

\n\n

\n\n
Interest rate risk
\n
\n
Interest rate risk is the Group's exposure to adverse movements in interest rates. It arises as a result of timing difference
\n
s on the repricing of
\n
assets and liabilities. Management is aware of the above risk. Interest rate risk is monitored on a regular basis and management is taking
\n
steps deemed necessary
\n
managing
\n
\n
the corresponding risk.
\n
\n
As at the reporting date, the interest rate profile of the Group was as follows:
\n
\n
\n
\n
2023
\n
\n
2022
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Variable rate financial assets
\n
\n
\n
\n
\n
\n
Investments in money markets, current
\n
accounts, cash funds and income funds
\n
\n
6.9%
\n
-
\n
\n
8.6%
\n
\n
4.1%
\n
-
\n
\n
6.4%
\n
\n
6
\n
\n
040
\n
\n
\n
6
\n
\n
019
\n
\n
\n
Restricted cash
\n
\n
3.8%
\n
\n
-
\n
\n
\n
13
\n
\n
713
\n
\n
\n
-
\n
\n
\n
Cash and cash equivalents
\n
\n
0%
\n
-
\n
\n
8.2%
\n
\n
0%
\n
-
\n
\n
6.73%
\n
\n
2
\n
55 300
\n
\n
\n
143
\n
\n
300
\n
\n
\n
\n
\n
\n
275
\n
\n
053
\n
\n
\n
149
\n
\n
319
\n
\n
\n
\n
\n
\n
\n
\n
Variable rate financial liabilities
\n
\n
\n
\n
\n
\n
Commodity off
\n
-
\n
take financing
\n
\n
SOFR plus 3.6%
\n
\n
-
\n
\n
\n
77
\n
\n
703
\n
\n
\n
-
\n
\n
\n
Equipment loan facility
\n
\n
1
\n
-
\n
month SOFR plus
\n
between 3.25% and
\n
3.5%
\n
\n
1
\n
-
\n
month SOFR plus
\n
between 3.25% and
\n
3.5%
\n
\n
19
\n
\n
099
\n
\n
\n
23
\n
\n
699
\n
\n
\n
Atrafin loan
\n
\n
6
\n
-
\n
month
\n
SOFR
\n
\n
plus
\n
2
\n
.25
\n
%
\n
\n
6
\n
-
\n
month US Libor plus
\n
2%
\n
\n
2
\n
\n
243
\n
\n
\n
2
\n
\n
955
\n
\n
\n
Absa commercial asset finance
\n
\n
RSA prime less 1.15%
\n
\n
RSA prime less 1.15%
\n
\n
5
\n
\n
508
\n
\n
\n
6 885
\n
\n
\n
Wesbank revolving facility
\n
\n
RSA prime less
\n
between 0.65% and
\n
1.15%
\n
\n
RSA prime less
\n
between 0.65% and
\n
1.15%
\n
\n
5
\n
\n
234
\n
\n
\n
1
\n
\n
404
\n
\n
\n
L
\n
ease
\n
\n
liabilities
\n
\n
5.9%
\n
-
\n
\n
RSA prime +
\n
3.75%
\n
\n
5.9%
\n
-
\n
\n
RSA prime +
\n
3.75%
\n
\n
2
\n
\n
713
\n
\n
\n
3
\n
\n
579
\n
\n
\n
Property loans
\n
\n
-
\n
\n
\n
RSA prime
\n
\n
-
\n
\n
\n
553
\n
\n
\n
Bank credit facilities
\n
\n
-
\n
1
\n
-
\n
month SOFR plus
\n
between 1.65% and
\n
3.05%
\n
\n
-
\n
\n
\n
23
\n
\n
809
\n
\n
\n
\n
\n
\n
1
\n
12 500
\n
\n
\n
62 884
\n
\n
\n
\n
\n
\n
A change of 100
\n
basis points in interest rates at each reporting date would have changed profits and equity by the amounts presented below.
\n
This analysis assumes that all other variables, and in particular foreign currency rates, remain constant. The analysis has been performed on
\n
the same basis for each reporting date.
\n
\n
2023
\n
Increase/
\n
(decrease) in
\n
profit or loss and
\n
equity
\n
US$\u2019000
\n
\n
2022
\n
Increase/
\n
(decrease) in
\n
profit or loss
\n
and equity
\n
US$\u2019000
\n
\n
\n
\n
\n
Investments in money markets, current accounts, cash funds and
\n
income funds
\n
\n
498
\n
\n
\n
482
\n
\n
\n
Restricted cash
\n
\n
2
\n
\n
\n
-
\n
\n
\n
Cash and cash equivalents
\n
\n
1
\n
\n
5
\n
35
\n
\n
\n
224
\n
\n
\n
Commodity off
\n
-
\n
take financing
\n
\n
(833)
\n
\n
-
\n
\n
\n
Equipment loan facility
\n
\n
(200)
\n
\n
(273)
\n
\n
Atrafin loan
\n
\n
(24)
\n
\n
(34)
\n
\n
Absa commercial asset finance
\n
\n
(57)
\n
\n
(79)
\n
\n
Wesbank revolving
\n
facility
\n
\n
(54)
\n
\n
(16)
\n
\n
L
\n
ease
\n
\n
liabilities
\n
\n
(29)
\n
\n
(55)
\n
\n
Bank credit facilities
\n
\n
-
\n
\n
\n
(208)
\n
\n
Property loans
\n
\n
-
\n
\n
\n
(1)
\n
\n
\n
8
\n
3
\n
8
\n
\n
\n
40
\n
\n
\n
\n
\n
\n
A decrease of 100 basis points in interest rates at each reporting date would have had an equal but opposite effect to the
\n
amounts shown
\n
above, on the basis that all other variables remain constant.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag453": { "value": "\n
Currency risk
\n
\n
Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Cu
\n
rrency risk arises
\n
when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not the Group's functional
\n
currency.
\n
\n
\n
The Group is exposed to currency risk on transactions that are denominated in a currency other than the respective functional
\n
\n
currency of the
\n
Group entities. These currency risk exposures arise primarily from exchange rate movements in ZAR, Euro (\u2018\u20ac\u2019), British Sterling (\u2018GBP\u2019) and
\n
US$.
\n
\n
\n
Management is aware of the above risk. Currency risk arising from currency fluctuations is monitored on a regular basis and m
\n
anagement is
\n
taking steps deemed necessary in managing the corresponding risk. These steps may include to enter, from time to time, into forward exchange
\n
contracts within board-approval limits. Financial risk management may not be possible for instances where weakened commodity prices
\n
persist, forecast produc
\n
tion not being achieved and further funding is not raised.
\n

\n\n
The following table details the Group's exposure at the end of each reporting period to currency risk arising from recognised
\n
\n
assets and
\n
liabilities denominated in a currency other than the functional currency of the entity to which they relate. Exposures in US$ relate to recognized
\n
assets and liabilities denominated in US$ of entities of the Group that have a functional currency other than US$. For presentation purposes,
\n
the amounts of the exposure are shown in US$, translated using the spot rate at the reporting date. The spot rates used at the reporting date
\n
against the US$ are a) US$:ZAR, 18.91 (2022: 18.07); b) US$:EUR, 0.94 (2022: 1.02) and c) US$:GBP, 0.82 (2022: 0.90). Differences resulting
\n
from the translation of the financial statements of foreign operations into the Group's presentation currency are excluded.
\n
\n
\n
The Group entered into a number of forward exchange contracts to hedge certain aspects of the foreign exchange
\n
risk associated to the
\n
conversion of the US$ to the ZAR and the EUR against the ZAR. The net exposure of these contracts was US$11.0 million (2022:
\n
US$
\n
8.5
\n
\n
million) with various expiries no later than
\n
16
\n
\n
November
\n
\n
202
\n
3
\n
\n
(20
\n
2
\n
2
\n
: no later than
\n
2
\n
7
\n
\n
October
\n
\n
20
\n
2
\n
2
\n
)
\n
.
\n
\n
\n
At the reporting date the Group's exposure to currency risk was as follows:
\n
\n
\n
\n
30 September 2023
\n
\n
30 September 2022
\n
\n
Amounts in US$\u2019000
\n
\n
US$
\n
\n
ZAR
\n
\n
\u20ac
\n
\n
AUD
\n
\n
GBP
\n
\n
US$
\n
\n
ZAR
\n
\n
\u20ac
\n
\n
GBP
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Other financial assets
\n
\n
13 713
\n
\n
\n
-
\n
\n
\n
48
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
19
\n
\n
\n
-
\n
\n
\n
Trade and
\n
other receivables
\n
\n
28
\n
\n
485
\n
\n
\n
80
\n
\n
\n
450
\n
\n
\n
-
\n
\n
\n
57
\n
\n
\n
133
\n
\n
214
\n
\n
\n
27
\n
\n
\n
157
\n
\n
\n
19
\n
\n
\n
Current taxation
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(682)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(1
\n
\n
726)
\n
\n
-
\n
\n
\n
Cash and cash equivalents
\n
\n
65 329
\n
\n
\n
429
\n
\n
\n
246
\n
\n
\n
-
\n
\n
\n
45
\n
\n
\n
11
\n
\n
604
\n
\n
\n
161
\n
\n
\n
204
\n
\n
\n
142
\n
\n
\n
Borrowings
\n
\n
(101
\n
\n
531)
\n
\n
-
\n
\n
\n
(53)
\n
\n
(1
\n
\n
117)
\n
\n
-
\n
\n
\n
(26
\n
\n
890)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Other financial liabilities
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
(526)
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
Trade and other payables
\n
\n
(103)
\n
\n
(4
\n
\n
606
\n
)
\n
\n
(1
\n
\n
651)
\n
\n
(7)
\n
\n
(258)
\n
\n
(33)
\n
\n
(2
\n
\n
898)
\n
\n
(680)
\n
\n
(342)
\n
\n
\n
5
\n
\n
893
\n
\n
\n
(
\n
4
\n
\n
097
\n
)
\n
\n
(1
\n
\n
642)
\n
\n
(1
\n
\n
124)
\n
\n
(156)
\n
\n
(117
\n
\n
369)
\n
\n
(2
\n
\n
710)
\n
\n
(2
\n
\n
026)
\n
\n
(181)
\n
\n
\n
A 10.0% strengthening of the US$
\n
against the above currencies at the reporting date would have changed profits and equity by the amounts
\n
presented below. This analysis assumes that all other variables, and in particular interest rates, remain constant. The analysis has been
\n
performed on t
\n
he same basis for each reporting date.
\n
\n
\n
2023
\n
(Decrease)/
\n
increase/
\n
in profit or loss
\n
and equity
\n
US$\u2019000
\n
\n
2022
\n
Increase/
\n
(decrease)
\n
in profit or loss
\n
and equity
\n
US$\u2019000
\n
\n
\n
\n
\n
US$
\n
\n
(655)
\n
\n
7
\n
\n
717
\n
\n
\n
ZAR
\n
\n
4
\n
55
\n
\n
\n
216
\n
\n
\n
\u20ac
\n
\n
183
\n
\n
\n
159
\n
\n
\n
AUD
\n
\n
125
\n
\n
\n
-
\n
\n
\n
GBP
\n
\n
17
\n
\n
\n
14
\n
\n
\n
\n
\n
\n
A
\n
\n
10.0% weakening of the US$ against the above currencies at each reporting date would have had an equal but opposite effect to
\n
\n
the
\n
amounts shown above, on the basis that all other variables remain constant.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag454": { "value": "\n

\n\n
Fair values
\n
\n
\n
\n
The Board of Directors considers that the fair values of significant financial assets and financial
\n
liabilities approximate to their carrying values
\n
at each reporting date.
\n
\n
\n
\n
\n
Financial instruments carried at fair value:
\n
\n
\n
\n
The following table presents the carrying values of financial instruments measured at fair value at the end of each reporting
\n
\n
period across the
\n
three levels of the fair value hierarchy defined in IFRS 13, Fair Value Measurement, with the fair value of each financial instrument categorised
\n
in its entirety based on the lowest level of input that is significant to that fair value measurement.
\n
\n
\n
\n
The levels are defined as follows:
\n
\n
Level 1: fair values measured using quoted prices (unadjusted) in active
\n
markets for identical financial instruments (highest level).
\n
\n
Level 2: fair values measured using quoted prices in active markets for similar financial instruments, or using valuation met
\n
hodologies in which
\n
all significant inputs are directly or indirectly based on observable market data.
\n
\n
Level 3: fair values measured using valuation methodologies in which any significant inputs are not based on observable marke
\n
t data.
\n
\n
\n
\n
\n
\n
\n
Fair value
\n
\n
\n
\n
Financial
\n
instrument
\n
\n
Fair value
\n
level
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
US$\u2019000
\n
\n
Valuation technique
\n
and key inputs
\n
\n
\n
\n
\n
\n
\n
\n
Financial assets measured at fair value
\n
\n
\n
\n
\n
\n
\n
\n
Investments in money markets, current
\n
accounts, cash funds and income funds
\n
\n
Level 2
\n
\n
6
\n
\n
040
\n
\n
\n
6
\n
\n
019
\n
\n
\n
Quoted market price for similar
\n
instruments
\n
\n
\n
PGM commodity hedging derivative
\n
\n
Level 2
\n
\n
2
\n
\n
369
\n
\n
\n
-
\n
\n
\n
Quoted market metal prices and
\n
exchange rate (refer below)
\n
\n
\n
Forward exchange contracts
\n
\n
Level 2
\n
\n
68 189 Quoted market closing exchange
\n
rates
\n
\n
\n
Investments in equity
\n
instruments
\n
\n
Level 1
\n
\n
48
\n
\n
\n
19
\n
\n
\n
Quoted market price
\n
\n
\n
\n
\n
\n
\n
\n
Trade and other receivables measured at
\n
fair value
\n
\n
\n
\n
\n
\n
\n
\n
PGM receivables
\n
\n
Level 2
\n
\n
27 900 26 884 Quoted market metal prices and
\n
exchange rate (refer below)
\n
\n
\n
PGM
\n
discounting
\n
receivable
\n
\n
Level 2
\n
\n
- 76 750 Quoted market metal prices and
\n
exchange rate (refer below)
\n
\n
\n
\n
\n
\n
\n
\n
Financial liabilities measured at fair value
\n
\n
\n
\n
\n
\n
\n
\n
Option granted to NCI to call upon shares in
\n
Karo Platinum
\n
(Private) Limited
\n
\n
Level 3
\n
\n
11
\n
\n
\n
16
\n
\n
779
\n
\n
\n
Discounted cash flow valuation and a
\n
Monte Carlo Simulation model
\n
\n
\n
PGM discount facility hedging derivative
\n
\n
Level 2
\n
\n
- 337 Quoted market metal prices and
\n
exchange rate
\n
\n
\n
Forward exchange contracts
\n
\n
Level 2
\n
\n
- 189 Quoted market closing exchange
\n
rates
\n
\n
\n
\n
\n
\n
\n
\n
There have been no transfers between fair value hierarchy levels in the current year.
\n
\n
\n
Refer to note 20 for the fair value recognised relating to the PGM discounting receivable.
\n

\n\n

\n\n

\n\n

\n\n
Fair value gains and
\n
losses recognised in the financial instruments during the year:
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
\n
\n
\n
US$\u2019000
\n
\n
Changes in fair value of financial assets at fair value through profit or loss
\n
\n
\n
\n
\n
Investments in equity instruments
\n
\n
29
\n
\n
\n
1
\n
\n
\n
\n
Investments in money
\n
markets, current accounts, cash funds and income funds
\n
\n
367
\n
\n
\n
242
\n
\n
\n
\n
PGM
\n
commodity hedges
\n
\n
derivative
\n
\n
4
\n
\n
497
\n
\n
\n
-
\n
\n
\n
\n
Right to acquire shares in Karo Platinum (Private) Limited
\n
\n
-
\n
\n
\n
(5
\n
\n
870)
\n
\n
\n
Forward exchange contracts
\n
\n
258
\n
\n
\n
-
\n
\n
\n
\n
5
\n
\n
151
\n
\n
\n
(5
\n
\n
627)
\n
\n
Chan
\n
ges in
\n
fair value of financial liabilities
\n
\n
at fair value through profit or loss
\n
\n
\n
\n
\n
PGM discount facility hedging derivative
\n
\n
59
\n
\n
\n
174
\n
\n
\n
\n
Option granted to NCI to call upon shares in Karo Platinum (Private) Limited
\n
\n
16
\n
\n
768
\n
\n
\n
1 100
\n
\n
\n
\n
Forward exchange contracts
\n
\n
-
\n
\n
\n
247
\n
\n
\n
\n
16
\n
\n
827
\n
\n
\n
1 521
\n
\n
\n
\n
\n
\n
Level 3: Option granted to NCI to call upon shares in Karo Platinum (Private) Limited
\n
\n
(\u2018Karo Platinum\u2019)
\n
\n
Refer to
\n
notes 1
\n
7
\n
\n
and 3
\n
0
\n
.
\n
The Republic of Zimbabwe has an option to increase its shareholding in Karo Platinum by 11.0% exercisable after
\n
24 months from 30 March 2022, but before 36 months, payable in cash at the net present value of Karo Platinum at 30 March 2022. The option
\n
represents a financial instrument which is recognised at fair value through profit or loss. At 30 September 2023, the Group completed a
\n
valuation of Karo Platinum which was independently reviewed. In determining the fair value, the discounted cash flow valuation technique was
\n
used. The following significant inputs were used in determining the fair value:
\n
\n
\n
\n
\n
2023
\n
\n
2022
\n
\n
\n
\n
\n
\n
\n
PGM basket
\n
price (6E)
\n
\n
US$/oz
\n
\n
\n
1
\n
\n
565
\n
\n
\n
2
\n
\n
140
\n
\n
\n
Base metal basket price
\n
\n
US$/t
\n
\n
\n
19
\n
\n
315
\n
\n
\n
15
\n
\n
099
\n
\n
\n
Life of Mine
\n
\n
years
\n
\n
\n
11
\n
\n
\n
17
\n
\n
\n
Annual throughput
\n
\n
kt
\n
\n
\n
215
\n
\n
\n
205
\n
\n
\n
6E PGM grade per tonne feed
\n
\n
g/t
\n
\n
\n
3.0
\n
\n
\n
3.6
\n
\n
\n
Annual production (6E)
\n
\n
k
\n
oz
\n
\n
\n
211
\n
\n
\n
194
\n
\n
\n
PGM recovery
\n
\n
%
\n
\n
\n
81% first
\n
three
\n
\n
years, thereafter
\n
83%
\n
\n
78% first two
\n
years, thereafter
\n
82%
\n
\n
WACC
\n
\n
%
\n
\n
\n
10.4%
\n
\n
\n
10.
\n
0
\n
%
\n
\n
\n
Tax holiday
\n
\n
years
\n
\n
\n
First 5
\n
\n
\n
First 5
\n
\n
\n
\n
\n
\n
\n
The Monte
\n
-
\n
Carlo simulation was used in determining the fair value of Karo Platinum at the end of the 36
\n
-
\n
month period (31 March 2025). The
\n
option value has been determined by averaging the discounted values between month 25 and 36 (the period in which the option can be
\n
exercised).
\n
\n
The following significant inputs were used:
\n
\n
\n
\n
2023
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
\n
Strike price: Independently verified net present value of Karo
\n
Platinum as at 30 March 2022 using a discounted
\n
cash flow model
\n
\n
US$71.8 million US$71.8 million
\n
Valuation of 11.0% of Karo Platinum
\n
\n
Discounted cash flow model
\n
\n
US$37.4 million
\n
\n
\n
US$59.5 million
\n
\n
\n
Volatility:
\n
\n
Sector volatility (converted to monthly)
\n
\n
4.4%
\n
\n
\n
4.4%
\n
\n
\n
Drift:
\n
\n
Risk free rate (converted to monthly) based on the
\n
US risk free zero yield curve and includes a country
\n
risk premium for the operations being in Zimbabwe.
\n
\n
1.3%
\n
\n
\n
1.5%
\n
\n
Time step:
\n
\n
Annual time intervals
\n
\n
1.0
\n
\n
\n
1.0
\n
\n
\n
Discount rate:
\n
\n
Converted to
\n
monthly
\n
\n
0.87%
\n
\n
\n
0.83%
\n
\n
\n
\n
\n
A sensitivity analysis was performed on the option value with the following results in the fair value of the option:
\n
\n
\n
\n
\n
\n
Sensitivity
\n
\n
Option value
\n
US$\u2019000
\n
\n
(Decrease)/increase in
\n
profit or loss and equity
\n
US$\u2019000
\n
\n
\n
Option value
\n
US$\u2019000
\n
\n
(Decrease)/increase in profit
\n
or loss and equity
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Discount rate minus 5.0%
\n
\n
14
\n
\n
\n
(
\n
3
\n
)
\n
\n
16 795
\n
\n
(16)
\n
\n
Discount plus 5.0%
\n
\n
8
\n
\n
\n
3
\n
\n
\n
16 763
\n
\n
16
\n
\n
\n
Volatility minus 10.0%
\n
\n
5
\n
\n
\n
5
\n
\n
\n
16 299
\n
\n
480
\n
\n
\n
Volatility plus 10.0%
\n
\n
18
\n
\n
\n
(
\n
6
\n
)
\n
\n
17 296
\n
\n
(517)
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag455": { "value": "\n
Fair values
\n
\n
\n
\n
The Board of Directors considers that the fair values of significant financial assets and financial
\n
liabilities approximate to their carrying values
\n
at each reporting date.
\n
\n
\n
\n
\n
Financial instruments carried at fair value:
\n
\n
\n
\n
The following table presents the carrying values of financial instruments measured at fair value at the end of each reporting
\n
\n
period across the
\n
three levels of the fair value hierarchy defined in IFRS 13, Fair Value Measurement, with the fair value of each financial instrument categorised
\n
in its entirety based on the lowest level of input that is significant to that fair value measurement.
\n
\n
\n
\n
The levels are defined as follows:
\n
\n
Level 1: fair values measured using quoted prices (unadjusted) in active
\n
markets for identical financial instruments (highest level).
\n
\n
Level 2: fair values measured using quoted prices in active markets for similar financial instruments, or using valuation met
\n
hodologies in which
\n
all significant inputs are directly or indirectly based on observable market data.
\n
\n
Level 3: fair values measured using valuation methodologies in which any significant inputs are not based on observable marke
\n
t data.
\n
\n
\n
\n
\n
\n
\n
Fair value
\n
\n
\n
\n
Financial
\n
instrument
\n
\n
Fair value
\n
level
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
US$\u2019000
\n
\n
Valuation technique
\n
and key inputs
\n
\n
\n
\n
\n
\n
\n
\n
Financial assets measured at fair value
\n
\n
\n
\n
\n
\n
\n
\n
Investments in money markets, current
\n
accounts, cash funds and income funds
\n
\n
Level 2
\n
\n
6
\n
\n
040
\n
\n
\n
6
\n
\n
019
\n
\n
\n
Quoted market price for similar
\n
instruments
\n
\n
\n
PGM commodity hedging derivative
\n
\n
Level 2
\n
\n
2
\n
\n
369
\n
\n
\n
-
\n
\n
\n
Quoted market metal prices and
\n
exchange rate (refer below)
\n
\n
\n
Forward exchange contracts
\n
\n
Level 2
\n
\n
68 189 Quoted market closing exchange
\n
rates
\n
\n
\n
Investments in equity
\n
instruments
\n
\n
Level 1
\n
\n
48
\n
\n
\n
19
\n
\n
\n
Quoted market price
\n
\n
\n
\n
\n
\n
\n
\n
Trade and other receivables measured at
\n
fair value
\n
\n
\n
\n
\n
\n
\n
\n
PGM receivables
\n
\n
Level 2
\n
\n
27 900 26 884 Quoted market metal prices and
\n
exchange rate (refer below)
\n
\n
\n
PGM
\n
discounting
\n
receivable
\n
\n
Level 2
\n
\n
- 76 750 Quoted market metal prices and
\n
exchange rate (refer below)
\n
\n
\n
\n
\n
\n
\n
\n
Financial liabilities measured at fair value
\n
\n
\n
\n
\n
\n
\n
\n
Option granted to NCI to call upon shares in
\n
Karo Platinum
\n
(Private) Limited
\n
\n
Level 3
\n
\n
11
\n
\n
\n
16
\n
\n
779
\n
\n
\n
Discounted cash flow valuation and a
\n
Monte Carlo Simulation model
\n
\n
\n
PGM discount facility hedging derivative
\n
\n
Level 2
\n
\n
- 337 Quoted market metal prices and
\n
exchange rate
\n
\n
\n
Forward exchange contracts
\n
\n
Level 2
\n
\n
- 189 Quoted market closing exchange
\n
rates
\n
\n
\n
\n
\n
\n
\n
\n
There have been no transfers between fair value hierarchy levels in the current year.
\n
\n
\n
Refer to note 20 for the fair value recognised relating to the PGM discounting receivable.
\n

\n\n

\n\n
Fair value gains and
\n
losses recognised in the financial instruments during the year:
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
\n
\n
\n
US$\u2019000
\n
\n
Changes in fair value of financial assets at fair value through profit or loss
\n
\n
\n
\n
\n
Investments in equity instruments
\n
\n
29
\n
\n
\n
1
\n
\n
\n
\n
Investments in money
\n
markets, current accounts, cash funds and income funds
\n
\n
367
\n
\n
\n
242
\n
\n
\n
\n
PGM
\n
commodity hedges
\n
\n
derivative
\n
\n
4
\n
\n
497
\n
\n
\n
-
\n
\n
\n
\n
Right to acquire shares in Karo Platinum (Private) Limited
\n
\n
-
\n
\n
\n
(5
\n
\n
870)
\n
\n
\n
Forward exchange contracts
\n
\n
258
\n
\n
\n
-
\n
\n
\n
\n
5
\n
\n
151
\n
\n
\n
(5
\n
\n
627)
\n
\n
Chan
\n
ges in
\n
fair value of financial liabilities
\n
\n
at fair value through profit or loss
\n
\n
\n
\n
\n
PGM discount facility hedging derivative
\n
\n
59
\n
\n
\n
174
\n
\n
\n
\n
Option granted to NCI to call upon shares in Karo Platinum (Private) Limited
\n
\n
16
\n
\n
768
\n
\n
\n
1 100
\n
\n
\n
\n
Forward exchange contracts
\n
\n
-
\n
\n
\n
247
\n
\n
\n
\n
16
\n
\n
827
\n
\n
\n
1 521
\n
\n
\n
\n
\n
\n
Level 3: Option granted to NCI to call upon shares in Karo Platinum (Private) Limited
\n
\n
(\u2018Karo Platinum\u2019)
\n
\n
Refer to
\n
notes 1
\n
7
\n
\n
and 3
\n
0
\n
.
\n
The Republic of Zimbabwe has an option to increase its shareholding in Karo Platinum by 11.0% exercisable after
\n
24 months from 30 March 2022, but before 36 months, payable in cash at the net present value of Karo Platinum at 30 March 2022. The option
\n
represents a financial instrument which is recognised at fair value through profit or loss. At 30 September 2023, the Group completed a
\n
valuation of Karo Platinum which was independently reviewed. In determining the fair value, the discounted cash flow valuation technique was
\n
used. The following significant inputs were used in determining the fair value:
\n
\n
\n
\n
\n
2023
\n
\n
2022
\n
\n
\n
\n
\n
\n
\n
PGM basket
\n
price (6E)
\n
\n
US$/oz
\n
\n
\n
1
\n
\n
565
\n
\n
\n
2
\n
\n
140
\n
\n
\n
Base metal basket price
\n
\n
US$/t
\n
\n
\n
19
\n
\n
315
\n
\n
\n
15
\n
\n
099
\n
\n
\n
Life of Mine
\n
\n
years
\n
\n
\n
11
\n
\n
\n
17
\n
\n
\n
Annual throughput
\n
\n
kt
\n
\n
\n
215
\n
\n
\n
205
\n
\n
\n
6E PGM grade per tonne feed
\n
\n
g/t
\n
\n
\n
3.0
\n
\n
\n
3.6
\n
\n
\n
Annual production (6E)
\n
\n
k
\n
oz
\n
\n
\n
211
\n
\n
\n
194
\n
\n
\n
PGM recovery
\n
\n
%
\n
\n
\n
81% first
\n
three
\n
\n
years, thereafter
\n
83%
\n
\n
78% first two
\n
years, thereafter
\n
82%
\n
\n
WACC
\n
\n
%
\n
\n
\n
10.4%
\n
\n
\n
10.
\n
0
\n
%
\n
\n
\n
Tax holiday
\n
\n
years
\n
\n
\n
First 5
\n
\n
\n
First 5
\n
\n
\n
\n
\n
\n
\n
The Monte
\n
-
\n
Carlo simulation was used in determining the fair value of Karo Platinum at the end of the 36
\n
-
\n
month period (31 March 2025). The
\n
option value has been determined by averaging the discounted values between month 25 and 36 (the period in which the option can be
\n
exercised).
\n
\n
The following significant inputs were used:
\n
\n
\n
\n
2023
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
\n
Strike price: Independently verified net present value of Karo
\n
Platinum as at 30 March 2022 using a discounted
\n
cash flow model
\n
\n
US$71.8 million US$71.8 million
\n
Valuation of 11.0% of Karo Platinum
\n
\n
Discounted cash flow model
\n
\n
US$37.4 million
\n
\n
\n
US$59.5 million
\n
\n
\n
Volatility:
\n
\n
Sector volatility (converted to monthly)
\n
\n
4.4%
\n
\n
\n
4.4%
\n
\n
\n
Drift:
\n
\n
Risk free rate (converted to monthly) based on the
\n
US risk free zero yield curve and includes a country
\n
risk premium for the operations being in Zimbabwe.
\n
\n
1.3%
\n
\n
\n
1.5%
\n
\n
Time step:
\n
\n
Annual time intervals
\n
\n
1.0
\n
\n
\n
1.0
\n
\n
\n
Discount rate:
\n
\n
Converted to
\n
monthly
\n
\n
0.87%
\n
\n
\n
0.83%
\n
\n
\n
\n
\n
A sensitivity analysis was performed on the option value with the following results in the fair value of the option:
\n
\n
\n
\n
\n
\n
Sensitivity
\n
\n
Option value
\n
US$\u2019000
\n
\n
(Decrease)/increase in
\n
profit or loss and equity
\n
US$\u2019000
\n
\n
\n
Option value
\n
US$\u2019000
\n
\n
(Decrease)/increase in profit
\n
or loss and equity
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
Discount rate minus 5.0%
\n
\n
14
\n
\n
\n
(
\n
3
\n
)
\n
\n
16 795
\n
\n
(16)
\n
\n
Discount plus 5.0%
\n
\n
8
\n
\n
\n
3
\n
\n
\n
16 763
\n
\n
16
\n
\n
\n
Volatility minus 10.0%
\n
\n
5
\n
\n
\n
5
\n
\n
\n
16 299
\n
\n
480
\n
\n
\n
Volatility plus 10.0%
\n
\n
18
\n
\n
\n
(
\n
6
\n
)
\n
\n
17 296
\n
\n
(517)
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag456": { "value": "\n

\n
33.
\n
\n
RELATED PARTY TRANSACTIONS AND BALANCES
\n
\n
\n
\n
\n\n

\n\n
Accounting policy
\n
\n
A
\n
\n
party is considered to be related to the Group if:
\n
\n
\u2022 the party has the ability, directly or indirectly through one or more intermediaries, to control the Group or exercise significant
\n
influence over the Group in making financial and operating policy decisions, or has joint control over the Group;
\n
\n
\u2022
\n
the Group and the party are subject to common control;
\n
\n
\u2022
\n
the party is an associate of the Group or a joint venture in which the Group is a venturer;
\n
\n
\u2022 the party is a member of key management personnel of the Group or the Group's parent, or a close family member of such
\n
individual, or is an entity under the control, joint control or significant influence of such individuals;
\n
\n
\u2022 the party is a close family member of a party referred to in the first bullet point above or is an entity under the control, joint control
\n
or significant influence of such individuals; or
\n
\n
\u2022 the party is a post-employment benefit plan which is for the benefit of employees of the Group or of any entity that is a related
\n
party of the Group.
\n
\n
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that in
\n
dividual in
\n
their dealings with the Group.
\n

\n\n

\n\n
\n
\n
\n
\n
In the normal course of the business, the Group enters into various transactions with related parties. Related party transact
\n
ions exist between
\n
shareholders, joint ventures, directors, directors of subsidiaries and key management personnel. Outstanding balances at the year-end are
\n
unsecured and settlement occurs in cash.
\n
All intergroup transactions have been eliminated on consolidation.
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Trade and other receivables
\n
(note 2
\n
0
\n
)
\n
\n
\n
\n
Rocasize Proprietary Limited
\n
\n
112
\n
\n
\n
31
\n
\n
\n
Salene Mining Proprietary Limited
\n
\n
-
\n
\n
\n
13
\n
\n
\n
The Leto Settlement
\n
\n
-
\n
\n
\n
13
\n
\n
\n
\n
112
\n
\n
\n
57
\n
\n
\n
\n
\n
\n
Trade and other payables
\n
(note 2
\n
7
\n
)
\n
\n
\n
\n
Rocasize Proprietary Limited
\n
\n
4
\n
\n
\n
-
\n
\n
\n
\n
\n
\n
Amounts due to Directors
\n
\n
and former Directors
\n
\n
\n
\n
A Djakouris
\n
\n
1
\n
2
\n
\n
\n
18
\n
\n
\n
J Salter
\n
\n
22
\n
\n
\n
21
\n
\n
\n
O Kamal
\n
\n
12
\n
\n
\n
13
\n
\n
\n
C Bell
\n
\n
22
\n
\n
\n
23
\n
\n
\n
R Davey
\n
\n
19
\n
\n
\n
20
\n
\n
\n
Z Hong
\n
\n
9
\n
\n
\n
9
\n
\n
\n
S
\n
Lo Wai Man
\n
\n
9
\n
\n
\n
9
\n
\n
\n
\n
1
\n
05
\n
\n
\n
113
\n
\n
\n
\n
\n
\n
Total other payables
\n
\n
1
\n
09
\n
\n
\n
113
\n

\n\n

\n
33.
\n
\n
RELATED PARTY TRANSACTIONS AND BALANCES
\n
\n
(continued)
\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
Revenue
\n
\n
\n
\n
Salene
\n
Manganese Proprietary Limited
\n
\n
-
\n
\n
\n
1
\n
\n
035
\n
\n
\n
\n
\n
\n
Cost of sales
\n
\n
\n
\n
Rocasize Proprietary Limited
\n
\n
528
\n
\n
\n
541
\n
\n
\n
\n
\n
\n
Other income
\n
\n
\n
\n
Rocasize Proprietary Limited
\n
\n
37
\n
\n
\n
23
\n
\n
\n
\n
\n
\n
Consulting fees received
\n
\n
\n
\n
Karo Mining Holdings plc (before acquisition)
\n
\n
-
\n
\n
\n
6
\n
\n
\n
Karo
\n
Platinum (Private) Limited
\n
\n
(before acquisition)
\n
\n
-
\n
\n
\n
188
\n
\n
\n
Karo Power Generation (Private) Limited
\n
\n
(before acquisition)
\n
\n
-
\n
\n
\n
7
\n
\n
\n
Karo Zimbabwe Holdings (Private) Limited
\n
\n
(before acquisition)
\n
\n
-
\n
\n
\n
28
\n
\n
\n
Rocasize Proprietary Limited
\n
\n
-
\n
\n
\n
8
\n
\n
\n
Salene Manganese
\n
Proprietary Limited
\n
\n
-
\n
\n
\n
45
\n
\n
\n
\n
\n
\n
Interest receivable
\n
\n
\n
\n
Karo Mining Holdings
\n
plc (before acquisition)
\n
\n
-
\n
\n
\n
112
\n
\n
\n
\n
\n
\n
Interest
\n
paid
\n
\n
\n
\n
The Leto Settlement
\n
\n
-
\n
\n
\n
13
\n
\n
\n
\n
\n
\n\n
Compensation to key management:
\n
2023
\n
\n
\n
\n
\n
\n
\n
Salary and
\n
fees
\n
US$\u2019000
\n
\n
\n
Expense
\n
allowances
\n
US$\u2019000
\n
\n
\n
Share-based
\n
payments
\n
US$\u2019000
\n
\n
Provident
\n
fund and risk
\n
benefits
\n
US$\u2019000
\n
\n
\n
\n
Bonus
\n
US$\u2019000
\n
\n
\n
\n
Total
\n
US$\u2019000
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Non
\n
-
\n
Executive Directors
\n
\n
637
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
637
\n
\n
\n
Executive Directors
\n
\n
1
\n
\n
759
\n
\n
\n
7
\n
\n
\n
606
\n
\n
\n
73
\n
\n
\n
383
\n
\n
\n
2
\n
\n
828
\n
\n
\n
Other key management
\n
\n
1
\n
\n
738
\n
\n
\n
17
\n
\n
\n
187
\n
\n
\n
65
\n
\n
\n
406
\n
\n
\n
2
\n
\n
413
\n
\n
\n
\n
4
\n
\n
134
\n
\n
\n
24
\n
\n
\n
793
\n
\n
\n
138
\n
\n
\n
789
\n
\n
\n
5
\n
\n
878
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
2022
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Non
\n
-
\n
Executive Directors
\n
\n
642
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
-
\n
\n
\n
642
\n
\n
\n
Executive Directors
\n
\n
1
\n
\n
712
\n
\n
\n
8
\n
\n
\n
828
\n
\n
\n
76
\n
\n
\n
319
\n
\n
\n
2
\n
\n
943
\n
\n
\n
Other key management
\n
\n
1
\n
\n
380
\n
\n
\n
20
\n
\n
\n
817
\n
\n
\n
95
\n
\n
\n
588
\n
\n
\n
2
\n
\n
900
\n
\n
\n
\n
3
\n
\n
734
\n
\n
\n
28
\n
\n
\n
1
\n
\n
645
\n
\n
\n
171
\n
\n
\n
907
\n
\n
\n
6
\n
\n
485
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Share
\n
-
\n
based awards to the Directors are
\n
disclosed in note 11. Det
\n
ails of each plan are disclosed in note 8. Awards
\n
\n
to the key management in
\n
the period under review are as follows:
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
2023
\n
\n
Ordinary shares
\n
\n
\n
\n
Opening
\n
balance
\n
\n
\n
\n
Allocated
\n
\n
\n
\n
Vested
\n
\n
\n
\n
Forfeited
\n
\n
\n
\n
Total
\n
\n
\n
\n
\n
\n
\n
\n
\n
LTIP
\n
\n
\n
1
\n
\n
642 207
\n
\n
\n
1
\n
\n
668
\n
\n
225
\n
\n
\n
(64
\n
\n
498)
\n
\n
(257
\n
\n
994)
\n
\n
2
\n
\n
987
\n
\n
940
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
20
\n
22
\n
\n
Ordinary shares
\n
\n
Opening
\n
balance
\n
\n
\n
Resignation
\n
\n
\n
Allocated
\n
\n
\n
Vested
\n
\n
\n
Forfeited
\n
\n
\n
Total
\n
\n
\n
\n
\n
\n
\n
\n
\n
LTIP
\n
\n
695 276
\n
\n
\n
145
\n
\n
650
\n
\n
\n
1
\n
\n
319
\n
\n
717
\n
\n
\n
(388
\n
\n
628)
\n
\n
(129
\n
\n
808)
\n
\n
1
\n
\n
642
\n
\n
207
\n

\n\n

\n\n
33.
\n
\n
RELATED PARTY TRANSACTIONS AND BALANCES (continued)
\n
\n
\n
Relationships between
\n
parties:
\n
\n
\n
\n
Thari Resources Proprietary Limited
\n
\n
\n
\n
A
\n
former
\n
shareholder of Tharisa Minerals Proprietary Limited
\n
,
\n
refer to note 2
\n
3
\n
.
\n
\n
\n
\n
\n
\n
\n
The Tharisa Community Trust and Rocasize Proprietary Limited
\n
\n
\n
\n
The Tharisa Community Trust is a
\n
former
\n
shareholder of Tharisa Minerals Proprietary Limited
\n
, refer to note 2
\n
3
\n
. The Tharisa Community
\n
Trust
\n
\n
owns 100% of the issued ordinary share capital of Rocasize Proprietary Limited.
\n
\n
\n
\n
\n
Salene Manganese
\n
Proprietary Limited and Salene Mining Proprietary Limited
\n
\n
A director of the Company is also a director of these companies.
\n
\n
\n
\n
\n
\n
\n
The Leto Settlement
\n
\n
Leto Settlement is the beneficial shareholder of Medway Developments Limited, a material
\n
shareholder in the Company.
\n
\n
\n
Karo Mining Holdings
\n
plc
\n
, Karo Zimbabwe Holdings (Private) Limited, Karo Platinum (Private) Limited
\n
\n
and
\n
\n
Karo Power Generation (Private)
\n
Limited
\n
\n
The Company own
\n
ed
\n
\n
26.8% of the issued share capital of Karo Mining Holdings
\n
plc before acquiring the controlling interest at 30 March
\n
2022 (refer to note 30). Karo Mining Holdings Limited owns 100% of the issued share capital of Karo Zimbabwe Holdings (Private) Limited
\n
and
\n
\n
Karo Power Generation (Private) Limited
\n
\n
and
\n
\n
85% of the issued share capital of Karo Platinum (Private) Limited.
\n
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag457": { "value": "\n
Accounting policy
\n
\n
A
\n
\n
party is considered to be related to the Group if:
\n
\n
\u2022 the party has the ability, directly or indirectly through one or more intermediaries, to control the Group or exercise significant
\n
influence over the Group in making financial and operating policy decisions, or has joint control over the Group;
\n
\n
\u2022
\n
the Group and the party are subject to common control;
\n
\n
\u2022
\n
the party is an associate of the Group or a joint venture in which the Group is a venturer;
\n
\n
\u2022 the party is a member of key management personnel of the Group or the Group's parent, or a close family member of such
\n
individual, or is an entity under the control, joint control or significant influence of such individuals;
\n
\n
\u2022 the party is a close family member of a party referred to in the first bullet point above or is an entity under the control, joint control
\n
or significant influence of such individuals; or
\n
\n
\u2022 the party is a post-employment benefit plan which is for the benefit of employees of the Group or of any entity that is a related
\n
party of the Group.
\n
\n
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that in
\n
dividual in
\n
their dealings with the Group.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag459": { "value": "\n

\n\n
34.
\n
\n
CONTINGENT LIABILITIES
\n
\n
\n
\n
\n
\n
\n
As at 30 September 202
\n
3
\n
, there is no litigation (202
\n
2
\n
: no litigation), current or pending, which is considered likely to have a material adverse
\n
effect on the Group.
\n
Refer to note 3
\n
5
\n
\n
for guarantees.
\n

\n\n

\n\n

\n\n
35.
\n
\n
CAPITAL COMMITMENTS AND GUARANTEES
\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
Capital commitments
\n
\n
\n
\n
Authorised and contracted
\n
\n
156
\n
\n
219
\n
\n
\n
28
\n
\n
937
\n
\n
\n
Authorised and not contracted
\n
\n
1
\n
\n
490
\n
\n
\n
3
\n
\n
027
\n
\n
\n
\n
157
\n
\n
709
\n
\n
\n
31
\n
\n
964
\n
\n
\n
\n
\n
\n
The above commitments are with respect to property, plant and equipment and are outstanding at the respective reporting perio
\n
d. All
\n
contracted amounts will be funded through existing funding mechanisms within the Group and cash generated from operations. Balances
\n
denominated in currencies other than the US$ were converted at the closing rates of exchange ruling at 30 September
\n
\n
20
\n
2
\n
3
\n
.
\n
\n
\n
Guarantees
\n
\n
Karo Mining Holdings plc, a subsidiary of the Company, issued fixed income notes with a tenor of three years on 16 December 2
\n
022 listed
\n
on the Victoria Falls Stock Exchange to the value of US$26.4 million to external subscribers. The Company guarantees the capital
\n
repayment and interest of subscribers.
\n
\n
\n
Tharisa Minerals Proprietary Limited entered into an equipment loan facility of US$35.0 million (202
\n
2
\n
: US$
\n
3
\n
5.0 million) with Caterpillar
\n
Financial Services Corporation. The equipment loan facility is secured by a first notarial bond over the equipment and is guaranteed by the
\n
Company.
\n
\n
\n
The Company
\n
\n
guarantees US$1
\n
5
\n
.
\n
9
\n
\n
million (ZAR300.0 million) (2022: US$16.6 million (ZAR300.0 million)) to Absa Bank Limited in respect
\n
of the Commercial Asset Finance and overdraft facilities
\n
\n
of Tharisa Minerals Proprietary Limited
\n
.
\n
\n
\n
The Company guarantees a total of US$
\n
8.1
\n
\n
million (ZAR
\n
153
\n
\n
million) (202
\n
2
\n
: US$
\n
8.5
\n
\n
million (ZAR1
\n
5
\n
3 million)) to third party suppliers
\n
of Tharisa Minerals Proprietary Limited. In addition, Tharisa Minerals Proprietary Limited has issued guarantees to third party
\n
suppliers amounting to US$4.0 million (ZAR75.9 million) (2022: US$4.2 million (ZAR75.9 million)).
\n
\n
An insurance company has provided a guarantee to the Department of Mineral
\n
Resources and Energy to satisfy the legal requirements with
\n
respect to environmental rehabilitation and the Group has pledged as collateral its investments in interest-bearing instruments to the
\n
insurance company to support this guarantee. The total value of the guarantee is US$22.1 million (ZAR418.9 million) (2022: US$18.7 million
\n
(ZAR337.5
\n
\n
million)).
\n

\n\n
\n

\n\n

\n\n
35.
\n
\n
CAPITAL COMMITMENTS AND GUARANTEES
\n
\n
(continued)
\n
\n
\n
The Company issued a guarantee to Absa Bank Limited which guarantees the payment of certain
\n
liabilities of Arxo Logistics Proprietary
\n
Limited to Transnet totalling US$1.
\n
0
\n
\n
million (ZAR19.4 million) (202
\n
2
\n
: US$1.
\n
1
\n
\n
million (ZAR19.4 million)).
\n
\n
\n
The Company issued guarantees limited to US$
\n
1
\n
0.0 million (202
\n
2
\n
: US$
\n
2
\n
0.0 million) as securities for
\n
trade finance facilities provided by two
\n
banks to Arxo Resources Limited.
\n
\n
\n
A guarantee was issued to Lombard Insurance Company Limited which guarantees the payment of certain liabilities of Arxo Logis
\n
tics
\n
Proprietary Limited to Transnet
\n
totalling US$0.
\n
7
\n
\n
million (ZAR12.0 million) (202
\n
2
\n
: US$0.
\n
7
\n
\n
million (ZAR12.0 million)).
\n
\n
\n
The Company and Arxo Metals Proprietary Limited jointly indemnify a third party for any claims which may result from negligen
\n
ce or breach
\n
in terms of the plant operating agreement between Arxo Metals Proprietary Limited and the third party.
\n
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag460": { "value": "\n
34.
\n
\n
CONTINGENT LIABILITIES
\n
\n
\n
\n
\n
\n
\n
As at 30 September 202
\n
3
\n
, there is no litigation (202
\n
2
\n
: no litigation), current or pending, which is considered likely to have a material adverse
\n
effect on the Group.
\n
Refer to note 3
\n
5
\n
\n
for guarantees.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag458": { "value": "\n
35.
\n
\n
CAPITAL COMMITMENTS AND GUARANTEES
\n
\n
\n
\n
\n
2023
\n
US$\u2019000
\n
\n
2022
\n
\n
\n
\n
US$\u2019000
\n
\n
\n
\n
\n
Capital commitments
\n
\n
\n
\n
Authorised and contracted
\n
\n
156
\n
\n
219
\n
\n
\n
28
\n
\n
937
\n
\n
\n
Authorised and not contracted
\n
\n
1
\n
\n
490
\n
\n
\n
3
\n
\n
027
\n
\n
\n
\n
157
\n
\n
709
\n
\n
\n
31
\n
\n
964
\n
\n
\n
\n
\n
\n
The above commitments are with respect to property, plant and equipment and are outstanding at the respective reporting perio
\n
d. All
\n
contracted amounts will be funded through existing funding mechanisms within the Group and cash generated from operations. Balances
\n
denominated in currencies other than the US$ were converted at the closing rates of exchange ruling at 30 September
\n
\n
20
\n
2
\n
3
\n
.
\n
\n
\n
Guarantees
\n
\n
Karo Mining Holdings plc, a subsidiary of the Company, issued fixed income notes with a tenor of three years on 16 December 2
\n
022 listed
\n
on the Victoria Falls Stock Exchange to the value of US$26.4 million to external subscribers. The Company guarantees the capital
\n
repayment and interest of subscribers.
\n
\n
\n
Tharisa Minerals Proprietary Limited entered into an equipment loan facility of US$35.0 million (202
\n
2
\n
: US$
\n
3
\n
5.0 million) with Caterpillar
\n
Financial Services Corporation. The equipment loan facility is secured by a first notarial bond over the equipment and is guaranteed by the
\n
Company.
\n
\n
\n
The Company
\n
\n
guarantees US$1
\n
5
\n
.
\n
9
\n
\n
million (ZAR300.0 million) (2022: US$16.6 million (ZAR300.0 million)) to Absa Bank Limited in respect
\n
of the Commercial Asset Finance and overdraft facilities
\n
\n
of Tharisa Minerals Proprietary Limited
\n
.
\n
\n
\n
The Company guarantees a total of US$
\n
8.1
\n
\n
million (ZAR
\n
153
\n
\n
million) (202
\n
2
\n
: US$
\n
8.5
\n
\n
million (ZAR1
\n
5
\n
3 million)) to third party suppliers
\n
of Tharisa Minerals Proprietary Limited. In addition, Tharisa Minerals Proprietary Limited has issued guarantees to third party
\n
suppliers amounting to US$4.0 million (ZAR75.9 million) (2022: US$4.2 million (ZAR75.9 million)).
\n
\n
An insurance company has provided a guarantee to the Department of Mineral
\n
Resources and Energy to satisfy the legal requirements with
\n
respect to environmental rehabilitation and the Group has pledged as collateral its investments in interest-bearing instruments to the
\n
insurance company to support this guarantee. The total value of the guarantee is US$22.1 million (ZAR418.9 million) (2022: US$18.7 million
\n
(ZAR337.5
\n
\n
million)).
\n

\n\n
35.
\n
\n
CAPITAL COMMITMENTS AND GUARANTEES
\n
\n
(continued)
\n
\n
\n
The Company issued a guarantee to Absa Bank Limited which guarantees the payment of certain
\n
liabilities of Arxo Logistics Proprietary
\n
Limited to Transnet totalling US$1.
\n
0
\n
\n
million (ZAR19.4 million) (202
\n
2
\n
: US$1.
\n
1
\n
\n
million (ZAR19.4 million)).
\n
\n
\n
The Company issued guarantees limited to US$
\n
1
\n
0.0 million (202
\n
2
\n
: US$
\n
2
\n
0.0 million) as securities for
\n
trade finance facilities provided by two
\n
banks to Arxo Resources Limited.
\n
\n
\n
A guarantee was issued to Lombard Insurance Company Limited which guarantees the payment of certain liabilities of Arxo Logis
\n
tics
\n
Proprietary Limited to Transnet
\n
totalling US$0.
\n
7
\n
\n
million (ZAR12.0 million) (202
\n
2
\n
: US$0.
\n
7
\n
\n
million (ZAR12.0 million)).
\n
\n
\n
The Company and Arxo Metals Proprietary Limited jointly indemnify a third party for any claims which may result from negligen
\n
ce or breach
\n
in terms of the plant operating agreement between Arxo Metals Proprietary Limited and the third party.
\n
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag461": { "value": "\n

\n
36.
\n
\n
EVENTS AFTER THE REPORTING PERIOD
\n
\n
\n\n
Accounting policies: Events after the reporting period
\n
\n
Assets and liabilities are adjusted for events that occurred during the period from
\n
the reporting date to the date of approval of the financial
\n
statements by the Board of Directors, when these events provide additional information for the valuation of amounts relating to events existing
\n
at the reporting date or imply that the going concer
\n
n concept in relation to part or whole of the Group is not appropriate.
\n

\n\n
\n
\n
On
\n
12
\n
\n
Dec
\n
ember
\n
\n
202
\n
3
\n
, the Board has proposed a final
\n
dividend of US
\n
2
\n
\n
cents
\n
\n
per share, subject to the necessary shareholder approval at
\n
the Annual General Meeting.
\n
\n
\n
The Board of Directors is not aware of any matter or circumstance arising since the end of the financial year that will impac
\n
t these financial
\n
results.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag462": { "value": "\n

\n
37.
\n
\n
DIVIDENDS
\n
\n
\n\n

\n\n
Accounting policy
\n
: Dividends
\n
\n
Dividends are recognised as a liability in the period they are declared according to IAS 10.
\n
\n

\n\n

\n\n
\n
During the period ended 30 September 2023, the Company declared and paid a final dividend of US 4.0 cents per share in respec
\n
t of the
\n
financial year ended 30 September 2022. In addition, an interim dividend of US 3.0 cents per share was declared and paid in respect of the
\n
financial year ended 30 September 2023.
\n
\n
\n
During the period ended 30 September 2022, the Company declared and paid a final dividend of US 5.0 cents per share in respec
\n
t of the
\n
financial year ended 30 September 2021. In addition, an interim dividend of US 3.0 cents per share was declared and paid in respect of the
\n
financial year ended 30 September 2022.
\n
\n
\n
D
\n
uring the year ended 30 September 2022
\n
, a
\n
\n
subsidiary of the Company, Tharisa Minerals Proprietary Limited, declared and paid an ordinary
\n
dividend of US
\n
$2.7
\n
\n
million
\n
.
\n
The dividend paid to non
\n
-
\n
controlling shareholders amounted to US
\n
0.2
\n
\n
million.
\n
\n
\n
A subsidiary of the Company,
\n
Arxo Logistics
\n
\n
Proprietary Limited, declared an ordinary dividend of US
\n
$1.0
\n
\n
million during the year ended
\n
30
\n
\n
September 2022.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag463": { "value": "\n
Accounting policy
\n
: Dividends
\n
\n
Dividends are recognised as a liability in the period they are declared according to IAS 10.
\n
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "Tag465": { "value": "4", "decimals": 1, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "Tag464": { "value": "5", "decimals": 1, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800WW4YWMVVZIJM90", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "footnote2": { "value": "
* The movement in the disputed mining royalty provision for the year ended 30 September 2022 of US$28.2 million was previously presented as part of the movement
\n
in trade and other payables and contract liabilities. The movement has correctly been reclassified from the movement in trade and other payables and contract
\n
liabilities line item and presented as part of the movement in provisions during the year ended 30 September 2023. The prior year reclassification had no impact on
\n
any reported totals presented on the statement of cash flows nor had any impact on the earnings of the Group.
", "dimensions": { "concept": "xbrl:note", "noteId": "footnote2", "language": "en" } }, "footnote1": { "value": "
* The provision raised for the ongoing mining royalty dispute at 30 September 2022 of US$50.4 million was presented as part of the trade and other payables line item.
\n
This provision has correctly been reclassified from the trade and other payables line item and presented as a provision at 30 September 2023. The prior year
\n
reclassification had no impact on any reported totals presented on the statement of financial position nor any impact on the earnings of the Group.
", "dimensions": { "concept": "xbrl:note", "noteId": "footnote1", "language": "en" } } } }