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1. Statement of accounting policies
Kenmare Resources plc (the \u201cCompany\u201d) is domiciled in the Republic of Ireland. The Company\u2019s registered address is Styne House, Hatch
Street Upper, Dublin 2. The Company has a premium listing on the Main Market of the London Stock Exchange and a secondary listing on
Euronext Dublin. These consolidated financial statements comprise the Company and its subsidiaries (the \u201cGroup\u201d). The principal activity
of the Group is the operation and further development of the Moma Titanium Minerals Mine in Mozambique.
The material accounting policies adopted by the Group are set out below.
Adoption of new and revised standards
Standards adopted in the current financial year
The following new and revised standards, all of which are effective for accounting periods beginning on or after 1 January 2023, have
been adopted in the current financial year.
\u2022 IFRS 17 Insurance Contracts and Amendments to IFRS 17 effective 1 January 2023
\u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 effective 1 January 2023
\u2022 Definition of Accounting Estimate \u2013 Amendments to IAS 8 effective 1 January 2023
\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 effective 1 January 2023
None of the new and revised standards and interpretations listed above have a material effect on the Group\u2019s financial statements.
Standards to be adopted in future accounting periods
At the date of authorisation of these financial statements, the following standards and interpretations which have not been applied in
these financial statements were in issue but not yet effective. The Group will apply the relevant standards from their effective dates.
The standards are mandatory for future accounting periods but are not yet effective and have not been early-adopted by the Group.
\u2022 Classification of Liabilities as Current or Non-current - Amendment to IAS 1 effective 1 January 2024
\u2022 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2013 Amendments to IFRS 10 and IAS 28
\u2022 Lease Liability in a Sale and Leaseback - (Amendments to IFRS 16) effective 1 January 2024
The Directors do not expect that the adoption of the Standards and Interpretations listed above will have a material impact on the
financial statements of the Group in future periods.
Basis of preparation
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) issued
by the International Accounting Standards Board (IASB) and interpretations issued by the IFR Interpretations Committee (IFRIC) as
adopted by the EU and those parts of the Companies Act 2014 applicable to companies reporting under IFRS and Article 4 of the
IAS Regulation.
Going concern
The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company and the Group have
or will have adequate resources to continue in operational existence for the foreseeable future. Based on the Group\u2019s cash flow forecast,
liquidity, solvency position and available finance facilities, the Directors have a reasonable expectation that the Group has adequate
resources for the foreseeable future and, therefore, they continue to adopt the going concern basis of accounting in preparing the
financial statements.
Management plans assume that all agreements, licences, concessions and approvals relating to the Group\u2019s mining and processing
activities are in place or will be renewed over the 12 month period, including the Implementation Agreement, from the date of
authorisation of these financial statements. The Group forecast has been prepared by management with best estimates of production,
pricing and cost assumptions over the period. Key assumptions upon which the Group forecast is based include a mine plan covering
production using the Namalope, Nataka, Pilivili and Mualadi reserves and resources as set out in the unaudited mineral reserves and
resources table on page 51. Specific resource material is included only where there is a high degree of confidence in its economic
extraction. Production levels for the purpose of the forecast are approximately 1.1 million tonnes per annum of ilmenite plus co-products,
zircon, concentrates and rutile, over the next twelve months. Assumptions for product sales prices are based on contract prices as
stipulated in marketing agreements with customers or, where contract prices are based on market prices or production is not presently
contracted, prices are forecast taking into account independent titanium mineral sands expertise and management expectations.
Operating costs are based on approved budget costs for 2024, taking into account the current running costs of the Mine and escalated
by 2% per annum thereafter. Capital costs are based on the capital plans and include escalation at 2% per annum. The 2024 operating
costs and forecast capital costs take into account the current inflationary environment. The 2% inflation rate used from 2025 to escalate
these costs over the life of mine is an estimated long-term inflation rate.
Sensitivity analysis is applied to the assumptions above to test the robustness of the cash flow forecasts for changes in market prices,
shipments and operating and capital cost assumptions. Changes in these assumptions affect the level of sales and profitability of the
Group and the amount of capital required to deliver the projected production levels. As a result of this assessment, the Board has a
reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the 12 month
period from the date of authorisation of these financial statements.
Basis of accounting
The financial statements are presented in US Dollars rounded to the nearest thousand. They have been prepared under the historical
cost convention except for certain trade receivables and share-based payments, which are recorded at fair value.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company, its subsidiaries and its subsidiaries\u2019
branches. Subsidiaries are entities controlled by the Group. The Group \u2018controls\u2019 an entity when it is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial
statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date
on which control ceases.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more
of the elements of control listed above.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group
are eliminated on consolidation.
When the Group loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference
between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest, and (ii) the previous
carrying amount of the assets, less liabilities of the subsidiary. All amounts previously recognised in other comprehensive income in
relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets and liabilities of the subsidiary (i.e.
reclassified to profit or loss or transferred to another category of equity as required by applicable IFRS). The fair value of any investment
retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent
accounting under IFRS 9 Financial Instruments or, when applicable, the costs on initial recognition of an investment in an associate or a
joint venture.
Determination of ore reserve estimates
The Group estimates its ore reserves and mineral resources based on information compiled by a Competent Person as defined in
accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 Edition (the
\u201cJORC Code\u201d). Ore reserves and mineral resources determined in this way are used in the calculation of depreciation, amortisation and
impairment charges, the assessment of life of mine and for forecasting the timing of the payment of close-down costs, restoration costs
and clean-up costs. In assessing the life of a mine for accounting purposes, mineral resources are taken into account only where there is
a high degree of confidence of economic extraction. There are numerous uncertainties inherent in estimating ore reserves and mineral
resources and assumptions that are valid at the time of estimation may change significantly when new information becomes available.
Changes in the forecast prices of final products, production costs or recovery rates may change the economic status of ore reserves and
mineral resources and may ultimately result in the reserves being revised.
Accounting for climate change
Management have considered the impact of climate change on amounts reported within the financial statements, including the potential
financial impact of the physical and transitional risks identified in the Climate Strategy Report in accordance with the recommendations
of the Taskforce on Climate-related Financial Disclosures (\u201cTCFD\u201d). Considerations in respect of climate-related matters have been made
on a number of key estimates and judgements including:
\u2022 the estimate of future cash flows used in determining the recoverable amount of the Moma Titanium Minerals Mine cash-
generating unit;
\u2022 the mine closure provision and mine rehabilitation provision; and
\u2022 the useful lives of property, plant and equipment.
The Group has set ambitions to be net zero by 2040 (Scope 1 & 2 emissions). the climate transition plan and financial impact is still
being assessed as the Group considers how it will work towards meeting this target. As such, the estimate of future cash flows used in
determining the recoverable amount of the Moma Titanium Minerals Mine cash-generating unit does not consider the expenditure (or
any related savings) associated with the Company\u2019s transition plan. Likewise, the future cash flows do not consider the financial impact of
the climate risks disclosed within the Group\u2019s TCFD reporting as a reliable estimate thereof cannot currently be made.
The estimate future cash flows include forecast operating costs from 2024 for the use of bio-diesel to meet a growing proportion of the diesel requirement of the Mine from 2024. The Group has been developing its Biodiversity Offset Management Plan to deliver 15% Net Gain. Included in forecast operating costs are costs of biodiversity monitoring in Namalope, Pilivili and Nataka and expansion of agroforestry. The Group is developing the operating costs for the implementation of the Biodiversity Offset Plan for inclusion in future forecasting. The Group has also included costs for a MSP heat recovery study and study on the partial electrification of MSP dryers. These and other pre-feasibility studies will progress to definitive-feasibility studies and once approved, will be included in the capital forecast associated with delivery of the Climate Transition Plan. The Group considered whether its climate ambitions required changes to the useful lives of existing assets. The move of WCP A to Nataka involves two higher capacity dredges and removes the need for supplementary dry mining. This will result in a higher electricity requirement but will replace heavy mobile equipment which currently run on diesel. The useful lives of heavy mobile equipment has not been adjusted to reflect this as fleet management will result in these vehicles ceasing to operating at the end of their expected useful lives. No adjustments to useful lives were made during the period as a direct result of the impact of the Group\u2019s climate ambition to become net zero as the Group\u2019s transition plan is still under development. Should pathways for eliminating fossil fuel power generating assets be identified, depending on technological development within the industry, which is highly uncertain, the Group\u2019s property, plant and equipment profile may change and accelerated depreciation of assets may be required in the future. However, at this present time the requirement for fossil fuel powered assets means that early retirement of existing assets is not expected. The Group estimates the mine closure and rehabilitation provision based on current restoration standards, techniques and climate conditions. Closure plans and cost estimates are supported by detailed studies which are provided by external estimates. Detailed closure cost studies are refreshed at least every five years and these studies are evolving to incorporate greater consideration of forecast climate conditions at closure. Management continues to monitor future uncertainty around climate change risks and is continually developing the Group\u2019s assessment of the impact that climate change has on the amounts recognised in the financial statements. It is, therefore, likely that the future carrying amounts of assets or liabilities may change as the Group\u2019s judgments and estimates evolve as the Group responds to its climate change ambitions. Revenue recognition Revenue represents the value of goods and services supplied to third parties during the year. Revenue is measured at the fair value of consideration received or receivable and excludes any discounts and applicable sales tax. Revenue is recognised when the Group satisfies a performance obligation by transferring a promised good or service to a customer. The Group has a mixture of long-term contracts and spot contracts with customers for the sale of mineral products ilmenite, zircon, concentrates and rutile. Sales contracts are evaluated to determine the performance obligations, the transaction price and the point at which there is transfer of control. Sales are made on either a \u201cfree on board\u201d (FOB), \u201ccost, insurance and freight\u201d (CIF), or a \u201ccost and freight\u201d (CFR) basis. Control of mineral products passes from the Group to customers on delivery and delivery is deemed to take place when the mineral product is loaded on the ocean-going vessel chartered by either the customer or the Group. The transactional price is the amount of consideration due in exchange for transferring the promised goods or services to the customer and is allocated against the performance obligations and recognised in accordance with whether control is recognised over a defined period or at a specific point in time. The customer is responsible for the cost of shipping and handling for all FOB Incoterms. The Group is responsible for shipping the mineral product to a destination port specified by the customer for all CIF and CFR Incoterms. The Group has determined that the shipping service represents a separate performance obligation, and revenue in relation to such services is deferred and recognised separately from the sale of the mineral products over time as the shipping service is provided. Shipment revenue is recognised at the contracted price to the Group. All shipping and handling costs incurred by the Group are recognised as a cost of sale. Taxation The tax expense represents the sum of the current tax and deferred tax. Current tax payable is based on the best estimate of the tax amount expected to be paid and reflects uncertainty related to income taxes, if any. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expenses that are taxable or deductible in other financial years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using the tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities are not recognised for taxable temporary differences arising on investments in subsidiary undertakings, if the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Deferred tax is measured at the tax rates that are expected to apply in the period when the liability is settled or the asset is released and reflects uncertainty related to income taxes, if any. Deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and tax liabilities on a net basis. Property, plant and equipment The cost of property, plant and equipment comprises any costs directly attributable to bringing an asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the estimated closure costs associated with the asset. This includes the cost of moving plant and associated infrastructure to the orebodies under the Group\u2019s mining concessions which form part of the Group\u2019s life of mine plan. Construction in progress expenditures for the construction and commissioning of property, plant and equipment are deferred until the facilities are operational, at which point the costs are transferred to property, plant and equipment and depreciated at the applicable rates. Subsequent expenditure on an item of property, plant and equipment, including enhancement expenditure, is recognised as part of the cost of an asset if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. Property, plant and equipment are depreciated over their useful life on a straight-line basis, or over the remaining life of the Mine if shorter, or on a units of production basis. The major categories of property, plant and equipment are depreciated as follows: Plant and equipment Unit of production basis Development expenditure Unit of production basis Other assets Vessels 5 to 25 years Buildings and airstrip 20 years Mobile equipment 3 to 5 years Fixtures and equipment 3 to 10 years Units of production depreciation is calculated using the quantity of heavy mineral concentrate extracted from the Mine for processing in the period as a percentage of the total quantity of heavy mineral concentrate planned to be extracted in current and future periods based on the ore reserve. The ore reserve is updated on an annual basis for results of drilling programmes carried out, mining activity during the year, and other relevant considerations. The unit of production depreciation rate is adjusted as a result of this update and applied prospectively. Capital spares consist of critical plant spares with estimated useful lives greater than one year and are included in property, plant and equipment. Capital spares are stated at cost. Residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. Changes to the estimated residual values or useful lives are accounted for prospectively. Development expenditure Project development costs include expenditure on the development of an orebody including pre-feasibility and feasibility studies on mining the orebody, the transport of mining plants to the orebody, additional infrastructure required to mine the orebody and community resettlement costs. Project development costs include finance costs and lender and advisor fees incurred during the period before such mine is capable of operating at production levels in the manner intended by management and are deferred and included in property, plant and equipment. In addition, expenses including depreciation during commissioning of the Mine in the period before it is capable of operating in the manner intended by management are deferred. These costs include an allocation of costs, including share-based payments, as determined by management and incurred by Group companies. Interest on borrowings relating to the Mine construction and development projects are capitalised until the point when the activities that enable the Mine to operate in its intended manner are complete. Once the Mine is operating in the manner intended by management, the related costs are depreciated off over the life of the estimated ore reserve of such mine on a unit of production basis, or over its useful life if shorter. Where the Mine project is terminated or impairment of value has occurred, related costs are written off immediately.
Exploration and evaluation expenditure
Exploration and evaluation expenditure activity involves the search for mineral resources, the determination of technical feasibility and
the assessment of commercial viability of an identified resource. Exploration and evaluation expenditure is charged to the statement of
comprehensive income as incurred, except where the existence of a commercially viable mineral deposit has been established and it is
expected that the deposit will be mined. Capitalised exploration and evaluation expenditure considered to be tangible is recognised as
a component of property, plant and equipment at cost less impairment charges. Until such time as an asset is available for use, it is not
depreciated. All capitalised exploration and evaluation expenditure is monitored for indications of impairment as part of development
expenditure. To the extent that capitalised expenditure is not expected to be recovered, it is charged to the statement of comprehensive
income.
Impairment of non-current assets
At each reporting date, the Group reviews the carrying amounts of its non-current assets to determine whether there is any indication
that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in
order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from
other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value less costs to sell is the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
As the fair value for the Mine is difficult to determine, the Group uses its value in use in estimating the recoverable amount. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not
been adjusted.
If the recoverable amount of the asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of
the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have
been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior financial years. A reversal of an
impairment loss is recognised as income immediately.
Inventories
Mineral product inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials, direct labour costs
and overheads, including depreciation, incurred in bringing the inventories to their present location and condition. Cost is calculated
using the weighted average method. Net realisable value represents the estimated selling price less all estimated costs necessary to
make the sale. Quantities are assessed primarily through surveys and assays.
Consumable spares are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average method and
comprises the purchase price and related costs incurred in bringing the inventories to their present location and condition. Consumable
spares identified as obsolete are recognised as an expense immediately.
Financial instruments
Financial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to
the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through
profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial
recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit
or loss are recognised immediately in profit or loss.
Financial assets
The financial assets of the Group consist of cash and cash equivalents and trade and other receivables.
Classification of financial assets
Cash and cash equivalents comprise cash on hand, demand deposits and other short-term highly liquid investments that are readily
convertible to a known amount of cash and are subject to an insignificant risk of change in value. Cash and cash equivalents are initially
measured at fair value and are subsequently measured at amortised cost. They are held by the Group to collect deposit interest and to
meet the liquidity requirements of the Group.
The Group has a trade finance facility for three of the Group\u2019s customers. In accordance with this facility, the bank purchases 80% of the
receivable without recourse and therefore assumes the credit risk. Derecognition of the trade receivables occurs when the customer\u2019s
invoices are factored and the Group receives cash from the bank.
The Group also has a trade facility for customers to which it sells to under letter of credit terms. Under this facility, the bank confirms the
letter of credit from the issuing bank and therefore assumes the credit risk. The bank can also discount these letters of credit thereby
providing early payment of receivables to the Group. Derecognition of the trade receivables occurs when the customer\u2019s invoices are
discounted and the Group receives cash from the bank.
These facilities assist the Group in managing its liquidity for funding of operations. Trade receivables which are not factored are initially
measured at fair value and subsequently measured at amortised cost as they are held by the Group in order to collect receipts under
the credit terms of the sales contracts i.e. solely payment of principal and interest (SPPI). Trade receivables or letters of credit where
it is not known at initial recognition if they will be factored or discounted as the case may be are classified as fair value through other
comprehensive income (FVOCI). This is because their cash flows are generated through a combination of collection and sales (by
factoring or discounting letters of credit).
Interest income is recognised using the effective interest method for debt instruments measured subsequently at amortised cost. For
financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset.
Interest income is recognised in profit or loss and is included in the \u201cfinance income\u201d line item.
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses on trade receivables that are not measured at fair value through
profit or loss. The Group applies the simplified approach permitted by IFRS 9 Financial Instruments to measure expected credit losses
for financial assets which requires expected lifetime losses to be recognised from initial recognition of the receivable. The amount of
expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the trade receivable.
When determining whether the credit risk of a trade receivable has increased the Group considers credit risk ratings where available,
the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the customers, general economic conditions and an
assessment of both the current as well as the forecast conditions at the reporting date. Sales to certain customers are undertaken on a
letter of credit basis thereby reducing the credit risk of these customers.
The Group considers a trade receivable to be in default when there is information indicating that the debtor is in severe financial
difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed in liquidation or has entered into bankruptcy
proceedings. The Group considers a trade receivable to be credit impaired when there is evidence that the customer is in significant
financial difficulty and the debt is more than 90 days past due.
Foreign exchange gains and losses
The carrying amount of financial assets that are denominated in a foreign currency is determined in that foreign currency and translated
at the spot rate at the end of each reporting period. For financial assets measured at amortised cost, exchange differences are
recognised in profit or loss in the \u201cforeign exchange gains and losses\u201d line.
Financial liabilities and equity
The financial liabilities of the Group consist of bank borrowings, leases and trade payables. The equity of the Group consists of share
capital issued by the Company and own shares.
Classification of issued debt or equity
Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual
arrangements and the definitions of a financial liability and an equity instrument.
Issued equity
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity
instruments issued by the Company are recognised at the proceeds received, net of direct issue costs. The only equity instrument of the
Company is ordinary shares.
Own Shares
Ordinary shares acquired by the Company or purchased on behalf of the Company by the Kenmare Employee Benefit Trust are deducted
from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity
instruments.
Financial liabilities
The financial liabilities of the Group are initially measured at fair value and subsequently measured at amortised cost using the effective
interest method.
Financial liabilities measured subsequently at amortised cost
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating the interest expense
over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees,
transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter
period, to the amortised cost of a financial liability.
Foreign exchange gains and losses
For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting
period, the foreign exchange gains and losses are determined based on the amortised cost of the instruments. These foreign exchange
gains and losses are recognised in profit or loss.
Derecognition of financial liabilities
The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. The
difference between the carrying amount of the financial liability derecognised and the consideration paid is recognised in profit or loss.
When the Group exchanges with an existing lender one debt instrument for another with substantially different terms, such exchange
is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group
accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability
and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash
flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least
10% different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not
substantial, the difference between the carrying amount of the liability before the modification and the present value of the cash flows
after modification is recognised in profit or loss as the modification gain or loss within other gains and losses.
Derivative financial instruments
The Group entered into forward contracts during the year to purchase South African Rand from US Dollar. There were no forward
contracts outstanding at the year end. No other derivative financial instruments were entered into during the financial year.
Dividends
Dividends are recognised as a liability in the Company\u2019s financial statements in the period in which the dividends are approved by the
Company\u2019s shareholders.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that
the Group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration to settle the present obligation at the reporting date,
taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated
to settle the present obligation, its carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable
is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured
reliably.
Contingent liabilities are recognised when the Group has a possible obligation and the existence of which will only be confirmed by
uncertain future events that are not wholly within the control of the Group.
Mine closure provision
The Mine closure provision represents the Directors\u2019 best estimate of the Group\u2019s liability for close-down, dismantling and restoration
of the mining and processing site, excluding reclamation of areas disturbed by mining activities, which is covered under the Mine
rehabilitation provision. A corresponding amount equal to the provision is recognised as part of property, plant and equipment and
depreciated over its estimated useful life. The costs are estimated on the basis of a formal closure plan and are subject to regular review.
The Mine closure provision is determined as the net present value of such estimated costs discounted at a risk-free rate. The Group
uses long term rates as provided by the US Treasury. This is deemed the best estimate to reflect the current market assessment of the
time value of money on a risk-free basis. Risks specific to the liability are included in the cost estimate. Changes in the expected costs
or estimated timing of costs are recorded by an adjustment to the provision and a corresponding adjustment to property, plant and
equipment. The unwinding of the discount on the Mine closure provision is recognised as a finance cost.
Mine rehabilitation provision
The Mine rehabilitation provision represents the Directors\u2019 best estimate of the liability for reclaiming areas disturbed by mining
activities. Reclamation costs are recognised in each period in the statement of comprehensive income based on the area disturbed in
such period.
Segmental reporting
Information on the operations of the Moma Titanium Minerals Mine in Mozambique is reported by the Executive Committee to
the Group\u2019s Board for the purposes of resource allocation and assessment of segment performance. The principal categories for
disaggregating revenue are by product type and by country of the customer\u2019s location. The product types are ilmenite, zircon, rutile and
concentrates. Concentrates includes secondary zircon and mineral sands concentrates.
Critical accounting judgements and key sources of estimation uncertainty
Critical judgements in applying the Group\u2019s accounting policies
In the process of applying the Group\u2019s accounting policies, the Directors have made the following judgements that have the most
significant effect on the amounts recognised in the financial statements (apart from those involving estimations, which are dealt with
below).
Property, plant and equipment
The recovery of property, plant and equipment is dependent upon the successful operation of the Mine. The realisation of cash flow
forecast assumptions would result in the recovery of such amounts. During the financial year, the Group carried out an impairment review
of property, plant and equipment. In performing the impairment review, a significant level of judgement is required in determining the key
assumptions which have a significant impact on the impairment model. The assumptions are set out in Note 11. As a result of the review,
no impairment provision is required in the financial year.
Consolidation of Structured Entities
The Group has established the Kenmare Employee Benefit Trust which facilitates the operation of the Kenmare Restricted Share Plan
(KRSP). Whilst the Group does not hold any of the equity of the trust, the Directors have concluded that the Group controls its activities
and therefore the financial statements of the trust are included in the Group\u2019s Consolidated Financial Statements.
Key sources of estimation uncertainty
The preparation of financial statements requires the Directors to make estimates and assumptions that affect the amounts reported for
assets and liabilities as at the reporting date. The nature of estimation means the actual outcomes could differ from those estimates. The
main areas subject to estimation uncertainty are detailed below.
Provisions
Mine closure and mine rehabilitation provision
The Mine closure provision represents the Directors\u2019 best estimate of the Group\u2019s liability for close-down, dismantling and restoration
of the mining and processing site, excluding reclamation of areas disturbed by mining activities, which is covered under the Mine
rehabilitation provision. The costs are estimated on the basis of a formal closure plan and are subject to regular review. The Mine closure
provision is estimated based on the net present value at the risk-free rate of estimated future Mine closure costs. Mine closure costs are
a normal consequence of mining, and the majority of such costs are incurred at the end of the life of mine.
The Mine rehabilitation provision represents the Directors\u2019 best estimate of the Group\u2019s liability for reclaiming areas disturbed by
mining activities. Reclamation costs are recognised in each period based on the area disturbed in the period and an estimated cost of
rehabilitation per hectare, which is reviewed regularly against actual rehabilitation cost per hectare. Actual rehabilitation expenditure is
incurred approximately 12 months after the area has been disturbed.
There is significant estimation uncertainty in the calculation of the mine closure and mine rehabilitation provision and cost estimates can
vary in response to many factors including:
\u2022 Changes to the relevant legal or local/national government requirements and any other commitments made to stakeholders;
\u2022 Additional remediation requirements identified during the rehabilitation;
\u2022 The emergence of new restoration techniques;
\u2022 Change in the expected closure date;
\u2022 Change in the discount rate; and
\u2022 The effects of inflation.
The quantitative inputs and sensitivity information relating to the mine closure and mine rehabilitation provision are detailed in Note 21.
Units of production depreciation
Units of production depreciation is calculated using the quantity of heavy mineral concentrates extracted from the Mine for processing
in the period as a percentage of the total quantity of heavy mineral concentrates planned to be extracted in current and future periods
based on the ore reserve as detailed in the unaudited mineral reserves and resources table on page 51.
The Group estimates its ore reserves and mineral resources based on information compiled by a Competent Person as defined in
accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition. There
are numerous uncertainties inherent in estimating ore reserves, and assumptions that are valid at the time of estimation may change
significantly when new information becomes available. Changes in the forecast prices of final products, production costs or recovery
rates may change the economic status of reserves and may ultimately result in the reserves being revised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-282": { "value": "Kenmare Resources plc (the \u201cCompany\u201d) is domiciled in the Republic of Ireland. The Company\u2019s registered address is Styne House, Hatch Street Upper, Dublin 2. The Company has a premium listing on the Main Market of the London Stock Exchange and a secondary listing on Euronext Dublin. These consolidated financial statements comprise the Company and its subsidiaries (the \u201cGroup\u201d). The principal activity of the Group is the operation and further development of the Moma Titanium Minerals Mine in Mozambique. The material accounting policies adopted by the Group are set out below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-279": { "value": "Kenmare Resources plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "Kenmare Resources plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-275": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-276": { "value": "Republic of Ireland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "Republic of Ireland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1": { "value": "Styne House, Hatch Street Upper, Dublin 2", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "The principal activity of the Group is the operation and further development of the Moma Titanium Minerals Mine in Mozambique.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-280": { "value": "Mozambique.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "value": "Adoption of new and revised standards Standards adopted in the current financial year The following new and revised standards, all of which are effective for accounting periods beginning on or after 1 January 2023, have been adopted in the current financial year. \u2022 IFRS 17 Insurance Contracts and Amendments to IFRS 17 effective 1 January 2023 \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 effective 1 January 2023 \u2022 Definition of Accounting Estimate \u2013 Amendments to IAS 8 effective 1 January 2023 \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 effective 1 January 2023 None of the new and revised standards and interpretations listed above have a material effect on the Group\u2019s financial statements. Standards to be adopted in future accounting periods At the date of authorisation of these financial statements, the following standards and interpretations which have not been applied in these financial statements were in issue but not yet effective. The Group will apply the relevant standards from their effective dates. The standards are mandatory for future accounting periods but are not yet effective and have not been early-adopted by the Group. \u2022 Classification of Liabilities as Current or Non-current - Amendment to IAS 1 effective 1 January 2024 \u2022 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2013 Amendments to IFRS 10 and IAS 28 \u2022 Lease Liability in a Sale and Leaseback - (Amendments to IFRS 16) effective 1 January 2024 The Directors do not expect that the adoption of the Standards and Interpretations listed above will have a material impact on the financial statements of the Group in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-326": { "value": "Adoption of new and revised standards Standards adopted in the current financial year The following new and revised standards, all of which are effective for accounting periods beginning on or after 1 January 2023, have been adopted in the current financial year. \u2022 IFRS 17 Insurance Contracts and Amendments to IFRS 17 effective 1 January 2023 \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 effective 1 January 2023 \u2022 Definition of Accounting Estimate \u2013 Amendments to IAS 8 effective 1 January 2023 \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 effective 1 January 2023 None of the new and revised standards and interpretations listed above have a material effect on the Group\u2019s financial statements. Standards to be adopted in future accounting periods At the date of authorisation of these financial statements, the following standards and interpretations which have not been applied in these financial statements were in issue but not yet effective. The Group will apply the relevant standards from their effective dates. The standards are mandatory for future accounting periods but are not yet effective and have not been early-adopted by the Group. \u2022 Classification of Liabilities as Current or Non-current - Amendment to IAS 1 effective 1 January 2024 \u2022 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2013 Amendments to IFRS 10 and IAS 28 \u2022 Lease Liability in a Sale and Leaseback - (Amendments to IFRS 16) effective 1 January 2024 The Directors do not expect that the adoption of the Standards and Interpretations listed above will have a material impact on the financial statements of the Group in future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-283": { "value": "Adoption of new and revised standards Standards adopted in the current financial year The following new and revised standards, all of which are effective for accounting periods beginning on or after 1 January 2023, have been adopted in the current financial year. \u2022 IFRS 17 Insurance Contracts and Amendments to IFRS 17 effective 1 January 2023 \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 effective 1 January 2023 \u2022 Definition of Accounting Estimate \u2013 Amendments to IAS 8 effective 1 January 2023 \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 effective 1 January 2023 None of the new and revised standards and interpretations listed above have a material effect on the Group\u2019s financial statements. Standards to be adopted in future accounting periods At the date of authorisation of these financial statements, the following standards and interpretations which have not been applied in these financial statements were in issue but not yet effective. The Group will apply the relevant standards from their effective dates. The standards are mandatory for future accounting periods but are not yet effective and have not been early-adopted by the Group. \u2022 Classification of Liabilities as Current or Non-current - Amendment to IAS 1 effective 1 January 2024 \u2022 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2013 Amendments to IFRS 10 and IAS 28 \u2022 Lease Liability in a Sale and Leaseback - (Amendments to IFRS 16) effective 1 January 2024 The Directors do not expect that the adoption of the Standards and Interpretations listed above will have a material impact on the financial statements of the Group in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-284": { "value": "Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) and interpretations issued by the IFR Interpretations Committee (IFRIC) as adopted by the EU and those parts of the Companies Act 2014 applicable to companies reporting under IFRS and Article 4 of the IAS Regulation.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-327": { "value": "The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) and interpretations issued by the IFR Interpretations Committee (IFRIC) as adopted by the EU and those parts of the Companies Act 2014 applicable to companies reporting under IFRS and Article 4 of the IAS Regulation. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-285": { "value": "Going concern The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company and the Group have or will have adequate resources to continue in operational existence for the foreseeable future. Based on the Group\u2019s cash flow forecast, liquidity, solvency position and available finance facilities, the Directors have a reasonable expectation that the Group has adequate resources for the foreseeable future and, therefore, they continue to adopt the going concern basis of accounting in preparing the financial statements. Management plans assume that all agreements, licences, concessions and approvals relating to the Group\u2019s mining and processing activities are in place or will be renewed over the 12 month period, including the Implementation Agreement, from the date of authorisation of these financial statements. The Group forecast has been prepared by management with best estimates of production, pricing and cost assumptions over the period. Key assumptions upon which the Group forecast is based include a mine plan covering production using the Namalope, Nataka, Pilivili and Mualadi reserves and resources as set out in the unaudited mineral reserves and resources table on page 51. Specific resource material is included only where there is a high degree of confidence in its economic extraction. Production levels for the purpose of the forecast are approximately 1.1 million tonnes per annum of ilmenite plus co-products, zircon, concentrates and rutile, over the next twelve months. Assumptions for product sales prices are based on contract prices as stipulated in marketing agreements with customers or, where contract prices are based on market prices or production is not presently contracted, prices are forecast taking into account independent titanium mineral sands expertise and management expectations. Operating costs are based on approved budget costs for 2024, taking into account the current running costs of the Mine and escalated by 2% per annum thereafter. Capital costs are based on the capital plans and include escalation at 2% per annum. The 2024 operating costs and forecast capital costs take into account the current inflationary environment. The 2% inflation rate used from 2025 to escalate these costs over the life of mine is an estimated long-term inflation rate. Sensitivity analysis is applied to the assumptions above to test the robustness of the cash flow forecasts for changes in market prices, shipments and operating and capital cost assumptions. Changes in these assumptions affect the level of sales and profitability of the Group and the amount of capital required to deliver the projected production levels. As a result of this assessment, the Board has a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the 12 month period from the date of authorisation of these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-286": { "value": "The financial statements are presented in US Dollars rounded to the nearest thousand. They have been prepared under the historical cost convention except for certain trade receivables and share-based payments, which are recorded at fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-287": { "value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company, its subsidiaries and its subsidiaries\u2019 branches. Subsidiaries are entities controlled by the Group. The Group \u2018controls\u2019 an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control listed above. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. When the Group loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest, and (ii) the previous carrying amount of the assets, less liabilities of the subsidiary. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets and liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as required by applicable IFRS). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments or, when applicable, the costs on initial recognition of an investment in an associate or a joint venture. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-288": { "value": "Determination of ore reserve estimates The Group estimates its ore reserves and mineral resources based on information compiled by a Competent Person as defined in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 Edition (the \u201cJORC Code\u201d). Ore reserves and mineral resources determined in this way are used in the calculation of depreciation, amortisation and impairment charges, the assessment of life of mine and for forecasting the timing of the payment of close-down costs, restoration costs and clean-up costs. In assessing the life of a mine for accounting purposes, mineral resources are taken into account only where there is a high degree of confidence of economic extraction. There are numerous uncertainties inherent in estimating ore reserves and mineral resources and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the forecast prices of final products, production costs or recovery rates may change the economic status of ore reserves and mineral resources and may ultimately result in the reserves being revised. ", "dimensions": { "concept": "kenmareresourcesplc:DescriptionOfAccountingPolicyForDeterminationOfOreReserveEstimates", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-356": { "value": "Accounting for climate change Management have considered the impact of climate change on amounts reported within the financial statements, including the potential financial impact of the physical and transitional risks identified in the Climate Strategy Report in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosures (\u201cTCFD\u201d). Considerations in respect of climate-related matters have been made on a number of key estimates and judgements including: \u2022 the estimate of future cash flows used in determining the recoverable amount of the Moma Titanium Minerals Mine cash- generating unit; \u2022 the mine closure provision and mine rehabilitation provision; and \u2022 the useful lives of property, plant and equipment. The Group has set ambitions to be net zero by 2040 (Scope 1 & 2 emissions). the climate transition plan and financial impact is still being assessed as the Group considers how it will work towards meeting this target. As such, the estimate of future cash flows used in determining the recoverable amount of the Moma Titanium Minerals Mine cash-generating unit does not consider the expenditure (or any related savings) associated with the Company\u2019s transition plan. Likewise, the future cash flows do not consider the financial impact of the climate risks disclosed within the Group\u2019s TCFD reporting as a reliable estimate thereof cannot currently be made.
The estimate future cash flows include forecast operating costs from 2024 for the use of bio-diesel to meet a growing proportion of
the diesel requirement of the Mine from 2024. The Group has been developing its Biodiversity Offset Management Plan to deliver 15%
Net Gain. Included in forecast operating costs are costs of biodiversity monitoring in Namalope, Pilivili and Nataka and expansion of
agroforestry. The Group is developing the operating costs for the implementation of the Biodiversity Offset Plan for inclusion in future
forecasting. The Group has also included costs for a MSP heat recovery study and study on the partial electrification of MSP dryers.
These and other pre-feasibility studies will progress to definitive-feasibility studies and once approved, will be included in the capital
forecast associated with delivery of the Climate Transition Plan.
The Group considered whether its climate ambitions required changes to the useful lives of existing assets. The move of WCP A to
Nataka involves two higher capacity dredges and removes the need for supplementary dry mining. This will result in a higher electricity
requirement but will replace heavy mobile equipment which currently run on diesel. The useful lives of heavy mobile equipment has not
been adjusted to reflect this as fleet management will result in these vehicles ceasing to operating at the end of their expected useful
lives. No adjustments to useful lives were made during the period as a direct result of the impact of the Group\u2019s climate ambition to
become net zero as the Group\u2019s transition plan is still under development. Should pathways for eliminating fossil fuel power generating
assets be identified, depending on technological development within the industry, which is highly uncertain, the Group\u2019s property, plant
and equipment profile may change and accelerated depreciation of assets may be required in the future. However, at this present time
the requirement for fossil fuel powered assets means that early retirement of existing assets is not expected.
The Group estimates the mine closure and rehabilitation provision based on current restoration standards, techniques and climate
conditions. Closure plans and cost estimates are supported by detailed studies which are provided by external estimates. Detailed
closure cost studies are refreshed at least every five years and these studies are evolving to incorporate greater consideration of forecast
climate conditions at closure.
Management continues to monitor future uncertainty around climate change risks and is continually developing the Group\u2019s assessment
of the impact that climate change has on the amounts recognised in the financial statements. It is, therefore, likely that the future
carrying amounts of assets or liabilities may change as the Group\u2019s judgments and estimates evolve as the Group responds to its climate
change ambitions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-289": { "value": "Accounting for climate change Management have considered the impact of climate change on amounts reported within the financial statements, including the potential financial impact of the physical and transitional risks identified in the Climate Strategy Report in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosures (\u201cTCFD\u201d). Considerations in respect of climate-related matters have been made on a number of key estimates and judgements including: \u2022 the estimate of future cash flows used in determining the recoverable amount of the Moma Titanium Minerals Mine cash- generating unit; \u2022 the mine closure provision and mine rehabilitation provision; and \u2022 the useful lives of property, plant and equipment. The Group has set ambitions to be net zero by 2040 (Scope 1 & 2 emissions). the climate transition plan and financial impact is still being assessed as the Group considers how it will work towards meeting this target. As such, the estimate of future cash flows used in determining the recoverable amount of the Moma Titanium Minerals Mine cash-generating unit does not consider the expenditure (or any related savings) associated with the Company\u2019s transition plan. Likewise, the future cash flows do not consider the financial impact of the climate risks disclosed within the Group\u2019s TCFD reporting as a reliable estimate thereof cannot currently be made. The estimate future cash flows include forecast operating costs from 2024 for the use of bio-diesel to meet a growing proportion of the diesel requirement of the Mine from 2024. The Group has been developing its Biodiversity Offset Management Plan to deliver 15% Net Gain. Included in forecast operating costs are costs of biodiversity monitoring in Namalope, Pilivili and Nataka and expansion of agroforestry. The Group is developing the operating costs for the implementation of the Biodiversity Offset Plan for inclusion in future forecasting. The Group has also included costs for a MSP heat recovery study and study on the partial electrification of MSP dryers. These and other pre-feasibility studies will progress to definitive-feasibility studies and once approved, will be included in the capital forecast associated with delivery of the Climate Transition Plan. The Group considered whether its climate ambitions required changes to the useful lives of existing assets. The move of WCP A to Nataka involves two higher capacity dredges and removes the need for supplementary dry mining. This will result in a higher electricity requirement but will replace heavy mobile equipment which currently run on diesel. The useful lives of heavy mobile equipment has not been adjusted to reflect this as fleet management will result in these vehicles ceasing to operating at the end of their expected useful lives. No adjustments to useful lives were made during the period as a direct result of the impact of the Group\u2019s climate ambition to become net zero as the Group\u2019s transition plan is still under development. Should pathways for eliminating fossil fuel power generating assets be identified, depending on technological development within the industry, which is highly uncertain, the Group\u2019s property, plant and equipment profile may change and accelerated depreciation of assets may be required in the future. However, at this present time the requirement for fossil fuel powered assets means that early retirement of existing assets is not expected. The Group estimates the mine closure and rehabilitation provision based on current restoration standards, techniques and climate conditions. Closure plans and cost estimates are supported by detailed studies which are provided by external estimates. Detailed closure cost studies are refreshed at least every five years and these studies are evolving to incorporate greater consideration of forecast climate conditions at closure. Management continues to monitor future uncertainty around climate change risks and is continually developing the Group\u2019s assessment of the impact that climate change has on the amounts recognised in the financial statements. It is, therefore, likely that the future carrying amounts of assets or liabilities may change as the Group\u2019s judgments and estimates evolve as the Group responds to its climate change ambitions. ", "dimensions": { "concept": "kenmareresourcesplc:DescriptionOfAccountingPolicyForAccountingForClimateChange", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-290": { "value": "
Revenue recognition
Revenue represents the value of goods and services supplied to third parties during the year. Revenue is measured at the fair value
of consideration received or receivable and excludes any discounts and applicable sales tax. Revenue is recognised when the Group
satisfies a performance obligation by transferring a promised good or service to a customer.
The Group has a mixture of long-term contracts and spot contracts with customers for the sale of mineral products ilmenite, zircon,
concentrates and rutile. Sales contracts are evaluated to determine the performance obligations, the transaction price and the point at
which there is transfer of control. Sales are made on either a \u201cfree on board\u201d (FOB), \u201ccost, insurance and freight\u201d (CIF), or a \u201ccost and
freight\u201d (CFR) basis. Control of mineral products passes from the Group to customers on delivery and delivery is deemed to take place
when the mineral product is loaded on the ocean-going vessel chartered by either the customer or the Group. The transactional price is
the amount of consideration due in exchange for transferring the promised goods or services to the customer and is allocated against
the performance obligations and recognised in accordance with whether control is recognised over a defined period or at a specific point
in time.
The customer is responsible for the cost of shipping and handling for all FOB Incoterms. The Group is responsible for shipping the
mineral product to a destination port specified by the customer for all CIF and CFR Incoterms. The Group has determined that the
shipping service represents a separate performance obligation, and revenue in relation to such services is deferred and recognised
separately from the sale of the mineral products over time as the shipping service is provided. Shipment revenue is recognised at the
contracted price to the Group. All shipping and handling costs incurred by the Group are recognised as a cost of sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-291": { "value": "
Taxation
The tax expense represents the sum of the current tax and deferred tax.
Current tax payable is based on the best estimate of the tax amount expected to be paid and reflects uncertainty related to income taxes,
if any. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income
or expenses that are taxable or deductible in other financial years and it further excludes items that are never taxable or deductible. The
Group\u2019s liability for current tax is calculated using the tax rates that have been enacted or substantively enacted at the reporting date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the statement
of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred
tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary
differences can be utilised.
Deferred tax liabilities are not recognised for taxable temporary differences arising on investments in subsidiary undertakings, if the
Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the
foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all or part of the asset to be recovered.
Deferred tax is measured at the tax rates that are expected to apply in the period when the liability is settled or the asset is released and
reflects uncertainty related to income taxes, if any. Deferred tax is charged or credited in the statement of comprehensive income, except
when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax
liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax
assets and tax liabilities on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-328": { "value": "Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities are not recognised for taxable temporary differences arising on investments in subsidiary undertakings, if the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Deferred tax is measured at the tax rates that are expected to apply in the period when the liability is settled or the asset is released and reflects uncertainty related to income taxes, if any. Deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and tax liabilities on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-292": { "value": "Property, plant and equipment The cost of property, plant and equipment comprises any costs directly attributable to bringing an asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the estimated closure costs associated with the asset. This includes the cost of moving plant and associated infrastructure to the orebodies under the Group\u2019s mining concessions which form part of the Group\u2019s life of mine plan. Construction in progress expenditures for the construction and commissioning of property, plant and equipment are deferred until the facilities are operational, at which point the costs are transferred to property, plant and equipment and depreciated at the applicable rates. Subsequent expenditure on an item of property, plant and equipment, including enhancement expenditure, is recognised as part of the cost of an asset if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. Property, plant and equipment are depreciated over their useful life on a straight-line basis, or over the remaining life of the Mine if shorter, or on a units of production basis. The major categories of property, plant and equipment are depreciated as follows: Plant and equipment Unit of production basis Development expenditure Unit of production basis Other assets Vessels 5 to 25 years Buildings and airstrip 20 years Mobile equipment 3 to 5 years Fixtures and equipment 3 to 10 years Units of production depreciation is calculated using the quantity of heavy mineral concentrate extracted from the Mine for processing in the period as a percentage of the total quantity of heavy mineral concentrate planned to be extracted in current and future periods based on the ore reserve. The ore reserve is updated on an annual basis for results of drilling programmes carried out, mining activity during the year, and other relevant considerations. The unit of production depreciation rate is adjusted as a result of this update and applied prospectively. Capital spares consist of critical plant spares with estimated useful lives greater than one year and are included in property, plant and equipment. Capital spares are stated at cost. Residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. Changes to the estimated residual values or useful lives are accounted for prospectively. Development expenditure Project development costs include expenditure on the development of an orebody including pre-feasibility and feasibility studies on mining the orebody, the transport of mining plants to the orebody, additional infrastructure required to mine the orebody and community resettlement costs. Project development costs include finance costs and lender and advisor fees incurred during the period before such mine is capable of operating at production levels in the manner intended by management and are deferred and included in property, plant and equipment. In addition, expenses including depreciation during commissioning of the Mine in the period before it is capable of operating in the manner intended by management are deferred. These costs include an allocation of costs, including share-based payments, as determined by management and incurred by Group companies. Interest on borrowings relating to the Mine construction and development projects are capitalised until the point when the activities that enable the Mine to operate in its intended manner are complete. Once the Mine is operating in the manner intended by management, the related costs are depreciated off over the life of the estimated ore reserve of such mine on a unit of production basis, or over its useful life if shorter. Where the Mine project is terminated or impairment of value has occurred, related costs are written off immediately. Exploration and evaluation expenditure Exploration and evaluation expenditure activity involves the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration and evaluation expenditure is charged to the statement of comprehensive income as incurred, except where the existence of a commercially viable mineral deposit has been established and it is expected that the deposit will be mined. Capitalised exploration and evaluation expenditure considered to be tangible is recognised as a component of property, plant and equipment at cost less impairment charges. Until such time as an asset is available for use, it is not depreciated. All capitalised exploration and evaluation expenditure is monitored for indications of impairment as part of development expenditure. To the extent that capitalised expenditure is not expected to be recovered, it is charged to the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-329": { "value": "Property, plant and equipment are depreciated over their useful life on a straight-line basis, or over the remaining life of the Mine if shorter, or on a units of production basis. The major categories of property, plant and equipment are depreciated as follows: Plant and equipment Unit of production basis Development expenditure Unit of production basis Other assets Vessels 5 to 25 years Buildings and airstrip 20 years Mobile equipment 3 to 5 years Fixtures and equipment 3 to 10 years Units of production depreciation is calculated using the quantity of heavy mineral concentrate extracted from the Mine for processing in the period as a percentage of the total quantity of heavy mineral concentrate planned to be extracted in current and future periods based on the ore reserve. The ore reserve is updated on an annual basis for results of drilling programmes carried out, mining activity during the year, and other relevant considerations. The unit of production depreciation rate is adjusted as a result of this update and applied prospectively. Capital spares consist of critical plant spares with estimated useful lives greater than one year and are included in property, plant and equipment. Capital spares are stated at cost. Residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. Changes to the estimated residual values or useful lives are accounted for prospectively", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "value": "Impairment of non-current assets At each reporting date, the Group reviews the carrying amounts of its non-current assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value less costs to sell is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As the fair value for the Mine is difficult to determine, the Group uses its value in use in estimating the recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of the asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior financial years. A reversal of an impairment loss is recognised as income immediately. Impairment of financial assets The Group recognises a loss allowance for expected credit losses on trade receivables that are not measured at fair value through profit or loss. The Group applies the simplified approach permitted by IFRS 9 Financial Instruments to measure expected credit losses for financial assets which requires expected lifetime losses to be recognised from initial recognition of the receivable. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the trade receivable. When determining whether the credit risk of a trade receivable has increased the Group considers credit risk ratings where available, the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the customers, general economic conditions and an assessment of both the current as well as the forecast conditions at the reporting date. Sales to certain customers are undertaken on a letter of credit basis thereby reducing the credit risk of these customers. The Group considers a trade receivable to be in default when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed in liquidation or has entered into bankruptcy proceedings. The Group considers a trade receivable to be credit impaired when there is evidence that the customer is in significant financial difficulty and the debt is more than 90 days past due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-293": { "value": "Impairment of non-current assets At each reporting date, the Group reviews the carrying amounts of its non-current assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value less costs to sell is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As the fair value for the Mine is difficult to determine, the Group uses its value in use in estimating the recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of the asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior financial years. A reversal of an impairment loss is recognised as income immediately. ", "dimensions": { "concept": "kenmareresourcesplc:DescriptionOfAccountingPolicyForNonCurrentAssets", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-294": { "value": "Inventories Mineral product inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials, direct labour costs and overheads, including depreciation, incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average method. Net realisable value represents the estimated selling price less all estimated costs necessary to make the sale. Quantities are assessed primarily through surveys and assays. Consumable spares are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average method and comprises the purchase price and related costs incurred in bringing the inventories to their present location and condition. Consumable spares identified as obsolete are recognised as an expense immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-295": { "value": "Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. Financial assets The financial assets of the Group consist of cash and cash equivalents and trade and other receivables. Classification of financial assets Cash and cash equivalents comprise cash on hand, demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Cash and cash equivalents are initially measured at fair value and are subsequently measured at amortised cost. They are held by the Group to collect deposit interest and to meet the liquidity requirements of the Group. The Group has a trade finance facility for three of the Group\u2019s customers. In accordance with this facility, the bank purchases 80% of the receivable without recourse and therefore assumes the credit risk. Derecognition of the trade receivables occurs when the customer\u2019s invoices are factored and the Group receives cash from the bank. The Group also has a trade facility for customers to which it sells to under letter of credit terms. Under this facility, the bank confirms the letter of credit from the issuing bank and therefore assumes the credit risk. The bank can also discount these letters of credit thereby providing early payment of receivables to the Group. Derecognition of the trade receivables occurs when the customer\u2019s invoices are discounted and the Group receives cash from the bank. These facilities assist the Group in managing its liquidity for funding of operations. Trade receivables which are not factored are initially measured at fair value and subsequently measured at amortised cost as they are held by the Group in order to collect receipts under the credit terms of the sales contracts i.e. solely payment of principal and interest (SPPI). Trade receivables or letters of credit where it is not known at initial recognition if they will be factored or discounted as the case may be are classified as fair value through other comprehensive income (FVOCI). This is because their cash flows are generated through a combination of collection and sales (by factoring or discounting letters of credit). Interest income is recognised using the effective interest method for debt instruments measured subsequently at amortised cost. For financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset. Interest income is recognised in profit or loss and is included in the \u201cfinance income\u201d line item. Impairment of financial assets The Group recognises a loss allowance for expected credit losses on trade receivables that are not measured at fair value through profit or loss. The Group applies the simplified approach permitted by IFRS 9 Financial Instruments to measure expected credit losses for financial assets which requires expected lifetime losses to be recognised from initial recognition of the receivable. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the trade receivable. When determining whether the credit risk of a trade receivable has increased the Group considers credit risk ratings where available, the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the customers, general economic conditions and an assessment of both the current as well as the forecast conditions at the reporting date. Sales to certain customers are undertaken on a letter of credit basis thereby reducing the credit risk of these customers. The Group considers a trade receivable to be in default when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed in liquidation or has entered into bankruptcy proceedings. The Group considers a trade receivable to be credit impaired when there is evidence that the customer is in significant financial difficulty and the debt is more than 90 days past due. Foreign exchange gains and losses The carrying amount of financial assets that are denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. For financial assets measured at amortised cost, exchange differences are recognised in profit or loss in the \u201cforeign exchange gains and losses\u201d line. Financial liabilities and equity The financial liabilities of the Group consist of bank borrowings, leases and trade payables. The equity of the Group consists of share capital issued by the Company and own shares. Classification of issued debt or equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Issued equity An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs. The only equity instrument of the Company is ordinary shares. Own Shares Ordinary shares acquired by the Company or purchased on behalf of the Company by the Kenmare Employee Benefit Trust are deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments. Financial liabilities The financial liabilities of the Group are initially measured at fair value and subsequently measured at amortised cost using the effective interest method. Financial liabilities measured subsequently at amortised cost The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating the interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability. Foreign exchange gains and losses For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortised cost of the instruments. These foreign exchange gains and losses are recognised in profit or loss. Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid is recognised in profit or loss. When the Group exchanges with an existing lender one debt instrument for another with substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between the carrying amount of the liability before the modification and the present value of the cash flows after modification is recognised in profit or loss as the modification gain or loss within other gains and losses. Derivative financial instruments The Group entered into forward contracts during the year to purchase South African Rand from US Dollar. There were no forward contracts outstanding at the year end. No other derivative financial instruments were entered into during the financial year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-330": { "value": "Financial assets The financial assets of the Group consist of cash and cash equivalents and trade and other receivables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "value": "Classification of financial assets Cash and cash equivalents comprise cash on hand, demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Cash and cash equivalents are initially measured at fair value and are subsequently measured at amortised cost. They are held by the Group to collect deposit interest and to meet the liquidity requirements of the Group. The Group has a trade finance facility for three of the Group\u2019s customers. In accordance with this facility, the bank purchases 80% of the receivable without recourse and therefore assumes the credit risk. Derecognition of the trade receivables occurs when the customer\u2019s invoices are factored and the Group receives cash from the bank. The Group also has a trade facility for customers to which it sells to under letter of credit terms. Under this facility, the bank confirms the letter of credit from the issuing bank and therefore assumes the credit risk. The bank can also discount these letters of credit thereby providing early payment of receivables to the Group. Derecognition of the trade receivables occurs when the customer\u2019s invoices are discounted and the Group receives cash from the bank. These facilities assist the Group in managing its liquidity for funding of operations. Trade receivables which are not factored are initially measured at fair value and subsequently measured at amortised cost as they are held by the Group in order to collect receipts under the credit terms of the sales contracts i.e. solely payment of principal and interest (SPPI). Trade receivables or letters of credit where it is not known at initial recognition if they will be factored or discounted as the case may be are classified as fair value through other comprehensive income (FVOCI). This is because their cash flows are generated through a combination of collection and sales (by factoring or discounting letters of credit). Interest income is recognised using the effective interest method for debt instruments measured subsequently at amortised cost. For financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset. Interest income is recognised in profit or loss and is included in the \u201cfinance income\u201d line item. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-331": { "value": "Classification of financial assets Cash and cash equivalents comprise cash on hand, demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Cash and cash equivalents are initially measured at fair value and are subsequently measured at amortised cost. They are held by the Group to collect deposit interest and to meet the liquidity requirements of the Group. The Group has a trade finance facility for three of the Group\u2019s customers. In accordance with this facility, the bank purchases 80% of the receivable without recourse and therefore assumes the credit risk. Derecognition of the trade receivables occurs when the customer\u2019s invoices are factored and the Group receives cash from the bank. The Group also has a trade facility for customers to which it sells to under letter of credit terms. Under this facility, the bank confirms the letter of credit from the issuing bank and therefore assumes the credit risk. The bank can also discount these letters of credit thereby providing early payment of receivables to the Group. Derecognition of the trade receivables occurs when the customer\u2019s invoices are discounted and the Group receives cash from the bank. These facilities assist the Group in managing its liquidity for funding of operations. Trade receivables which are not factored are initially measured at fair value and subsequently measured at amortised cost as they are held by the Group in order to collect receipts under the credit terms of the sales contracts i.e. solely payment of principal and interest (SPPI). Trade receivables or letters of credit where it is not known at initial recognition if they will be factored or discounted as the case may be are classified as fair value through other comprehensive income (FVOCI). This is because their cash flows are generated through a combination of collection and sales (by factoring or discounting letters of credit). Interest income is recognised using the effective interest method for debt instruments measured subsequently at amortised cost. For financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset. Interest income is recognised in profit or loss and is included in the \u201cfinance income\u201d line item. ", "dimensions": { "concept": "kenmareresourcesplc:DescriptionOfAccountingPolicyForClassificationOfFinancialAssets", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-332": { "value": "Impairment of financial assets The Group recognises a loss allowance for expected credit losses on trade receivables that are not measured at fair value through profit or loss. The Group applies the simplified approach permitted by IFRS 9 Financial Instruments to measure expected credit losses for financial assets which requires expected lifetime losses to be recognised from initial recognition of the receivable. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the trade receivable. When determining whether the credit risk of a trade receivable has increased the Group considers credit risk ratings where available, the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the customers, general economic conditions and an assessment of both the current as well as the forecast conditions at the reporting date. Sales to certain customers are undertaken on a letter of credit basis thereby reducing the credit risk of these customers. The Group considers a trade receivable to be in default when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed in liquidation or has entered into bankruptcy proceedings. The Group considers a trade receivable to be credit impaired when there is evidence that the customer is in significant financial difficulty and the debt is more than 90 days past due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-333": { "value": "Foreign exchange gains and losses The carrying amount of financial assets that are denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. For financial assets measured at amortised cost, exchange differences are recognised in profit or loss in the \u201cforeign exchange gains and losses\u201d line. Foreign exchange gains and losses For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortised cost of the instruments. These foreign exchange gains and losses are recognised in profit or loss. ", "dimensions": { "concept": "kenmareresourcesplc:DescriptionOfAccountingPolicyForForeignExchangeGainsAndLosses", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-334": { "value": "Financial liabilities and equity The financial liabilities of the Group consist of bank borrowings, leases and trade payables. The equity of the Group consists of share capital issued by the Company and own shares. ", "dimensions": { "concept": "kenmareresourcesplc:DescriptionOfAccountingPolicyForFinancialLiabilitiesAndEquity", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-335": { "value": "Classification of issued debt or equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. ", "dimensions": { "concept": "kenmareresourcesplc:DescriptionOfAccountingPolicyForClassificationOfIssuedDebtOrEquity", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-336": { "value": "Issued equity An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs. The only equity instrument of the Company is ordinary shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-337": { "value": "Own Shares Ordinary shares acquired by the Company or purchased on behalf of the Company by the Kenmare Employee Benefit Trust are deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "value": "Financial liabilities The financial liabilities of the Group are initially measured at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-339": { "value": "Financial liabilities measured subsequently at amortised cost The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating the interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability. ", "dimensions": { "concept": "kenmareresourcesplc:DescriptionOfAccountingPolicyForFinancialLiabilitiesMeasuredSubsequentlyAtAmoritisedCost", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "value": "Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid is recognised in profit or loss. When the Group exchanges with an existing lender one debt instrument for another with substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between the carrying amount of the liability before the modification and the present value of the cash flows after modification is recognised in profit or loss as the modification gain or loss within other gains and losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "value": "Derivative financial instruments The Group entered into forward contracts during the year to purchase South African Rand from US Dollar. There were no forward contracts outstanding at the year end. No other derivative financial instruments were entered into during the financial year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-296": { "value": "Dividends Dividends are recognised as a liability in the Company\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-297": { "value": "Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Contingent liabilities are recognised when the Group has a possible obligation and the existence of which will only be confirmed by uncertain future events that are not wholly within the control of the Group. Mine closure provision The Mine closure provision represents the Directors\u2019 best estimate of the Group\u2019s liability for close-down, dismantling and restoration of the mining and processing site, excluding reclamation of areas disturbed by mining activities, which is covered under the Mine rehabilitation provision. A corresponding amount equal to the provision is recognised as part of property, plant and equipment and depreciated over its estimated useful life. The costs are estimated on the basis of a formal closure plan and are subject to regular review. The Mine closure provision is determined as the net present value of such estimated costs discounted at a risk-free rate. The Group uses long term rates as provided by the US Treasury. This is deemed the best estimate to reflect the current market assessment of the time value of money on a risk-free basis. Risks specific to the liability are included in the cost estimate. Changes in the expected costs or estimated timing of costs are recorded by an adjustment to the provision and a corresponding adjustment to property, plant and equipment. The unwinding of the discount on the Mine closure provision is recognised as a finance cost. Mine rehabilitation provision The Mine rehabilitation provision represents the Directors\u2019 best estimate of the liability for reclaiming areas disturbed by mining activities. Reclamation costs are recognised in each period in the statement of comprehensive income based on the area disturbed in such period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-342": { "value": "Mine closure provision The Mine closure provision represents the Directors\u2019 best estimate of the Group\u2019s liability for close-down, dismantling and restoration of the mining and processing site, excluding reclamation of areas disturbed by mining activities, which is covered under the Mine rehabilitation provision. A corresponding amount equal to the provision is recognised as part of property, plant and equipment and depreciated over its estimated useful life. The costs are estimated on the basis of a formal closure plan and are subject to regular review. The Mine closure provision is determined as the net present value of such estimated costs discounted at a risk-free rate. The Group uses long term rates as provided by the US Treasury. This is deemed the best estimate to reflect the current market assessment of the time value of money on a risk-free basis. Risks specific to the liability are included in the cost estimate. Changes in the expected costs or estimated timing of costs are recorded by an adjustment to the provision and a corresponding adjustment to property, plant and equipment. The unwinding of the discount on the Mine closure provision is recognised as a finance cost. Mine rehabilitation provision The Mine rehabilitation provision represents the Directors\u2019 best estimate of the liability for reclaiming areas disturbed by mining activities. Reclamation costs are recognised in each period in the statement of comprehensive income based on the area disturbed in such period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-298": { "value": "Segmental reporting Information on the operations of the Moma Titanium Minerals Mine in Mozambique is reported by the Executive Committee to the Group\u2019s Board for the purposes of resource allocation and assessment of segment performance. The principal categories for disaggregating revenue are by product type and by country of the customer\u2019s location. The product types are ilmenite, zircon, rutile and concentrates. Concentrates includes secondary zircon and mineral sands concentrates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-299": { "value": "Critical accounting judgements and key sources of estimation uncertainty Critical judgements in applying the Group\u2019s accounting policies In the process of applying the Group\u2019s accounting policies, the Directors have made the following judgements that have the most significant effect on the amounts recognised in the financial statements (apart from those involving estimations, which are dealt with below). Property, plant and equipment The recovery of property, plant and equipment is dependent upon the successful operation of the Mine. The realisation of cash flow forecast assumptions would result in the recovery of such amounts. During the financial year, the Group carried out an impairment review of property, plant and equipment. In performing the impairment review, a significant level of judgement is required in determining the key assumptions which have a significant impact on the impairment model. The assumptions are set out in Note 11. As a result of the review, no impairment provision is required in the financial year. Consolidation of Structured Entities The Group has established the Kenmare Employee Benefit Trust which facilitates the operation of the Kenmare Restricted Share Plan (KRSP). Whilst the Group does not hold any of the equity of the trust, the Directors have concluded that the Group controls its activities and therefore the financial statements of the trust are included in the Group\u2019s Consolidated Financial Statements. Key sources of estimation uncertainty The preparation of financial statements requires the Directors to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date. The nature of estimation means the actual outcomes could differ from those estimates. The main areas subject to estimation uncertainty are detailed below. Provisions Mine closure and mine rehabilitation provision The Mine closure provision represents the Directors\u2019 best estimate of the Group\u2019s liability for close-down, dismantling and restoration of the mining and processing site, excluding reclamation of areas disturbed by mining activities, which is covered under the Mine rehabilitation provision. The costs are estimated on the basis of a formal closure plan and are subject to regular review. The Mine closure provision is estimated based on the net present value at the risk-free rate of estimated future Mine closure costs. Mine closure costs are a normal consequence of mining, and the majority of such costs are incurred at the end of the life of mine. The Mine rehabilitation provision represents the Directors\u2019 best estimate of the Group\u2019s liability for reclaiming areas disturbed by mining activities. Reclamation costs are recognised in each period based on the area disturbed in the period and an estimated cost of rehabilitation per hectare, which is reviewed regularly against actual rehabilitation cost per hectare. Actual rehabilitation expenditure is incurred approximately 12 months after the area has been disturbed. There is significant estimation uncertainty in the calculation of the mine closure and mine rehabilitation provision and cost estimates can vary in response to many factors including: \u2022 Changes to the relevant legal or local/national government requirements and any other commitments made to stakeholders; \u2022 Additional remediation requirements identified during the rehabilitation; \u2022 The emergence of new restoration techniques; \u2022 Change in the expected closure date; \u2022 Change in the discount rate; and \u2022 The effects of inflation. The quantitative inputs and sensitivity information relating to the mine closure and mine rehabilitation provision are detailed in Note 21. Units of production depreciation Units of production depreciation is calculated using the quantity of heavy mineral concentrates extracted from the Mine for processing in the period as a percentage of the total quantity of heavy mineral concentrates planned to be extracted in current and future periods based on the ore reserve as detailed in the unaudited mineral reserves and resources table on page 51. The Group estimates its ore reserves and mineral resources based on information compiled by a Competent Person as defined in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition. There are numerous uncertainties inherent in estimating ore reserves, and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the forecast prices of final products, production costs or recovery rates may change the economic status of reserves and may ultimately result in the reserves being revised.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-300": { "value": "
2. Revenue
2023 2022
$\u2019000 $\u2019000
Revenue from contracts with customers
Revenue derived from the sale of mineral products
437,091
498,339
Revenue derived from freight services
21,386
27,649
Total Revenue
458,477
525,988
Revenue by mineral product
The principal categories for disaggregating mineral products revenue are by product type and by country of the customer\u2019s location.
The mineral product types are ilmenite, zircon, rutile and concentrates. Concentrates includes secondary zircon and mineral sands
concentrates.
During the financial year, the Group sold 1,045,200 tonnes (2022: 1,075,600 tonnes) of finished products to customers at a sales value of
$437.1 million (2022: $498.3 million). The Group earned revenue derived from freight services of $21.4 million (2022: $27.6 million).
2023 2022
$\u2019000 $\u2019000
Revenue derived from sales of mineral products by primary product
Ilmenite
315,138
347,446
Primary zircon
79,628
99,152
Concentrates
31,046
33,057
Rutile
11,279
18,684
Total revenue from mineral products
437,091
498,339
Revenue derived from freight services
21,386
27,649
Total Revenue
458,477
525,988
Revenue by destination
In the following table, revenue is disaggregated by primary geographical market. The Group allocates revenue from external customers to
individual countries and discloses revenues in each country where revenues represent 10% or more of the Group\u2019s total revenue. Where
total disclosed revenue disaggregated by country constitutes less than 75% of total Group revenue, additional disclosures are made on a
regional basis until at least 75% of the Group\u2019s disaggregated revenue is disclosed. There were no individual countries within Europe, Asia
(excluding China) or the Rest of the World with revenues representing 10% or more of the Group\u2019s total revenue during the year.
2023 2022
$\u2019000 $\u2019000
Revenue derived from sales of mineral product by destination
China
177,511
154,704
Europe
86,238
130,440
Asia (excluding China)
76,535
108,487
USA
52,826
51,600
Rest of the World
43,981
53,108
Total revenue from mineral products
437,091
498,339
Revenue derived from freight services
21,386
27,649
Total Revenue
458,477
525,988
Revenue by major customers
The Group evaluates the concentration of mineral product revenue by major customer. The following table disaggregates mineral product
revenue from the Group\u2019s four largest customers.
2023 2022
$\u2019000 $\u2019000
Revenue from external customers
Largest customer
69,023
74,671
Second largest customer
41,616
62,791
Third largest customer
32,999
58,413
Fourth largest customer
31,844
41,015
Total
175,482
236,890
All Group revenues from external customers are generated by the Moma Titanium Minerals Mine in Mozambique. Further details on this
operating segment can be found in Note 3. Sales to and from Ireland were $nil (2022: $nil) in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-301": { "value": "
3. Segment reporting
Information on the operations of the Moma Titanium Minerals Mine in Mozambique is reported to the Group\u2019s Board for the purposes of
resource allocation and assessment of segment performance. Information regarding the Group\u2019s operating segment is reported below:
2023
2022
CORPORATE MOZAMBIQUE TOTAL CORPORATE MOZAMBIQUE TOTAL
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Revenue & Results
Revenue*
\u2013
458,477
458,477
\u2013
525,988
525,988
Cost of sales
\u2013
(294,927)
(294,927)
\u2013
(282,694)
(282,694)
Gross profit
\u2013
163,550
163,550
\u2013
243,294
243,294
Administrative expenses
(6,867)
(1,559)
(8,426)
(7,848)
(2,014)
(9,862)
Segment operating profit
(6,867)
161,991
155,124
(7,848)
241,280
233,432
Finance income
2,585
3,319
5,904
23
1,124
1,147
Finance expenses
(40)
(11,078)
(11,118)
(83)
(12,389)
(12,472)
Profit before tax
(4,322)
154,232
149,910
(7,908)
230,015
222,107
Income tax expense
(7,156)
(11,772)
(18,928)
(1,601)
(14,472)
(16,073)
Profit for the financial year
(11,478)
142,460
130,982
(9,509)
215,543
206,034
Segment assets & Liabilities
Segment Assets
40,918
1,220,253
1,261,171
12,583
1,236,244
1,248,827
Segment Liabilities
10,392
107,488
117,880
4,722
140,571
145,293
Additions to non-current assets
Segment Additions to non-current
assets
\u2013
69,730
69,730
\u2013
59,867
59,867
* Revenue excludes inter-segment revenue of $22.7 million (2022: $24.2 million) earned by the corporate segment relating to marketing and management services fee income.
Inter-segment revenue is not regularly reviewed by the Chief Operating Decision Maker.
Corporate assets consist of the Company\u2019s property, plant and equipment including right-of-use assets, cash and cash equivalents and
prepayments at the reporting date. Corporate liabilities consist of trade and other payables at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-302": { "value": "
4. Cost and income analysis
2023 2022
$\u2019000 $\u2019000
Expenses by function
Cost of sales
294,927
282,694
Administrative expenses
8,426
9,862
Total
303,353
292,556
Expenses by nature can be analysed as follows:
2023 2022
$\u2019000 $\u2019000
Expenses by nature
Staff costs
58,252
55,907
Repairs and maintenance
42,278
43,151
Power and fuel
47,791
43,960
Freight
21,386
27,649
Other production and operating costs
83,274
78,921
Movement of mineral products inventory
(14,750)
(21,628)
Depreciation of property, plant and equipment and right-of-use assets
65,122
64,596
Total
303,353
292,556
Mineral products consist of finished products and heavy mineral concentrate as detailed in Note 13. Mineral stock movement in the
year was an increase of $14.7 million (2022: $21.6 million increase). Freight costs of $21.4 million (2022: $27.7 million) arise from sales to
customers on a CIF or CFR basis. There were no exceptional items within operating profit in 2023 (2022: $nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "value": "4. Cost and income analysis
2023 2022
$\u2019000 $\u2019000
Expenses by function
Cost of sales
294,927
282,694
Administrative expenses
8,426
9,862
Total
303,353
292,556
Expenses by nature can be analysed as follows:
2023 2022
$\u2019000 $\u2019000
Expenses by nature
Staff costs
58,252
55,907
Repairs and maintenance
42,278
43,151
Power and fuel
47,791
43,960
Freight
21,386
27,649
Other production and operating costs
83,274
78,921
Movement of mineral products inventory
(14,750)
(21,628)
Depreciation of property, plant and equipment and right-of-use assets
65,122
64,596
Total
303,353
292,556
Mineral products consist of finished products and heavy mineral concentrate as detailed in Note 13. Mineral stock movement in the year was an increase of $14.7 million (2022: $21.6 million increase). Freight costs of $21.4 million (2022: $27.7 million) arise from sales to customers on a CIF or CFR basis. There were no exceptional items within operating profit in 2023 (2022: $nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "value": "4. Cost and income analysis
2023 2022
$\u2019000 $\u2019000
Expenses by function
Cost of sales
294,927
282,694
Administrative expenses
8,426
9,862
Total
303,353
292,556
Expenses by nature can be analysed as follows:
2023 2022
$\u2019000 $\u2019000
Expenses by nature
Staff costs
58,252
55,907
Repairs and maintenance
42,278
43,151
Power and fuel
47,791
43,960
Freight
21,386
27,649
Other production and operating costs
83,274
78,921
Movement of mineral products inventory
(14,750)
(21,628)
Depreciation of property, plant and equipment and right-of-use assets
65,122
64,596
Total
303,353
292,556
Mineral products consist of finished products and heavy mineral concentrate as detailed in Note 13. Mineral stock movement in the year was an increase of $14.7 million (2022: $21.6 million increase). Freight costs of $21.4 million (2022: $27.7 million) arise from sales to customers on a CIF or CFR basis. There were no exceptional items within operating profit in 2023 (2022: $nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "value": "4. Cost and income analysis
2023 2022
$\u2019000 $\u2019000
Expenses by function
Cost of sales
294,927
282,694
Administrative expenses
8,426
9,862
Total
303,353
292,556
Expenses by nature can be analysed as follows:
2023 2022
$\u2019000 $\u2019000
Expenses by nature
Staff costs
58,252
55,907
Repairs and maintenance
42,278
43,151
Power and fuel
47,791
43,960
Freight
21,386
27,649
Other production and operating costs
83,274
78,921
Movement of mineral products inventory
(14,750)
(21,628)
Depreciation of property, plant and equipment and right-of-use assets
65,122
64,596
Total
303,353
292,556
Mineral products consist of finished products and heavy mineral concentrate as detailed in Note 13. Mineral stock movement in the year was an increase of $14.7 million (2022: $21.6 million increase). Freight costs of $21.4 million (2022: $27.7 million) arise from sales to customers on a CIF or CFR basis. There were no exceptional items within operating profit in 2023 (2022: $nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "value": "
2023 2022
$\u2019000 $\u2019000
Expenses by function
Cost of sales
294,927
282,694
Administrative expenses
8,426
9,862
Total
303,353
292,556
Expenses by nature can be analysed as follows:
2023 2022
$\u2019000 $\u2019000
Expenses by nature
Staff costs
58,252
55,907
Repairs and maintenance
42,278
43,151
Power and fuel
47,791
43,960
Freight
21,386
27,649
Other production and operating costs
83,274
78,921
Movement of mineral products inventory
(14,750)
(21,628)
Depreciation of property, plant and equipment and right-of-use assets
65,122
64,596
Total
303,353
292,556
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-344": { "value": "
5. Employee benefits
The aggregate payroll costs incurred in respect of employees comprised:
2023 2022
$\u2019000 $\u2019000
Wages and salaries
51,864
47,698
Share-based payments
3,278
5,601
Social insurance costs
3,201
2,764
Retirement benefit costs
755
706
59,098
57,769
Employee benefits capitalised in property, plant and equipment in the year were $0.8 million (2022: $0.8 million).
Included in the payroll cost above are Executive and Non-Executive Director emoluments (inclusive of share-based payments) of $3.5
million (2022: $3.9 million).
The Company contributes to a Company pension plan or individual pension schemes on behalf of certain employees. Contributions to the
scheme of $0.8 million (2022: $0.7 million) were charged in the period in which they are payable to the scheme.
The average number of persons employed by the Group (including Executive Directors) in 2023 was 1,687 (2022: 1,662) and is
analysed below:
2023 2022
HEADCOUNT HEADCOUNT
Management and administration
384
347
Operations
1,303
1,315
1,687
1,662
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-303": { "value": "5. Employee benefits The aggregate payroll costs incurred in respect of employees comprised:
2023 2022
$\u2019000 $\u2019000
Wages and salaries
51,864
47,698
Share-based payments
3,278
5,601
Social insurance costs
3,201
2,764
Retirement benefit costs
755
706
59,098
57,769
Employee benefits capitalised in property, plant and equipment in the year were $0.8 million (2022: $0.8 million). Included in the payroll cost above are Executive and Non-Executive Director emoluments (inclusive of share-based payments) of $3.5 million (2022: $3.9 million). The Company contributes to a Company pension plan or individual pension schemes on behalf of certain employees. Contributions to the scheme of $0.8 million (2022: $0.7 million) were charged in the period in which they are payable to the scheme. The average number of persons employed by the Group (including Executive Directors) in 2023 was 1,687 (2022: 1,662) and is analysed below:
2023 2022
HEADCOUNT HEADCOUNT
Management and administration
384
347
Operations
1,303
1,315
1,687
1,662
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-304": { "value": "
6. Share-based payments
Share-based payment expense recognised in the consolidated income statement:
2023 2022
$\u2019000 $\u2019000
Expense arising from the Kenmare Restricted Share Plan
3,278
5,601
The Group, under its incentive plan known as the Kenmare Restricted Share Plan (KRSP), grants equity-settled share-based payments to
employees as part of their remuneration.
In the case of the Executive Directors\u2019, KRSP awards made prior to 2020 vest, subject to continued employment, 60% on the third
anniversary of grant date, 20% on fourth anniversary, and 20% on fifth anniversary.
The Executive Director awards granted from 2020 onwards vest, subject to continued employment and to the Remuneration Committee\u2019s
assessment against a discretionary underpin, on the third anniversary of grant date. The vested KRSP awards are subject to a two-year
holding period which may extend beyond an Executive Director\u2019s cessation of employment in accordance with the post-employment
holding requirements of the 2020 remuneration policy.
The discretionary underpin contains six core elements which the Remuneration Committee will consider including operational
performance, share price performance, ESG performance, major strategic or project decisions, and the long-term strategic vision for the
Company. The committee has not set fixed, quantitative underpins in respect of these factors. As such, these elements including share
price performance are considered non-market performance conditions and accordingly are not reflected in the grant date fair value. The
grant date of awards containing a discretionary underpin is deemed to occur when a shared understanding of the award is obtained by all
parties and this generally occurs upon the Remuneration Committees assessment of the Group\u2019s performance in the year of vesting.
In addition, in the case of Executive Directors, where the annual bonus achieved exceeds 50% of base salary, Executive Directors are
granted restricted shares under the KRSP in respect of the excess outcome above this level. Such restricted shares would not be subject
to forfeiture or the discretionary underpin.
For other Group employees, awards under the KRSP vest, subject to continued employment, on the third anniversary of award.
NUMBER OF NUMBER OF
SHARES SHARES
2023 2022
Awards outstanding at the beginning of the financial year
2,562,203
2,284,429
Awards issued during the financial year
943,670
927,832
Awards exercised during the financial year
(1,093,552)
(540,973)
Awards forfeited during the financial year
(116,466)
(31,530)
Awards cancelled during the financial year
(21,479)
(77,555)
Awards Outstanding at the end of the financial year
2,274,376
2,562,203
Awards Exercisable at the end of the financial year
26,673
22,588
In 2023, awards in respect of 676,892 shares were granted to employees under the 2023 KRSP award. The estimated fair value of
the shares awarded is $3.9 million. During the year 266,778 shares were granted in the form of dividend equivalents. The fair value is
determined using the share price on the date of the award.
In 2023, awards in respect of 1,093,552 shares (2022: 540,973) were exercised under the KRSP award. 1,002,415 awards (2022: 295,443)
were exercised in equity through shares held by the Kenmare Employee Benefit Trust as described in Note 18 and 91,137 awards (2022:
245,443) were settled in cash resulting in a total cost of exercise of share based payments of $5.7 million (2022: $3.4 million).
169
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-305": { "value": "
7. Auditor\u2019s remuneration
The analysis of the auditor\u2019s remuneration is as follows:
2023 2022
$\u2019000 $\u2019000
Audit fees
Audit of the Company\u2019s financial statements
22
18
Audit of the Company\u2019s subsidiary undertakings
220
162
Total audit fee
242
180
Non-audit fees
Other assurance services
80
76
Taxation compliance services
10
10
Other non-audit services
11
11
Total non-audit fees
101
97
Total fees
343
277
$176,200 (2022: $116,300) of the total fee was paid to KPMG Dublin and $166,600 (2022: $160,900) of the total fee was paid to
KPMG Maputo.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-306": { "value": "
8. Net finance costs
2023 2022
$\u2019000 $\u2019000
Finance costs
Interest on bank borrowings
(7,935)
(8,829)
Interest on lease liabilities
(112)
(147)
Factoring and other trade facility fees
(1,467)
(2,218)
Commitment and other fees
(928)
(534)
Unwinding of discount on mine closure provision
(676)
(744)
Total finance costs
(11,118)
(12,472)
Interest earned on bank deposits
5,904
657
Foreign exchange gain
\u2013
490
Total finance income
5,904
1,147
Net finance costs recognised in profit or loss
(5,214)
(11,325)
All interest has been expensed in the financial year. The Group has classified factoring and other trade facility fees in net cash from
operating activities in the Consolidated Statement of Cashflows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "value": "8. Net finance costs
2023 2022
$\u2019000 $\u2019000
Finance costs
Interest on bank borrowings
(7,935)
(8,829)
Interest on lease liabilities
(112)
(147)
Factoring and other trade facility fees
(1,467)
(2,218)
Commitment and other fees
(928)
(534)
Unwinding of discount on mine closure provision
(676)
(744)
Total finance costs
(11,118)
(12,472)
Interest earned on bank deposits
5,904
657
Foreign exchange gain
\u2013
490
Total finance income
5,904
1,147
Net finance costs recognised in profit or loss
(5,214)
(11,325)
All interest has been expensed in the financial year. The Group has classified factoring and other trade facility fees in net cash from operating activities in the Consolidated Statement of Cashflows.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-345": { "value": "8. Net finance costs
2023 2022
$\u2019000 $\u2019000
Finance costs
Interest on bank borrowings
(7,935)
(8,829)
Interest on lease liabilities
(112)
(147)
Factoring and other trade facility fees
(1,467)
(2,218)
Commitment and other fees
(928)
(534)
Unwinding of discount on mine closure provision
(676)
(744)
Total finance costs
(11,118)
(12,472)
Interest earned on bank deposits
5,904
657
Foreign exchange gain
\u2013
490
Total finance income
5,904
1,147
Net finance costs recognised in profit or loss
(5,214)
(11,325)
All interest has been expensed in the financial year. The Group has classified factoring and other trade facility fees in net cash from operating activities in the Consolidated Statement of Cashflows.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-307": { "value": "
9. Income tax expense
2023 2022
$\u2019000 $\u2019000
Corporation tax
18,928
16,073
Deferred tax
\u2013
\u2013
Total
18,928
16,073
Reconciliation of effective tax rate
Profit before tax
149,910
222,107
Profit before tax multiplied by the applicable tax rate (12.5%)
18,739
27,763
(Over)/under provision in respect of prior years
(219)
546
Non-taxable income
(9,434)
(18,120)
Non-deductible expenses
1,204
483
Differences in effective tax rates on overseas earnings
8,638
5,401
Total
18,928
16,073
During the year, Kenmare Moma Mining Limited Mozambique Branch had taxable profits of $34.1 million (2022: $39.9 million), resulting in
an income tax expense of $11.7 million (2022: $14.5 million) being recognised. The income tax rate applicable to taxable profits of KMML
Mozambique Branch is 35% (2022: 35%).
Kenmare Moma Mining Limited Mozambique Branch has elected, and the fiscal regime applicable to mining allows for, the option to
deduct, as an allowable deduction, depreciation of exploration and development expense and capital expenditure over the life of mine.
Tax losses may be carried forward for three years. There are no tax losses carried forward at 31 December 2023.
Kenmare Moma Processing (Mauritius) Limited Mozambique Branch has Industrial Free Zone (IFZ) status. As an IFZ Branch, it is
exempted from corporation taxes and hence its income is non-taxable.
During the year, Kenmare Resources plc had taxable profits of $89.2 million (2022: $13.3 million) as a result of management and marketing
service fee income earned on services provided to subsidiary undertakings and dividend income earned from subsidiary undertakings,
resulting in a corporate tax expense of $7.2 million (2022: $1.6 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-308": { "value": "10. Earnings per share The calculation of the basic and diluted earnings per share attributable to the ordinary equity holders of the Company is based on the following data:
2023 2022
$\u2019000 $\u2019000
Profit for the financial year attributable to equity holders of the Company
130,982
206,034
2023 2022
NUMBER OF NUMBER OF
SHARES SHARES
Weighted average number of issued ordinary shares for the purpose of basic earnings per share
93,126,115
94,919,944
Effect of dilutive potential ordinary shares:
Share awards
2,437,495
2,361,819
Weighted average number of ordinary shares for the purposes of diluted earnings per share
95,563,610
97,281,763
$ PER SHARE
$ PER SHARE
Basic earnings per share
1.41
2.17
Diluted earnings per share
1.37
2.12
The denominator for the purposes of calculating both basic and diluted earnings per share has been adjusted to reflect shares acquired during the year", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-309": { "value": "
11. Property, plant and equipment
PLANT AND DEVELOPMENT CONSTRUCTION OTHER
EQUIPMENT EXPENDITURE IN PROGRESS ASSETS TOTAL
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Cost
At 1 January 2022
1,017,429
258,172
61,430
64,431
1,401,462
Additions during the financial year
252
112
59,261
242
59,867
Transfer from construction in progress
48,233
1,767
(69,918)
19,918
\u2013
Disposals
(10,230)
\u2013
\u2013
(7,201)
(17,431)
Adjustment to mine closure cost
(20,080)
\u2013
\u2013
\u2013
(20,080)
At 31 December 2022
1,035,604
260,051
50,773
77,390
1,423,818
Additions during the financial year
\u2013
\u2013
69,703
27
69,730
Transfer from construction in progress
20,144
13,095
(40,391)
7,152
\u2013
Disposals
(415)
\u2013
\u2013
(9,429)
(9,844)
Adjustment to mine closure cost
241
\u2013
\u2013
\u2013
241
At 31 December 2023
1,055,574
273,146
80,085
75,140
1,483,945
Accumulated depreciation
At 1 January 2022
270,113
141,489
\u2013
35,302
446,904
Charge for the financial year
44,435
6,379
\u2013
12,772
63,586
Disposals
(10,230)
\u2013
\u2013
(7,201)
(17,431)
At 31 December 2022
304,318
147,868
\u2013
40,873
493,059
Charge for the financial year
44,928
8,952
\u2013
11,002
64,882
Disposals
(415)
\u2013
\u2013
(9,429)
(9,844)
At 31 December 2023
348,831
156,820
\u2013
42,446
548,097
Carrying amount
At 31 December 2023
706,743
116,326
80,085
32,694
935,848
At 31 December 2022
731,286
112,183
50,773
36,517
930,759
An adjustment to the mine closure cost of $0.2 million (2022: $20.1 million) was made during the year as a result of an update in the mine
closure cost estimate as detailed in Note 21.
At each reporting date, the Group assesses whether there is any indication that property, plant and equipment may be impaired. The
Group considers the relationship between its market capitalisation and its book value, among other factors, when reviewing for indicators
for impairment. As at 31 December 2023, the market capitalisation of the Group was below the book value of net assets, which is
considered an indicator of impairment. The Group carried out an impairment review of property, plant and equipment as at 31 December
2023. As a result of the review, and given the performance and outlook of the Group, no impairment provision was recognised in the
current financial year. No impairment was recognised in the prior financial year. Given the historic volatility in mineral product pricing
and sensitivity of the forecast to mineral product pricing, the discount rate and to a lesser extent operating costs, the impairment loss of
$64.8 million, which was recognised in the consolidated statement of comprehensive income in 2014, was not reversed.
The cash-generating unit for the purpose of impairment testing is the Moma Titanium Minerals Mine. The basis on which the Mine is
assessed is its value in use. The cash flow forecast employed for the value in use computation is from a life of mine financial model. The
recoverable amount obtained from the financial model represents the present value of the future discounted pre-tax, pre-finance cash
flows discounted at 12% (2022: 14%).
Key assumptions include the following:
\u2022 The discount rate is based on the Group\u2019s weighted average cost of capital. This rate is a best estimate of the current market
assessment of the time value of money and the risks specific to the Mine, taking into consideration country risk, currency risk and
price risk. The factors making up the cost of equity and cost of debt have changed from the prior year review, resulting in a discount
rate of 12% (2022: 14%). The Group\u2019s estimation of the country risk premium included in the discount rate has remained unchanged
from the prior year. The Group does not consider it appropriate to apply the full current country risk premium for Mozambique to the
calculation of the Group\u2019s weighted average cost of capital as it believes the specific circumstances which have resulted in the risk
premium increase over the past number of years are not relevant to the specific circumstances of the Moma Mine. Hence, country
risk premium applicable to the calculation of the cost of equity has been adjusted accordingly. Forecast income tax on intercompany
dividends from subsidiary undertakings is assumed to be exempt from 2025, by way of change to tax legislation or alternatively group
restructuring. Using a discount rate of 12.0%, the recoverable amount is greater than the carrying amount by $374.0 million (2022:
$86.9 million). The discount rate is a significant factor in determining the recoverable amount. A 3.5% increase in the discount rate
to 15.5% reduces the recoverable amount by $374.0 million to $nil, assuming all other inputs remain unchanged. The increase in the
recoverable amount from the prior year is a result of increased cash flows over the life of mine as a result of increased forecast revenue
net of increased capital costs and a decrease in the discount rate from 14% to 12%.
\u2022 The forecast assumes that all agreements, licences, concessions and approvals relating to the Group\u2019s mining and processing
activities including the Implementation Agreement are in place or will be renewed. The mine plan is based on the Namalope, Nataka,
Pilivili and Mualadi proved and probable reserves and resources. Specific resource material is included only where there is a high
degree of confidence in its economic extraction. The Mine life assumption of 40 years has not changed from the prior year review.
Average annual production is approximately 1.3 million tonnes (2022: 1.2 million tonnes) of ilmenite and co-products zircon, rutile and
concentrates over the life of the Mine. Medium term production over the next three years is approximately 1.1 million tonnes. This
mine plan does not include investment in additional mining capacity. Certain minimum stocks of final and intermediate products are
assumed to be maintained at period ends.
\u2022 Product sales prices are based on contract prices as stipulated in marketing agreements with customers, or where contracts are
based on market prices or production is not currently contracted, prices are forecast by the Group taking into account independent
titanium mineral sands expertise provided by TiPMC Solutions and management expectations including general inflation of 2% per
annum. Forecast prices provided by TiPMC Solutions have been reviewed and found to be consistent with other external sources
of information. Average forecast product sales prices have increased over the life of mine from the prior year-end review as a result
of revised forecast pricing. A 9.0% reduction in average sales prices over the life of mine reduces the recoverable amount by $374.0
million to $nil, assuming all other inputs remain unchanged.
\u2022 Operating costs are based on approved budget costs for 2024 taking into account the current running costs of the Mine and estimated
forecast inflation for 2024. From 2025 onwards, operating costs are escalated by 2% per annum as management expects inflation
to normalise and average 2% over the life of mine period. Average forecast operating costs has decreased from the prior year-end
review as a result of a reduction in the estimated future power costs and further optimisation of unit price for mining in Nataka. A 6.5%
increase in operating costs over the life of mine reduces the recoverable amount by $374.0 million to $nil, assuming all other inputs
remain unchanged.
Whilst the Group has set ambitions to be net zero by 2040, the full financial impact of the transition plan is still being assessed as
the Group considers how it will work towards meeting this target. The mine financial model includes the cost of using bio-diesel in its
forecast operating costs. The cost of studies on plant electrification and other sustainable methods of operating are also included in
forecast operating and capital cost. No savings associated with the Company\u2019s ambition to become net zero have been factored into
the forecast.
\u2022 Capital costs are based on a life of mine capital plan including inflation at 2% per annum from 2025. Average forecast capital costs
have increased and their scheduling has changed from the prior year-end review based on updated sustaining and development
capital plans required to maintain the existing plant over the life of mine. A 47% increase in capital costs over the life of mine reduces
the recoverable amount by $374.0 million to $nil, assuming all other inputs remain unchanged.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-310": { "value": "
12. Right-of-use assets and lease liabilities
PLANT AND LAND AND
EQUIPMENT BUILDINGS TOTAL
$\u2019000 $\u2019000 $\u2019000
Cost
At 1 January 2023
3,319
2,590
5,909
Additions
\u2013
\u2013
\u2013
Disposals
(3,319)
\u2013
(3,319)
At 31 December 2023
\u2013
2,590
2,590
Accumulated Depreciation
At 1 January 2023
3,319
982
4,301
Depreciation expense
\u2013
240
240
Disposals
(3,319)
\u2013
(3,319)
At 31 December 2023
\u2013
1,222
1,222
Carrying amount
At 31 December 2023
\u2013
1,368
1,368
At 31 December 2022
\u2013
1,608
1,608
On 1 January 2019, the Group recognised a lease liability of $3.3 million in relation to electricity generators at the Mine. The lease for
the electricity generators was renewed in November 2017 for a five-year period and rental payments were fixed for the five years. The
lease agreement expired in November 2022 and following negotiations the Group completed the acquisition process of the electricity
generators in February 2023.
On 1 January 2019, the Group recognised a lease liability of $1.7 million in respect of the rental of its Irish head office. The lease has a term
of 10 years commencing August 2017 and rental payments are fixed to the end of the lease term. This lease obligation is denominated
in Euros.
In February 2019, the Group recognised a lease liability of $0.4 million in respect of its Mozambican country office in Maputo. The lease
has a seven-year term commencing February 2019 and rental payments are fixed for seven years. This lease obligation is denominated in
US Dollars. The Branch has discounted lease payments using its incremental borrowing rates. The weighted average rate applied is 7%.
In December 2022, the Maputo Office lease was modified and remeasured. The lease term was extended to 10 years commencing 1
December 2022. In addition, additional floor space of 250 square meters was leased as an addendum to the existing lease. The Group has
determined that the lease modification should not be accounted for as a separate lease because the lease payments for the new office
space are not considered commensurate with market rentals for office space of that size and characteristic. The incremental borrowing
rate applied to the remeasured lease is 10.2%.
At each reporting date, the Company assesses whether there is any indication that right-of-use assets may be impaired. No impairment
indicators were identified as at 31 December 2023 or 31 December 2022.
The Group has recognised a rental expense of $12.4 million (2022: $3.9 million) in relation to short term leases of machinery and vehicles
which have not been recognised as a right-of-use asset.
Set out below are the carrying amounts of lease liabilities at each reporting date:
2023 2022
$\u2019000 $\u2019000
Current
264
245
Non-current
1,256
1,540
Total
1,520
1,785
The consolidated income statement includes the following amounts relating to leases:
2023 2022
$\u2019000 $\u2019000
Depreciation expense
240
1,010
Interest expense on lease liabilities
112
147
Total
352
1,157
2023 2022
Reconciliation of movements of lease liabilities to cash flows arising from financing activities $\u2019000 $\u2019000
Lease liabilities
Balance at 1 January
1,785
2,178
Cash movements
Lease interest paid
(112)
(147)
Principal paid
(265)
(1,142)
Non-cash movements
Lease modification
\u2013
749
Lease interest accrued
112
147
Balance at 31 December
1,520
1,785
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-313": { "value": "
13. Inventories
2023 2022
$\u2019000 $\u2019000
Mineral products
58,405
43,655
Consumable spares
40,852
40,516
99,257
84,171
At 31 December 2023, total final product stock was 259,100 tonnes (2022: 213,500 tonnes). Closing stock of heavy mineral concentrate
was 16,700 tonnes (2022: 18,800 tonnes).
Net realisable value is determined with reference to forecast prices of finished products expected to be achieved. There is no guarantee
that these prices will be achieved in the future, particularly in weak product markets. During the financial year, there was a write-down of
$nil million (2022: $nil) to mineral products charged to cost of sales to value mineral products at net realisable value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "value": "
14. Trade and other receivables
2023 2022
$\u2019000 $\u2019000
Trade receivables
127,442
104,970
VAT receivable
6,377
4,527
Prepayments
19,831
14,521
153,650
124,018
Further details on trade receivables can be found in Note 24.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-346": { "value": "14. Trade and other receivables
2023 2022
$\u2019000 $\u2019000
Trade receivables
127,442
104,970
VAT receivable
6,377
4,527
Prepayments
19,831
14,521
153,650
124,018
Further details on trade receivables can be found in Note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "value": "
15. Cash and cash equivalents
2023 2022
$\u2019000 $\u2019000
Bank balances
71,048
108,271
Cash and cash equivalents comprise cash balances held for the purposes of meeting short-term cash commitments and investments
which are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Where investments
are categorised as cash equivalents, the related balances have a maturity of three months or less from the date of investment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-348": { "value": "
16. Called-up share capital
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Authorised share capital
181,000,000 ordinary shares of \u20ac0.001 each
181
181
181
181
2023 2022
$\u2019000 $\u2019000
Allotted, called-up and fully paid
Opening balance
94,829,551
(2022:
94,921,970) ordinary shares of \u20ac0.001 each
104
104
Acquired and cancelled
5,601,390
(2022:
92,419) ordinary shares of \u20ac0.001 each
(7)
\u2013
Closing balance
89,228,161
(2022:
94,829,551) ordinary shares of \u20ac0.001 each
97
104
Total called-up share capital
97
104
No ordinary shares were issued during the year (2022: $nil).
On 11 September 2023, a total of 5,601,390 shares were purchased under the Tender Offer, representing 5.9% of the Company\u2019s issued
ordinary share capital. The shares were purchased at the Tender Price of \u00a34.22 per share and, at this price, the total value of all shares
purchased was \u00a323.6 million (circa $30 million). Transaction costs associated with the transaction amounted to US$0.6 million and were
accounted for as a deduction from net retained earnings.
On 3 October 2022, under the authority granted at the Company\u2019s Annual General Meeting held on 26 May 2022, and in accordance with
Section 1075 of the Companies Act 2014 and article 147 of the Articles of Association, the Company completed an odd lot offer which
involved the acquisition of 92,419 ordinary shares of \u20ac0.001 each in the capital of the Company representing 0.1% of the then called-up
share capital of the Company for a total cash consideration of $0.5 million. The odd lot offer buy back was funded from distributable
reserves and all ordinary shares acquired by the Company were subsequently cancelled. Transaction costs associated with the
transaction amounted to $0.1 million and were accounted for as a deduction from retained earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-314": { "value": "16. Called-up share capital
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Authorised share capital
181,000,000 ordinary shares of \u20ac0.001 each
181
181
181
181
2023 2022
$\u2019000 $\u2019000
Allotted, called-up and fully paid
Opening balance
94,829,551
(2022:
94,921,970) ordinary shares of \u20ac0.001 each
104
104
Acquired and cancelled
5,601,390
(2022:
92,419) ordinary shares of \u20ac0.001 each
(7)
\u2013
Closing balance
89,228,161
(2022:
94,829,551) ordinary shares of \u20ac0.001 each
97
104
Total called-up share capital
97
104
No ordinary shares were issued during the year (2022: $nil). On 11 September 2023, a total of 5,601,390 shares were purchased under the Tender Offer, representing 5.9% of the Company\u2019s issued ordinary share capital. The shares were purchased at the Tender Price of \u00a34.22 per share and, at this price, the total value of all shares purchased was \u00a323.6 million (circa $30 million). Transaction costs associated with the transaction amounted to US$0.6 million and were accounted for as a deduction from net retained earnings. On 3 October 2022, under the authority granted at the Company\u2019s Annual General Meeting held on 26 May 2022, and in accordance with Section 1075 of the Companies Act 2014 and article 147 of the Articles of Association, the Company completed an odd lot offer which involved the acquisition of 92,419 ordinary shares of \u20ac0.001 each in the capital of the Company representing 0.1% of the then called-up share capital of the Company for a total cash consideration of $0.5 million. The odd lot offer buy back was funded from distributable reserves and all ordinary shares acquired by the Company were subsequently cancelled. Transaction costs associated with the transaction amounted to $0.1 million and were accounted for as a deduction from retained earnings. 17. Share premium
2023 2022
$\u2019000 $\u2019000
Opening balance
545,950
545,950
Shares issued during the year
\u2013
\u2013
Closing balance
545,950
545,950
There were no additions to share premium during the year (2022: $nil). 18. Other reserves
SHARE-BASED
UNDENOMINATED OWN PAYMENT
CAPITAL SHARES RESERVE TOTAL
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Balance at 1 January 2022
226,278
\u2013
4,261
230,539
Recognition of share-based payment expense
\u2013
\u2013
5,601
5,601
Exercise of share-based payment awards
\u2013
(3,363)
(3,363)
Odd lot offer share buy back (Note 16)
\u2013
515
\u2013
515
Cancellation of treasury shares
\u2013
(515)
\u2013
(515)
Shares acquired by the Kenmare Employee Benefit Trust
\u2013
(1,797)
\u2013
(1,797)
Shares distributed by the Kenmare Employee Benefit Trust
\u2013
1,779
\u2013
1,779
Balance at 1 January 2023
226,278
(18)
6,499
232,759
Recognition of share-based payment expense
\u2013
\u2013
3,278
3,278
Exercise of share-based payment awards
\u2013
\u2013
(3,512)
(3,512)
Tender offer share buy back (Note 16)
7
(29,963)
\u2013
(29,956)
Cancellation of treasury shares
\u2013
29,963
\u2013
29,963
Shares acquired by the Kenmare Employee Benefit Trust
\u2013
(6,182)
\u2013
(6,182)
Shares distributed by the Kenmare Employee Benefit Trust
\u2013
3,390
\u2013
3,390
Balance at 31 December 2023
226,285
(2,810)
6,265
229,740
Undenominated capital Undenominated capital consists of the capital conversion reserve fund and the capital redemption reserve fund. The movement in undenominated capital during the year relates to the share buy back as detailed in Note 16. Capital conversion reserve fund The capital conversion reserve fund totalling $0.8 million arose from the renominalisation of the Company\u2019s share capital from Irish Punts to Euros. Capital redemption reserve fund The capital redemption reserve represents the nominal value of share capital repurchased. At 31 December 2023, the reserve balance stands at $225.5 million (2022: $225.5 million). Own Shares Own shares represent shares acquired by the Kenmare Employee Benefit Trust under the terms of the Kenmare Restricted Share Plan.
2023 2022
NO. OF NO. OF
SHARES SHARES
At 1 January
3,034
\u2013
Tender offer share buy back
5,601,390
\u2013
Odd lot offer share buy back
\u2013
92,419
Cancellation of treasury shares
(5,601,390)
(92,419)
Shares acquired by the Kenmare Employee Benefit Trust
1,206,909
298,477
Shares distributed by the Kenmare Employee Benefit Trust
(661,892)
(295,443)
Closing balance
548,051
3,034
As at 31 December 2023, the nominal value of treasury shares held by the Kenmare Employee Benefit Trust was $2.8 million (2022: $0.01 million). During the year, treasury shares were purchased by the Kenmare Employee Benefit Trust at an average price of $5.10. The number of treasury shares held by the Kenmare Employee Benefit Trust represents 0.006% of the total called up share capital of the Company. Further information on the odd lot buy back and Tender Offer buy back can be found in Note 16. Share-based payment reserve The share-based payment reserve arises on the grant of shares under the Group share-based payment schemes as detailed in Note 6. 19. Retained earnings
2023 2022
$\u2019000 $\u2019000
Opening balance
324,721
154,050
Profit for the financial year attributable to equity holders of the Parent
130,982
206,034
Tender Offer share buy back (Note 16)
(29,963)
\u2013
Tender Offer share buy back transaction costs (Note 16)
572
\u2013
Odd lot offer share buy back (Note 16)
\u2013
(515)
Odd lot offer share buy back transaction costs (Note 16)
\u2013
(122)
Exercise of share options
(2,197)
\u2013
Dividends paid
(56,611)
(34,726)
Closing balance
367,504
324,721
Retained earnings comprise the accumulated profit and losses in the current and prior financial years net of dividends, share buy backs and related costs, and adjustments relating to the share-based payment reserve. In May 2023, the Company paid a final 2022 dividend of $41.1 million representing USc43.33 per share (2022: USc25.42). In October 2023, the Company paid a 2023 interim dividend of USc17.5 (2022: USc10.98) per ordinary share, totalling $15.6 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "value": "
17. Share premium
2023 2022
$\u2019000 $\u2019000
Opening balance
545,950
545,950
Shares issued during the year
\u2013
\u2013
Closing balance
545,950
545,950
There were no additions to share premium during the year (2022: $nil).
", "dimensions": { "concept": "kenmareresourcesplc:DisclosureOfSharePremium", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-349": { "value": "
18. Other reserves
SHARE-BASED
UNDENOMINATED OWN PAYMENT
CAPITAL SHARES RESERVE TOTAL
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Balance at 1 January 2022
226,278
\u2013
4,261
230,539
Recognition of share-based payment expense
\u2013
\u2013
5,601
5,601
Exercise of share-based payment awards
\u2013
(3,363)
(3,363)
Odd lot offer share buy back (Note 16)
\u2013
515
\u2013
515
Cancellation of treasury shares
\u2013
(515)
\u2013
(515)
Shares acquired by the Kenmare Employee Benefit Trust
\u2013
(1,797)
\u2013
(1,797)
Shares distributed by the Kenmare Employee Benefit Trust
\u2013
1,779
\u2013
1,779
Balance at 1 January 2023
226,278
(18)
6,499
232,759
Recognition of share-based payment expense
\u2013
\u2013
3,278
3,278
Exercise of share-based payment awards
\u2013
\u2013
(3,512)
(3,512)
Tender offer share buy back (Note 16)
7
(29,963)
\u2013
(29,956)
Cancellation of treasury shares
\u2013
29,963
\u2013
29,963
Shares acquired by the Kenmare Employee Benefit Trust
\u2013
(6,182)
\u2013
(6,182)
Shares distributed by the Kenmare Employee Benefit Trust
\u2013
3,390
\u2013
3,390
Balance at 31 December 2023
226,285
(2,810)
6,265
229,740
Undenominated capital
Undenominated capital consists of the capital conversion reserve fund and the capital redemption reserve fund. The movement in
undenominated capital during the year relates to the share buy back as detailed in Note 16.
Capital conversion reserve fund
The capital conversion reserve fund totalling $0.8 million arose from the renominalisation of the Company\u2019s share capital from Irish Punts
to Euros.
Capital redemption reserve fund
The capital redemption reserve represents the nominal value of share capital repurchased. At 31 December 2023, the reserve balance
stands at $225.5 million (2022: $225.5 million).
Own Shares
Own shares represent shares acquired by the Kenmare Employee Benefit Trust under the terms of the Kenmare Restricted Share Plan.
2023 2022
NO. OF NO. OF
SHARES SHARES
At 1 January
3,034
\u2013
Tender offer share buy back
5,601,390
\u2013
Odd lot offer share buy back
\u2013
92,419
Cancellation of treasury shares
(5,601,390)
(92,419)
Shares acquired by the Kenmare Employee Benefit Trust
1,206,909
298,477
Shares distributed by the Kenmare Employee Benefit Trust
(661,892)
(295,443)
Closing balance
548,051
3,034
As at 31 December 2023, the nominal value of treasury shares held by the Kenmare Employee Benefit Trust was $2.8 million (2022: $0.01
million). During the year, treasury shares were purchased by the Kenmare Employee Benefit Trust at an average price of $5.10. The number
of treasury shares held by the Kenmare Employee Benefit Trust represents 0.006% of the total called up share capital of the Company.
Further information on the odd lot buy back and Tender Offer buy back can be found in Note 16.
Share-based payment reserve
The share-based payment reserve arises on the grant of shares under the Group share-based payment schemes as detailed in Note 6.
", "dimensions": { "concept": "kenmareresourcesplc:DisclosureOfOtherReserves", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "value": "Own Shares Own shares represent shares acquired by the Kenmare Employee Benefit Trust under the terms of the Kenmare Restricted Share Plan.
2023 2022
NO. OF NO. OF
SHARES SHARES
At 1 January
3,034
\u2013
Tender offer share buy back
5,601,390
\u2013
Odd lot offer share buy back
\u2013
92,419
Cancellation of treasury shares
(5,601,390)
(92,419)
Shares acquired by the Kenmare Employee Benefit Trust
1,206,909
298,477
Shares distributed by the Kenmare Employee Benefit Trust
(661,892)
(295,443)
Closing balance
548,051
3,034
As at 31 December 2023, the nominal value of treasury shares held by the Kenmare Employee Benefit Trust was $2.8 million (2022: $0.01 million). During the year, treasury shares were purchased by the Kenmare Employee Benefit Trust at an average price of $5.10. The number of treasury shares held by the Kenmare Employee Benefit Trust represents 0.006% of the total called up share capital of the Company. Further information on the odd lot buy back and Tender Offer buy back can be found in Note 16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-350": { "value": "
19. Retained earnings
2023 2022
$\u2019000 $\u2019000
Opening balance
324,721
154,050
Profit for the financial year attributable to equity holders of the Parent
130,982
206,034
Tender Offer share buy back (Note 16)
(29,963)
\u2013
Tender Offer share buy back transaction costs (Note 16)
572
\u2013
Odd lot offer share buy back (Note 16)
\u2013
(515)
Odd lot offer share buy back transaction costs (Note 16)
\u2013
(122)
Exercise of share options
(2,197)
\u2013
Dividends paid
(56,611)
(34,726)
Closing balance
367,504
324,721
Retained earnings comprise the accumulated profit and losses in the current and prior financial years net of dividends, share buy backs
and related costs, and adjustments relating to the share-based payment reserve.
In May 2023, the Company paid a final 2022 dividend of $41.1 million representing USc43.33 per share (2022: USc25.42). In October 2023,
the Company paid a 2023 interim dividend of USc17.5 (2022: USc10.98) per ordinary share, totalling $15.6 million.
", "dimensions": { "concept": "kenmareresourcesplc:DisclosureOfRetainedEarnings", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "value": "In May 2023, the Company paid a final 2022 dividend of $41.1 million representing USc43.33 per share (2022: USc25.42). In October 2023, the Company paid a 2023 interim dividend of USc17.5 (2022: USc10.98) per ordinary share, totalling $15.6 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-315": { "value": "
20. Bank loans
2023 2022
$\u2019000 $\u2019000
Borrowings
47,873
78,578
The borrowings are repayable as follows:
Less than one year
33,087
33,653
Between two and five years
15,712
47,142
48,799
80,795
Transaction costs
(926)
(2,217)
Total carrying amount
47,873
78,578
Borrowings
On 11 December 2019, the Group entered into debt facilities with Absa Bank Limited (acting through its Corporate and Investment
Banking Division) (\u201cAbsa\u201d), The Emerging Africa Infrastructure Fund (part of the Private Infrastructure Development Group) (\u201cEAIF\u201d),
Nedbank Limited (acting through its Nedbank Corporate and Investment Banking division) (\u201cNedbank\u201d), Rand Merchant Bank and
Standard Bank Group (\u201cStandard Bank\u201d).
The debt facilities comprise a $110 million Term Loan Facility and a $40 million Revolving Credit Facility that share common terms and
a common security package. The finance documentation also accommodates for a Mine Closure Guarantee Facility (provided by either
the existing lenders or other finance providers) of up to $40 million, with the provider(s) of such a facility sharing in the common security
package. The potential total aggregate principal amount of indebtedness secured under the finance documentation is therefore $190
million. The transaction costs for arrangement of the debt facilities amounted to $6.5 million.
The Term Loan Facility has a final maturity date of 11 March 2025. Interest is at SOFR plus 5.40% per annum. Repayment is in seven equal
semi-annual instalments, beginning 11 March 2022.
On 11 November 2023 the Revolving Credit Facility was extended by 12 months and has a final maturity date of 11 December 2024.
Interest is at SOFR plus 4.25% per annum.
The Group entered into a mine closure guarantee facility with Absa Bank Mo\u00e7ambique SA effective from 1 July 2023 for an amount of
$26.6 million. This guarantee shares the security package with the Term Loan Facility and Revolving Credit Facility on a pro rata and pari
passu basis.
The security package consists of (a) security over the Group\u2019s bank accounts (subject to certain exceptions), (b) pledges of the shares
of Kenmare Moma Processing (Mauritius) Limited and Kenmare Moma Mining (Mauritius) Limited (the \u201cProject Companies\u201d), (c) security
over intercompany loans, and (d) Mozambican law security interests over certain rights and agreements with Mozambican authorities,
including over the Implementation Agreement, the Mineral Licensing Contract and the Mining Licence.
The carrying amount of the secured bank accounts of the Group was $70.9 million as at 31 December 2023 (2022: $102.9 million). The
shares of the Project Companies and intercompany loans are not included in the consolidated statement of financial position as they are
eliminated on consolidation. They, therefore, do not have a carrying amount but, upon enforcement of the pledges on behalf of the lender
group, the shares in the Project Companies would cease to be owned or controlled by the Group. The secured rights and agreements do
not have a carrying amount. They are, however, necessary for the Project Companies to operate the Mine in Mozambique.
At 31 December 2023, total debt of $47.9 million (2022: $78.6 million) was recognised by the Group and $31.4 million of principal
repayments were made against the term loan over the course of the year. Unamortised transaction costs of $0.9 million (2022: $2.2 million)
plus interest amortised of $1.7 million (2022: $2.2 million) were recognised by the Group at 31 December 2023.
Reconciliation of movements of debt to cash flows arising from financing activities
2023 2022
$\u2019000 $\u2019000
Bank loans
Balance at 1 January
78,578
148,099
Cash movements
Loan interest paid
(7,211)
(6,921)
Principal paid
(31,429)
(91,429)
Loan drawn down
Non-cash movements
\u2013
20,000
Loan interest accrued
7,935
8,829
Balance at 31 December
47,873
78,578
Covenants
The finance documents contain a number of representations, covenants and events of default on customary terms, the breach of which
could lead to the secured parties under the finance documentation accelerating the outstanding loans and taking other enforcement
steps, such as the enforcement of some or all of the security interests, which could lead to, in extremis, the Group losing its interest in the
Mine. The most salient of the relevant terms that could lead to acceleration of the loans and/or enforcement of security are the financial
covenants.
All covenants have been complied with during the year. The key financial covenants are detailed below:
AS AT AS AT
31 DECEMBER 31 DECEMBER
2023
2022
COVENANT
Interest Coverage Ratio
65.35:1
34.96:1
Not less than
4.00:1
Net Debt to EBITDA
(0.09):1
(0.09):1
Not greater than
2.00:1
Debt Service Coverage Ratio
4.88:1
3.11:1
Not less than
1.20:1
Liquidity
$111,048,000
$148,271,000
Not less than
$15,000,000
Reserve Tail Ratio
81%
81%
Not less than
30%
The definition of the covenants under the debt facilities are set out below:
\u2022 Interest Coverage Ratio is defined as the ratio of EBITDA to Net Interest Cost.
\u2022 Net Debt is defined as total financial indebtedness excluding leases less consolidated cash and cash equivalents.
\u2022 The Debt Service Coverage Ratio is the ratio of cash and cash equivalents at the beginning of a reporting period plus available
facilities plus cash generated in the period to debt repayments in the period.
\u2022 Liquidity is defined as consolidated cash and cash equivalents plus undrawn amounts of the Revolving Credit Facility.
\u2022 Reserve Tail Ratio means the reserve tail ratio, expressed as a percentage of the termination date reserves (estimated remaining
reserves in March 2025) divided by the initial reserves (estimated reserves in December 2019).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-316": { "value": "
21. Provisions
2023 2022
$\u2019000 $\u2019000
Mine closure provision
17,540
16,623
Mine rehabilitation provision
5,462
4,121
Other provisions
\u2013
\u2013
23,002
20,744
Current
2,125
998
Non-current
20,877
19,746
23,002
20,744
MINE MINE
CLOSURE REHABILITATION
PROVISION PROVISION OTHER TOTAL
$\u2019000 $\u2019000 PROVISIONS $\u2019000
At 1 January 2022
35,959
3,998
2,264
42,221
(Decrease)/increase in provision during the financial year
(20,080)
4,131
948
(15,001)
Provision utilised during the financial year
\u2013
(4,008)
(3,212)
(7,220)
Unwinding of the discount
744
\u2013
\u2013
744
At 1 January 2023
16,623
4,121
\u2013
20,744
Increase in provision during the financial year
241
1,720
\u2013
1,961
Provision utilised during the financial year
\u2013
(379)
\u2013
(379)
Unwinding of the discount
676
\u2013
\u2013
676
At 31 December 2023
17,540
5,462
\u2013
23,002
The Mine closure provision represents the Directors\u2019 best estimate of the Project Companies\u2019 liability for close-down, dismantling and
restoration of the mining and processing site. A corresponding amount equal to the provision is recognised as part of property, plant and
equipment. The costs are estimated on the basis of a formal closure plan, are subject to regular review and are estimated based on the
net present value of estimated future costs. Mine closure costs are a normal consequence of mining, and the majority of close-down and
restoration expenditure is incurred at the end of the life of the Mine. The unwinding of the discount is recognised as a finance cost and
$0.7 million (2022: $0.7 million) has been recognised in the statement of comprehensive income for the financial year.
The main assumptions used in the calculation of the estimated future costs include:
\u2022 a discount rate of 4.0% (2022: 4.0%);
\u2022 an inflation rate of 2% (2022: 2%);
\u2022 an estimated life of mine of 40 years (2022: 40 years). It is assumed that all licences and permits required to operate will be renewed or
extended during the life of mine; and
\u2022 an estimated closure cost of $36.8 million (2022: $34.1 million) and an estimated post-closure monitoring provision of $2.6 million
(2022: $3.9 million).
The life of mine plan is based on the Namalope, Nataka, Pilivili and Mualadi reserves and resources as set out in the reserve and
resources table. Specific resource material is included only where there is a high degree of confidence in its economic extraction.
The Mine closure provision has increased by $0.2 million as a result of a change in the estimated closure cost.
The discount rate is a significant factor in determining the Mine closure provision. The Branch uses rates as provided by the US Treasury.
30-year US Treasury yields are the longest period for which yields are quoted. This discount rate is deemed to provide the best estimate
of the current market assessment of the time value of money. Risks specific to the liability are included in the cost estimate. A 1% increase
in the estimated discount rate results in the Mine closure provision decreasing by $2.5 million (2022: $5.6 million). A 1% decrease in the
estimated discount rate results in the Mine closure provision increasing by $4.3 million (2022: $12.4 million).
The Mine rehabilitation provision represents the Directors\u2019 best estimate of the Company\u2019s liability for rehabilitating areas disturbed by
mining activities. Rehabilitation costs are recognised based on the area disturbed and estimated cost of rehabilitation per hectare, which
is reviewed regularly against actual rehabilitation cost per hectare. Actual rehabilitation expenditure is incurred approximately 12 months
after the area has been disturbed. During the financial year, there was a release of $0.4 million (2022: $4.0 million) to reflect the actual
mine rehabilitation costs incurred, and an addition to the provision of $1.7 million (2022: $4.1 million) for areas newly disturbed.
Other provisions comprise an amount of $nil (2022: $nil) in relation to a potential indirect tax liability. The matter was resolved in 2022
following a final settlement of $3.2 million agreed with the Mozambican Tax Authority.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "value": "21. Provisions
2023 2022
$\u2019000 $\u2019000
Mine closure provision
17,540
16,623
Mine rehabilitation provision
5,462
4,121
Other provisions
\u2013
\u2013
23,002
20,744
Current
2,125
998
Non-current
20,877
19,746
23,002
20,744
MINE MINE
CLOSURE REHABILITATION
PROVISION PROVISION OTHER TOTAL
$\u2019000 $\u2019000 PROVISIONS $\u2019000
At 1 January 2022
35,959
3,998
2,264
42,221
(Decrease)/increase in provision during the financial year
(20,080)
4,131
948
(15,001)
Provision utilised during the financial year
\u2013
(4,008)
(3,212)
(7,220)
Unwinding of the discount
744
\u2013
\u2013
744
At 1 January 2023
16,623
4,121
\u2013
20,744
Increase in provision during the financial year
241
1,720
\u2013
1,961
Provision utilised during the financial year
\u2013
(379)
\u2013
(379)
Unwinding of the discount
676
\u2013
\u2013
676
At 31 December 2023
17,540
5,462
\u2013
23,002
The Mine closure provision represents the Directors\u2019 best estimate of the Project Companies\u2019 liability for close-down, dismantling and restoration of the mining and processing site. A corresponding amount equal to the provision is recognised as part of property, plant and equipment. The costs are estimated on the basis of a formal closure plan, are subject to regular review and are estimated based on the net present value of estimated future costs. Mine closure costs are a normal consequence of mining, and the majority of close-down and restoration expenditure is incurred at the end of the life of the Mine. The unwinding of the discount is recognised as a finance cost and $0.7 million (2022: $0.7 million) has been recognised in the statement of comprehensive income for the financial year. The main assumptions used in the calculation of the estimated future costs include: \u2022 a discount rate of 4.0% (2022: 4.0%); \u2022 an inflation rate of 2% (2022: 2%); \u2022 an estimated life of mine of 40 years (2022: 40 years). It is assumed that all licences and permits required to operate will be renewed or extended during the life of mine; and \u2022 an estimated closure cost of $36.8 million (2022: $34.1 million) and an estimated post-closure monitoring provision of $2.6 million (2022: $3.9 million). The life of mine plan is based on the Namalope, Nataka, Pilivili and Mualadi reserves and resources as set out in the reserve and resources table. Specific resource material is included only where there is a high degree of confidence in its economic extraction. The Mine closure provision has increased by $0.2 million as a result of a change in the estimated closure cost. The discount rate is a significant factor in determining the Mine closure provision. The Branch uses rates as provided by the US Treasury. 30-year US Treasury yields are the longest period for which yields are quoted. This discount rate is deemed to provide the best estimate of the current market assessment of the time value of money. Risks specific to the liability are included in the cost estimate. A 1% increase in the estimated discount rate results in the Mine closure provision decreasing by $2.5 million (2022: $5.6 million). A 1% decrease in the estimated discount rate results in the Mine closure provision increasing by $4.3 million (2022: $12.4 million). The Mine rehabilitation provision represents the Directors\u2019 best estimate of the Company\u2019s liability for rehabilitating areas disturbed by mining activities. Rehabilitation costs are recognised based on the area disturbed and estimated cost of rehabilitation per hectare, which is reviewed regularly against actual rehabilitation cost per hectare. Actual rehabilitation expenditure is incurred approximately 12 months after the area has been disturbed. During the financial year, there was a release of $0.4 million (2022: $4.0 million) to reflect the actual mine rehabilitation costs incurred, and an addition to the provision of $1.7 million (2022: $4.1 million) for areas newly disturbed. Other provisions comprise an amount of $nil (2022: $nil) in relation to a potential indirect tax liability. The matter was resolved in 2022 following a final settlement of $3.2 million agreed with the Mozambican Tax Authority.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "value": "
22. Trade and other payables
2023 2022
$\u2019000 $\u2019000
Trade payables
6,510
7,305
Deferred income
2,752
2,740
Accruals
29,302
25,248
38,564
35,293
Included in accruals at the financial year end is an amount of $1.4 million (2022: $1.6 million) for payroll and social insurance taxes.
Deferred income relates to sales contracts which contain separate performance obligations for the sale of mineral products and the
provision of freight services. The portion of the revenue representing the obligation to perform the freight service is deferred and
recognised over time as the obligation is fulfilled, along with the associated costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-317": { "value": "22. Trade and other payables
2023 2022
$\u2019000 $\u2019000
Trade payables
6,510
7,305
Deferred income
2,752
2,740
Accruals
29,302
25,248
38,564
35,293
Included in accruals at the financial year end is an amount of $1.4 million (2022: $1.6 million) for payroll and social insurance taxes. Deferred income relates to sales contracts which contain separate performance obligations for the sale of mineral products and the provision of freight services. The portion of the revenue representing the obligation to perform the freight service is deferred and recognised over time as the obligation is fulfilled, along with the associated costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-318": { "value": "
23. Current tax liabilities
2023 2022
$\u2019000 $\u2019000
Current tax liabilities
6,921
8,893
Refer to Note 9 for further information on the Group\u2019s tax expense.
", "dimensions": { "concept": "kenmareresourcesplc:DisclosureOfCurrentTaxLiabilities", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "value": "23. Current tax liabilities
2023 2022
$\u2019000 $\u2019000
Current tax liabilities
6,921
8,893
Refer to Note 9 for further information on the Group\u2019s tax expense.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "value": "
24. Financial instruments
2023
2022
CARRYING CARRYING
AMOUNT FAIR VALUE AMOUNT FAIR VALUE
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Financial assets at fair value through
profit and loss
Trade receivables
\u2013
\u2013
31,188
31,188
Level 2
Financial assets at fair value through OCI
Trade receivables
110,534
110,534
43,065
43,065
Level 2
Financial assets not measured
at fair value
Trade receivables
16,908
16,908
30,717
30,717
Level 2
Cash and cash equivalents
71,048
71,048
108,271
108,271
Level 2
198,490
198,490
213,241
213,241
Financial liabilities not measured
at fair value
Bank loans
47,873
48,799
78,578
80,795
Level 2
1
2
3
1
Relates to trade receivables which will be discounted through the Barclay\u2019s bank facility.
2
Relates to trade receivables which may be factored through the ABSA facility or discounted through the Barclay\u2019s bank facility.
3
Relates to trade receivables which will not be discounted or factored..
The carrying amounts and fair values of financial assets and financial liabilities including their levels in fair value hierarchy are detailed
above. The table does not include fair value information for other receivables, prepayments, trade payables and accruals as these are not
measured at fair value as the carrying amount is a reasonable approximation of their fair value.
Trade receivables or letters of credit where it is not known at initial recognition if they will be factored are classified as fair value through
other comprehensive income (FVOCI). Trade receivables which will not be factored and for which balances will be recovered under the
sale contract credit terms are initially measured at fair value and subsequently measured at amortised cost.
In the case of factored receivables, the Group derecognises the discounted receivable to which the arrangement applies when payment
is received from the bank as the terms of the arrangement are non-recourse. The payment to the bank by the Group\u2019s customers are
considered non-cash transactions for the purposes of the consolidated statement of cashflows.
The valuation technique used in measuring Level 2 fair values is discounted cash flows, which considers the expected receipts or
payments discounted using adjusted market discount rates or where these rates are not available estimated discount rates.
The Group has exposure to credit risk, liquidity risk and market risk arising from financial instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "value": "24. Financial instruments
2023
2022
CARRYING CARRYING
AMOUNT FAIR VALUE AMOUNT FAIR VALUE
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Financial assets at fair value through
profit and loss
Trade receivables
\u2013
\u2013
31,188
31,188
Level 2
Financial assets at fair value through OCI
Trade receivables
110,534
110,534
43,065
43,065
Level 2
Financial assets not measured
at fair value
Trade receivables
16,908
16,908
30,717
30,717
Level 2
Cash and cash equivalents
71,048
71,048
108,271
108,271
Level 2
198,490
198,490
213,241
213,241
Financial liabilities not measured
at fair value
Bank loans
47,873
48,799
78,578
80,795
Level 2
1 2 3 1 Relates to trade receivables which will be discounted through the Barclay\u2019s bank facility. 2 Relates to trade receivables which may be factored through the ABSA facility or discounted through the Barclay\u2019s bank facility. 3 Relates to trade receivables which will not be discounted or factored.. The carrying amounts and fair values of financial assets and financial liabilities including their levels in fair value hierarchy are detailed above. The table does not include fair value information for other receivables, prepayments, trade payables and accruals as these are not measured at fair value as the carrying amount is a reasonable approximation of their fair value. Trade receivables or letters of credit where it is not known at initial recognition if they will be factored are classified as fair value through other comprehensive income (FVOCI). Trade receivables which will not be factored and for which balances will be recovered under the sale contract credit terms are initially measured at fair value and subsequently measured at amortised cost. In the case of factored receivables, the Group derecognises the discounted receivable to which the arrangement applies when payment is received from the bank as the terms of the arrangement are non-recourse. The payment to the bank by the Group\u2019s customers are considered non-cash transactions for the purposes of the consolidated statement of cashflows. The valuation technique used in measuring Level 2 fair values is discounted cash flows, which considers the expected receipts or payments discounted using adjusted market discount rates or where these rates are not available estimated discount rates. The Group has exposure to credit risk, liquidity risk and market risk arising from financial instruments. Risk management framework The Board is ultimately responsible for risk management within the Group. It has delegated responsibility for the monitoring of the effectiveness of the Group\u2019s risk management and internal control systems to the Audit and Risk Committee. The Board and Audit and Risk Committee receive reports from executive management on the key risks to the business and the steps being taken to mitigate such risks. The Audit and Risk Committee is assisted in its role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit and Risk Committee. Credit risk Credit risk is the risk of financial loss to the Group if a customer or a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade receivables from customers. The carrying amount of financial assets represents the maximum credit exposure. The Group\u2019s exposure to credit risk is influenced by the individual circumstances of each customer. The Group also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. Before entering into sales contracts with new customers, the Group uses an external credit scoring system to assess the potential customer\u2019s credit quality. The credit quality of customers are reviewed regularly during the year and where appropriate credit limits or limits to the number of shipments which can be outstanding at any point are imposed. The Group\u2019s customers have been transacting with the Group for a significant number of years, and no customers\u2019 balances have been written off or are credit impaired at the financial year end. In monitoring customer credit risk, customers are reviewed individually and the Group has not identified any factors that would merit reducing exposure to any particular customer. The Group does not require collateral in respect of trade receivables. The gross exposure to credit risk for trade receivables by geographic region was as follows:
2023 2022
$\u2019000 $\u2019000
China
38,693
19,009
Asia (excluding China)
24,905
17,243
Europe
34,150
45,806
USA
29,597
22,776
Africa
97
136
Total
127,442
104,970
At 31 December 2023, $63.8 million (2022: $35.4 million) is due from the Group\u2019s three largest customers. A summary of the Group\u2019s exposure to credit risk for trade receivables is as follows:
2023 2022
$\u2019000 $\u2019000
External credit ratings at least Baa3 (Moody\u2019s)
65,266
31,188
Other
63,756
75,316
Total gross carrying amount
129,022
106,504
Loss allowance
(1,580)
(1,534)
Total
127,442
104,970
The following table provides ageing information relevant to the exposure to credit risk for trade receivables from individual customers. No balances were considered credit impaired at 31 December 2023 or 31 December 2022.
MORE THAN MORE THAN MORE THAN
30 DAYS 60 DAYS 90 DAYS
CURRENT PAST DUE PAST DUE PAST DUE TOTAL
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
2023
127,383
\u2013
\u2013
59
127,442
2022
104,962
\u2013
\u2013
8
104,970
Expected credit loss assessment of trade receivables For trade receivables measured at fair value through OCI and trade receivables measured at amortised cost, the Group allocates to each customer a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, financial statements and available market information about customers) and applying experienced credit judgement. The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2023. Equivalent to Moody\u2019s credit rating
GROSS IMPAIRMENT
WEIGHT CARRYING LOSS
AVERAGE AMOUNT ALLOWANCE CREDIT
LOSS RATE $\u2019000 $\u2019000 IMPAIRED
Other
2.0%
63,756
1,580
No
The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2022. Equivalent to Moody\u2019s credit rating
GROSS IMPAIRMENT
WEIGHT CARRYING LOSS
AVERAGE AMOUNT ALLOWANCE CREDIT
LOSS RATE $\u2019000 $\u2019000 IMPAIRED
Other
2.0%
75,316
1,534
No
The movement in expected credit losses in respect of trade receivables measured at amortised cost or fair value through other comprehensive income during the year was as follows:
2023 2022
$\u2019000 $\u2019000
Balance at 1 January
1,534
424
Net remeasurement of loss allowance
46
1,110
Balance at 31 December
1,580
1,534
The credit risk on cash and cash equivalents is limited because funds are deposited with banks with high credit ratings assigned by international credit rating agencies. For deposits in excess of $75 million the Group requires that the institution has an A- (S&P)/A3 (Moody\u2019s) long-term rating. For deposits in excess of $50 million, the Group requires that the institution has a BB- (S&P)/Ba3 (Moody\u2019s) long-term rating. At 31 December 2023 and 2022 cash was deposited with the following banks:
2023
2022
LONG-TERM CREDIT RATING
LONG-TERM CREDIT RATING
$ MILLION
S&P
MOODY\u2019S
$ MILLION
S&P
MOODY\u2019S
Nedbank Ltd
25.8
BB\u2013
Ba2
\u2013
\u2013
\u2013
Barclays Bank plc
23.2
A+ / Stable
A1/ Stable
81.4
A +
A1/ Stable
FirstRand Bank Limited
10.1
BB\u2013
Ba2
\u2013
BBB -
Ba2 /Stable
HSBC Bank plc
\u2013
\u2013
\u2013
1.0
AA- / Stable
A1/ Stable
Absa Bank Mauritius Limited
4.9
\u2013
Ba
20.5
\u2013
Ba2 /Negative
Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled in cash payments. The Group\u2019s objective when managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when they are due. The Group monitors mine payment forecasts, both operating and capital, which assist it in monitoring cash flow requirements and optimising its cash return on investments. The Group aims to maintain the level of its cash and cash equivalents at an amount in excess of expected cash outflows on financial liabilities. The Group monitors the level of expected cash inflows on trade receivables together with expected cash outflows on trade and other payables. The Group has a trade finance facility with Absa Bank for three of the Group\u2019s largest customers. In accordance with this facility, the bank purchases 80% of the receivable without recourse. The facility is for a maximum amount of $30.0 million with limits on the maximum amount that can be factored for each of the customers named in the facility. During the period, no trade receivables were factored under this agreement. At the year end, trade receivables amounting to $45.3 million (2022: $43.1 million) may be factored under this facility and are therefore included in trade receivables measured at fair value through OCI as at 31 December 2023. The cost of this facility for the period, which amounted to $nil million (2022: $0.2 million), is included in finance costs in the statement of comprehensive income and in net cash from operating activities in the statement of consolidated cash flows. The Group has a trade facility with Barclays Bank for customers which it sells to under letter of credit terms. Under this facility, Barclays Bank confirms the letter of credit from the issuing bank and therefore assumes the credit risk. Barclays Bank can also discount these letters of credit thereby providing early payment of receivables to the Group. There is no limit under the Barclays Bank facility. During the period, trade receivables of $10.9 million (2022: $201.4 million) were discounted under this facility. At the year end, there were $65.2 million (2022: $31.2 million) of trade receivables which can be discounted under this facility. The cost of this facility for the period, which amounted to $1.5 million (2022: $2.0 million), is included in finance costs in the statement of comprehensive income and in net cash from operating activities in the statement of consolidated cash flows. The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2023 based on the gross contractual undiscounted payments: Financial liabilities
BETWEEN
LESS THAN TWO AND FIVE MORE THAN
TOTAL ONE YEAR YEARS FIVE YEARS
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
48,799
33,087
15,712
\u2013
Lease liabilities
2,019
390
1,173
456
Trade and other payables
38,564
38,564
\u2013
\u2013
89,382
72,041
16,885
456
The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2022 based on the gross contractual undiscounted payments: Financial liabilities
BETWEEN
LESS THAN TWO AND FIVE MORE THAN
TOTAL ONE YEAR YEARS FIVE YEARS
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
80,795
33,653
47,142
\u2013
Lease liabilities
2,409
390
1,447
572
Trade and other payables
35,293
35,293
\u2013
\u2013
118,497
69,336
48,589
572
As disclosed in Note 20, the Group has bank loans that contain loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Under the loan agreement, the covenants are monitored on a regular basis by Group finance and regularly reported to management and the lenders to ensure compliance with the agreement. Furthermore, the group has authorised and committed expenditure on operations-related capital projects amounting to $93,664 million (2022: $11.5 million) as disclosed in Note 26. Risk concentration Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Group\u2019s performance to developments affecting a particular industry. The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Details of concentration of revenue are included in Note 2. Market risk Market risk is risk that changes in market prices, foreign exchange rates and interest rates will affect the Group\u2019s income statement. The objective of market risk management is to manage and control market risk exposures while optimising returns. Currency risk The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currency of all Group entities is US Dollars. The presentational currency of the Group is US Dollars. Sales and bank loans are denominated in US Dollars, which significantly reduces the exposure of the Group to foreign currency risk. Payable transactions are denominated in Mozambican Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi. During the year the Group entered into an agreement with Absa Bank Mauritius Ltd for the purchase and sale of US Dollars and South African Rand and the purchase of Mozambican Metical. The limit on the facility is $24 million and the maximum tenor is 3 months. The Group also entered into an agreement with Standard Bank Mauritius Ltd for the purchase of South African Rand. The limit on the facility is approximately $12.0 million and the maximum tenor is 3 months. There were no forward contracts in place at the period end. Exposure to currency risk The Group\u2019s gross exposure to currency risk as at 31 December 2023 is as follows.
SOUTH
MOZAMBICAN AFRICAN AUSTRALIAN
METICAL RAND EURO STERLING DOLLAR RENMINBI
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
12,956
1,712
338
395
156
\u2013
Cash and cash equivalents
5,371
9,296
571
499
3
17
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
\u2013
\u2013
(1,255)
\u2013
\u2013
\u2013
Trade and other payables
(12,919)
(1,741)
(296)
\u2013
\u2013
\u2013
Net exposure
5,408
9,267
(642)
894
159
17
The Group\u2019s exposure to currency risk as at 31 December 2022 is as follows.
SOUTH
MOZAMBICAN AFRICAN AUSTRALIAN
METICAL RAND EURO STERLING DOLLAR RENMINBI
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
12,172
756
489
72
88
\u2013
Cash and cash equivalents
1,397
12,894
892
1,129
17
34
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
\u2013
\u2013
(1,255)
\u2013
\u2013
\u2013
Trade and other payables
(20,367)
(2,178)
(502)
(10)
\u2013
\u2013
Net exposure
(6,798)
11,472
(376)
1,191
105
34
Sensitivity analysis A reasonably possible strengthening or weakening of the Mozambique Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi by 10% against the US Dollar would have affected profit or loss by the amounts shown below. The analysis assumes that all other variables remain constant. Profit or loss
SOUTH
MOZAMBICAN AFRICAN AUSTRALIAN
METICAL RAND EURO STERLING DOLLAR RENMINBI
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
31 December 2023
Strengthening
540
927
(64)
89
16
2
Weakening
(540)
(927)
64
(89)
(16)
(2)
31 December 2022
Strengthening
(680)
1,147
(38)
119
11
3
Weakening
680
(1,147)
38
(119)
(11)
(3)
Interest rate risk The loan facilities are arranged at variable rates and expose the Group to cash flow interest rate risk. Variable rates are based on six- month SOFR. The borrowing rate at financial year end was 11.3% (2022: 9.2%). The interest rate profile of the Group\u2019s loan balances at the financial year end was as follows:
2023 2022
$\u2019000 $\u2019000
Variable rate debt
48,799
80,795
Under the assumption that all other variables remain constant, a reasonable possible change of 1% in the six-month SOFR rate results in a $0.5 million (2022: $0.8 million) change in finance costs for the financial year. The above sensitivity analyses are estimates of the impact of market risks assuming the specified change occurs. Actual results in the future may differ materially from these results due to developments in the global financial markets, which may cause fluctuations in interest rates to vary from the assumptions made above and therefore should not be considered a projection of likely future events. Interest rate benchmark reform A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as \u201cIBOR reform\u201d), including LIBOR (the London Interbank Offered Rate). Pursuant to an Amendment and Restatement Agreement entered into on 9 March 2023 in respect of the Group\u2019s debt facilities, the basis on which interest is calculated in respect of those facilities was amended with effect from 11 March 2023. As a result of the amendment, interest rates for interest periods commencing from 11 March 2023 onwards were no longer determined by reference to US LIBOR; instead they are determined on the basis of the applicable Term SOFR Rate. While US LIBOR represented an inter-bank lending rate, Term SOFR is a published screen rate derived from SOFR, being the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York. As SOFR represents a risk-free rate, a credit adjustment spread is applied in addition, which spread varies according to the length of the relevant interest period. The Group has concluded that the new basis for determining cashflows is economically equivalent to the previous basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "value": "24. Financial instruments
2023
2022
CARRYING CARRYING
AMOUNT FAIR VALUE AMOUNT FAIR VALUE
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Financial assets at fair value through
profit and loss
Trade receivables
\u2013
\u2013
31,188
31,188
Level 2
Financial assets at fair value through OCI
Trade receivables
110,534
110,534
43,065
43,065
Level 2
Financial assets not measured
at fair value
Trade receivables
16,908
16,908
30,717
30,717
Level 2
Cash and cash equivalents
71,048
71,048
108,271
108,271
Level 2
198,490
198,490
213,241
213,241
Financial liabilities not measured
at fair value
Bank loans
47,873
48,799
78,578
80,795
Level 2
1 2 3 1 Relates to trade receivables which will be discounted through the Barclay\u2019s bank facility. 2 Relates to trade receivables which may be factored through the ABSA facility or discounted through the Barclay\u2019s bank facility. 3 Relates to trade receivables which will not be discounted or factored.. The carrying amounts and fair values of financial assets and financial liabilities including their levels in fair value hierarchy are detailed above. The table does not include fair value information for other receivables, prepayments, trade payables and accruals as these are not measured at fair value as the carrying amount is a reasonable approximation of their fair value. Trade receivables or letters of credit where it is not known at initial recognition if they will be factored are classified as fair value through other comprehensive income (FVOCI). Trade receivables which will not be factored and for which balances will be recovered under the sale contract credit terms are initially measured at fair value and subsequently measured at amortised cost. In the case of factored receivables, the Group derecognises the discounted receivable to which the arrangement applies when payment is received from the bank as the terms of the arrangement are non-recourse. The payment to the bank by the Group\u2019s customers are considered non-cash transactions for the purposes of the consolidated statement of cashflows. The valuation technique used in measuring Level 2 fair values is discounted cash flows, which considers the expected receipts or payments discounted using adjusted market discount rates or where these rates are not available estimated discount rates. The Group has exposure to credit risk, liquidity risk and market risk arising from financial instruments. Risk management framework The Board is ultimately responsible for risk management within the Group. It has delegated responsibility for the monitoring of the effectiveness of the Group\u2019s risk management and internal control systems to the Audit and Risk Committee. The Board and Audit and Risk Committee receive reports from executive management on the key risks to the business and the steps being taken to mitigate such risks. The Audit and Risk Committee is assisted in its role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit and Risk Committee. Credit risk Credit risk is the risk of financial loss to the Group if a customer or a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade receivables from customers. The carrying amount of financial assets represents the maximum credit exposure. The Group\u2019s exposure to credit risk is influenced by the individual circumstances of each customer. The Group also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. Before entering into sales contracts with new customers, the Group uses an external credit scoring system to assess the potential customer\u2019s credit quality. The credit quality of customers are reviewed regularly during the year and where appropriate credit limits or limits to the number of shipments which can be outstanding at any point are imposed. The Group\u2019s customers have been transacting with the Group for a significant number of years, and no customers\u2019 balances have been written off or are credit impaired at the financial year end. In monitoring customer credit risk, customers are reviewed individually and the Group has not identified any factors that would merit reducing exposure to any particular customer. The Group does not require collateral in respect of trade receivables. The gross exposure to credit risk for trade receivables by geographic region was as follows:
2023 2022
$\u2019000 $\u2019000
China
38,693
19,009
Asia (excluding China)
24,905
17,243
Europe
34,150
45,806
USA
29,597
22,776
Africa
97
136
Total
127,442
104,970
At 31 December 2023, $63.8 million (2022: $35.4 million) is due from the Group\u2019s three largest customers. A summary of the Group\u2019s exposure to credit risk for trade receivables is as follows:
2023 2022
$\u2019000 $\u2019000
External credit ratings at least Baa3 (Moody\u2019s)
65,266
31,188
Other
63,756
75,316
Total gross carrying amount
129,022
106,504
Loss allowance
(1,580)
(1,534)
Total
127,442
104,970
The following table provides ageing information relevant to the exposure to credit risk for trade receivables from individual customers. No balances were considered credit impaired at 31 December 2023 or 31 December 2022.
MORE THAN MORE THAN MORE THAN
30 DAYS 60 DAYS 90 DAYS
CURRENT PAST DUE PAST DUE PAST DUE TOTAL
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
2023
127,383
\u2013
\u2013
59
127,442
2022
104,962
\u2013
\u2013
8
104,970
Expected credit loss assessment of trade receivables For trade receivables measured at fair value through OCI and trade receivables measured at amortised cost, the Group allocates to each customer a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, financial statements and available market information about customers) and applying experienced credit judgement. The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2023. Equivalent to Moody\u2019s credit rating
GROSS IMPAIRMENT
WEIGHT CARRYING LOSS
AVERAGE AMOUNT ALLOWANCE CREDIT
LOSS RATE $\u2019000 $\u2019000 IMPAIRED
Other
2.0%
63,756
1,580
No
The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2022. Equivalent to Moody\u2019s credit rating
GROSS IMPAIRMENT
WEIGHT CARRYING LOSS
AVERAGE AMOUNT ALLOWANCE CREDIT
LOSS RATE $\u2019000 $\u2019000 IMPAIRED
Other
2.0%
75,316
1,534
No
The movement in expected credit losses in respect of trade receivables measured at amortised cost or fair value through other comprehensive income during the year was as follows:
2023 2022
$\u2019000 $\u2019000
Balance at 1 January
1,534
424
Net remeasurement of loss allowance
46
1,110
Balance at 31 December
1,580
1,534
The credit risk on cash and cash equivalents is limited because funds are deposited with banks with high credit ratings assigned by international credit rating agencies. For deposits in excess of $75 million the Group requires that the institution has an A- (S&P)/A3 (Moody\u2019s) long-term rating. For deposits in excess of $50 million, the Group requires that the institution has a BB- (S&P)/Ba3 (Moody\u2019s) long-term rating. At 31 December 2023 and 2022 cash was deposited with the following banks:
2023
2022
LONG-TERM CREDIT RATING
LONG-TERM CREDIT RATING
$ MILLION
S&P
MOODY\u2019S
$ MILLION
S&P
MOODY\u2019S
Nedbank Ltd
25.8
BB\u2013
Ba2
\u2013
\u2013
\u2013
Barclays Bank plc
23.2
A+ / Stable
A1/ Stable
81.4
A +
A1/ Stable
FirstRand Bank Limited
10.1
BB\u2013
Ba2
\u2013
BBB -
Ba2 /Stable
HSBC Bank plc
\u2013
\u2013
\u2013
1.0
AA- / Stable
A1/ Stable
Absa Bank Mauritius Limited
4.9
\u2013
Ba
20.5
\u2013
Ba2 /Negative
Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled in cash payments. The Group\u2019s objective when managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when they are due. The Group monitors mine payment forecasts, both operating and capital, which assist it in monitoring cash flow requirements and optimising its cash return on investments. The Group aims to maintain the level of its cash and cash equivalents at an amount in excess of expected cash outflows on financial liabilities. The Group monitors the level of expected cash inflows on trade receivables together with expected cash outflows on trade and other payables. The Group has a trade finance facility with Absa Bank for three of the Group\u2019s largest customers. In accordance with this facility, the bank purchases 80% of the receivable without recourse. The facility is for a maximum amount of $30.0 million with limits on the maximum amount that can be factored for each of the customers named in the facility. During the period, no trade receivables were factored under this agreement. At the year end, trade receivables amounting to $45.3 million (2022: $43.1 million) may be factored under this facility and are therefore included in trade receivables measured at fair value through OCI as at 31 December 2023. The cost of this facility for the period, which amounted to $nil million (2022: $0.2 million), is included in finance costs in the statement of comprehensive income and in net cash from operating activities in the statement of consolidated cash flows. The Group has a trade facility with Barclays Bank for customers which it sells to under letter of credit terms. Under this facility, Barclays Bank confirms the letter of credit from the issuing bank and therefore assumes the credit risk. Barclays Bank can also discount these letters of credit thereby providing early payment of receivables to the Group. There is no limit under the Barclays Bank facility. During the period, trade receivables of $10.9 million (2022: $201.4 million) were discounted under this facility. At the year end, there were $65.2 million (2022: $31.2 million) of trade receivables which can be discounted under this facility. The cost of this facility for the period, which amounted to $1.5 million (2022: $2.0 million), is included in finance costs in the statement of comprehensive income and in net cash from operating activities in the statement of consolidated cash flows. The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2023 based on the gross contractual undiscounted payments: Financial liabilities
BETWEEN
LESS THAN TWO AND FIVE MORE THAN
TOTAL ONE YEAR YEARS FIVE YEARS
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
48,799
33,087
15,712
\u2013
Lease liabilities
2,019
390
1,173
456
Trade and other payables
38,564
38,564
\u2013
\u2013
89,382
72,041
16,885
456
The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2022 based on the gross contractual undiscounted payments: Financial liabilities
BETWEEN
LESS THAN TWO AND FIVE MORE THAN
TOTAL ONE YEAR YEARS FIVE YEARS
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
80,795
33,653
47,142
\u2013
Lease liabilities
2,409
390
1,447
572
Trade and other payables
35,293
35,293
\u2013
\u2013
118,497
69,336
48,589
572
As disclosed in Note 20, the Group has bank loans that contain loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Under the loan agreement, the covenants are monitored on a regular basis by Group finance and regularly reported to management and the lenders to ensure compliance with the agreement. Furthermore, the group has authorised and committed expenditure on operations-related capital projects amounting to $93,664 million (2022: $11.5 million) as disclosed in Note 26. Risk concentration Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Group\u2019s performance to developments affecting a particular industry. The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Details of concentration of revenue are included in Note 2. Market risk Market risk is risk that changes in market prices, foreign exchange rates and interest rates will affect the Group\u2019s income statement. The objective of market risk management is to manage and control market risk exposures while optimising returns. Currency risk The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currency of all Group entities is US Dollars. The presentational currency of the Group is US Dollars. Sales and bank loans are denominated in US Dollars, which significantly reduces the exposure of the Group to foreign currency risk. Payable transactions are denominated in Mozambican Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi. During the year the Group entered into an agreement with Absa Bank Mauritius Ltd for the purchase and sale of US Dollars and South African Rand and the purchase of Mozambican Metical. The limit on the facility is $24 million and the maximum tenor is 3 months. The Group also entered into an agreement with Standard Bank Mauritius Ltd for the purchase of South African Rand. The limit on the facility is approximately $12.0 million and the maximum tenor is 3 months. There were no forward contracts in place at the period end. Exposure to currency risk The Group\u2019s gross exposure to currency risk as at 31 December 2023 is as follows.
SOUTH
MOZAMBICAN AFRICAN AUSTRALIAN
METICAL RAND EURO STERLING DOLLAR RENMINBI
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
12,956
1,712
338
395
156
\u2013
Cash and cash equivalents
5,371
9,296
571
499
3
17
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
\u2013
\u2013
(1,255)
\u2013
\u2013
\u2013
Trade and other payables
(12,919)
(1,741)
(296)
\u2013
\u2013
\u2013
Net exposure
5,408
9,267
(642)
894
159
17
The Group\u2019s exposure to currency risk as at 31 December 2022 is as follows.
SOUTH
MOZAMBICAN AFRICAN AUSTRALIAN
METICAL RAND EURO STERLING DOLLAR RENMINBI
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
12,172
756
489
72
88
\u2013
Cash and cash equivalents
1,397
12,894
892
1,129
17
34
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
\u2013
\u2013
(1,255)
\u2013
\u2013
\u2013
Trade and other payables
(20,367)
(2,178)
(502)
(10)
\u2013
\u2013
Net exposure
(6,798)
11,472
(376)
1,191
105
34
Sensitivity analysis A reasonably possible strengthening or weakening of the Mozambique Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi by 10% against the US Dollar would have affected profit or loss by the amounts shown below. The analysis assumes that all other variables remain constant. Profit or loss
SOUTH
MOZAMBICAN AFRICAN AUSTRALIAN
METICAL RAND EURO STERLING DOLLAR RENMINBI
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
31 December 2023
Strengthening
540
927
(64)
89
16
2
Weakening
(540)
(927)
64
(89)
(16)
(2)
31 December 2022
Strengthening
(680)
1,147
(38)
119
11
3
Weakening
680
(1,147)
38
(119)
(11)
(3)
Interest rate risk The loan facilities are arranged at variable rates and expose the Group to cash flow interest rate risk. Variable rates are based on six- month SOFR. The borrowing rate at financial year end was 11.3% (2022: 9.2%). The interest rate profile of the Group\u2019s loan balances at the financial year end was as follows:
2023 2022
$\u2019000 $\u2019000
Variable rate debt
48,799
80,795
Under the assumption that all other variables remain constant, a reasonable possible change of 1% in the six-month SOFR rate results in a $0.5 million (2022: $0.8 million) change in finance costs for the financial year. The above sensitivity analyses are estimates of the impact of market risks assuming the specified change occurs. Actual results in the future may differ materially from these results due to developments in the global financial markets, which may cause fluctuations in interest rates to vary from the assumptions made above and therefore should not be considered a projection of likely future events. Interest rate benchmark reform A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as \u201cIBOR reform\u201d), including LIBOR (the London Interbank Offered Rate). Pursuant to an Amendment and Restatement Agreement entered into on 9 March 2023 in respect of the Group\u2019s debt facilities, the basis on which interest is calculated in respect of those facilities was amended with effect from 11 March 2023. As a result of the amendment, interest rates for interest periods commencing from 11 March 2023 onwards were no longer determined by reference to US LIBOR; instead they are determined on the basis of the applicable Term SOFR Rate. While US LIBOR represented an inter-bank lending rate, Term SOFR is a published screen rate derived from SOFR, being the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York. As SOFR represents a risk-free rate, a credit adjustment spread is applied in addition, which spread varies according to the length of the relevant interest period. The Group has concluded that the new basis for determining cashflows is economically equivalent to the previous basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-319": { "value": "24. Financial instruments
2023
2022
CARRYING CARRYING
AMOUNT FAIR VALUE AMOUNT FAIR VALUE
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Financial assets at fair value through
profit and loss
Trade receivables
\u2013
\u2013
31,188
31,188
Level 2
Financial assets at fair value through OCI
Trade receivables
110,534
110,534
43,065
43,065
Level 2
Financial assets not measured
at fair value
Trade receivables
16,908
16,908
30,717
30,717
Level 2
Cash and cash equivalents
71,048
71,048
108,271
108,271
Level 2
198,490
198,490
213,241
213,241
Financial liabilities not measured
at fair value
Bank loans
47,873
48,799
78,578
80,795
Level 2
1 2 3 1 Relates to trade receivables which will be discounted through the Barclay\u2019s bank facility. 2 Relates to trade receivables which may be factored through the ABSA facility or discounted through the Barclay\u2019s bank facility. 3 Relates to trade receivables which will not be discounted or factored.. The carrying amounts and fair values of financial assets and financial liabilities including their levels in fair value hierarchy are detailed above. The table does not include fair value information for other receivables, prepayments, trade payables and accruals as these are not measured at fair value as the carrying amount is a reasonable approximation of their fair value. Trade receivables or letters of credit where it is not known at initial recognition if they will be factored are classified as fair value through other comprehensive income (FVOCI). Trade receivables which will not be factored and for which balances will be recovered under the sale contract credit terms are initially measured at fair value and subsequently measured at amortised cost. In the case of factored receivables, the Group derecognises the discounted receivable to which the arrangement applies when payment is received from the bank as the terms of the arrangement are non-recourse. The payment to the bank by the Group\u2019s customers are considered non-cash transactions for the purposes of the consolidated statement of cashflows. The valuation technique used in measuring Level 2 fair values is discounted cash flows, which considers the expected receipts or payments discounted using adjusted market discount rates or where these rates are not available estimated discount rates. The Group has exposure to credit risk, liquidity risk and market risk arising from financial instruments.
Risk management framework
The Board is ultimately responsible for risk management within the Group. It has delegated responsibility for the monitoring of the
effectiveness of the Group\u2019s risk management and internal control systems to the Audit and Risk Committee. The Board and Audit and
Risk Committee receive reports from executive management on the key risks to the business and the steps being taken to mitigate such
risks. The Audit and Risk Committee is assisted in its role by internal audit. Internal audit undertakes both regular and ad hoc reviews of
risk management controls and procedures, the results of which are reported to the Audit and Risk Committee.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or a counterparty to a financial instrument fails to meet its contractual
obligations and arises principally from the Group\u2019s trade receivables from customers. The carrying amount of financial assets represents
the maximum credit exposure.
The Group\u2019s exposure to credit risk is influenced by the individual circumstances of each customer. The Group also considers the factors that
may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate.
Before entering into sales contracts with new customers, the Group uses an external credit scoring system to assess the potential
customer\u2019s credit quality. The credit quality of customers are reviewed regularly during the year and where appropriate credit limits or
limits to the number of shipments which can be outstanding at any point are imposed.
The Group\u2019s customers have been transacting with the Group for a significant number of years, and no customers\u2019 balances have been
written off or are credit impaired at the financial year end. In monitoring customer credit risk, customers are reviewed individually and
the Group has not identified any factors that would merit reducing exposure to any particular customer. The Group does not require
collateral in respect of trade receivables.
The gross exposure to credit risk for trade receivables by geographic region was as follows:
2023 2022
$\u2019000 $\u2019000
China
38,693
19,009
Asia (excluding China)
24,905
17,243
Europe
34,150
45,806
USA
29,597
22,776
Africa
97
136
Total
127,442
104,970
At 31 December 2023, $63.8 million (2022: $35.4 million) is due from the Group\u2019s three largest customers.
A summary of the Group\u2019s exposure to credit risk for trade receivables is as follows:
2023 2022
$\u2019000 $\u2019000
External credit ratings at least Baa3 (Moody\u2019s)
65,266
31,188
Other
63,756
75,316
Total gross carrying amount
129,022
106,504
Loss allowance
(1,580)
(1,534)
Total
127,442
104,970
The following table provides ageing information relevant to the exposure to credit risk for trade receivables from individual customers.
No balances were considered credit impaired at 31 December 2023 or 31 December 2022.
MORE THAN MORE THAN MORE THAN
30 DAYS 60 DAYS 90 DAYS
CURRENT PAST DUE PAST DUE PAST DUE TOTAL
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
2023
127,383
\u2013
\u2013
59
127,442
2022
104,962
\u2013
\u2013
8
104,970
Expected credit loss assessment of trade receivables
For trade receivables measured at fair value through OCI and trade receivables measured at amortised cost, the Group allocates to each
customer a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external
ratings, financial statements and available market information about customers) and applying experienced credit judgement.
The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2023. Equivalent to Moody\u2019s credit rating
GROSS IMPAIRMENT
WEIGHT CARRYING LOSS
AVERAGE AMOUNT ALLOWANCE CREDIT
LOSS RATE $\u2019000 $\u2019000 IMPAIRED
Other
2.0%
63,756
1,580
No
The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2022. Equivalent to Moody\u2019s credit rating
GROSS IMPAIRMENT
WEIGHT CARRYING LOSS
AVERAGE AMOUNT ALLOWANCE CREDIT
LOSS RATE $\u2019000 $\u2019000 IMPAIRED
Other
2.0%
75,316
1,534
No
The movement in expected credit losses in respect of trade receivables measured at amortised cost or fair value through other comprehensive income during the year was as follows:
2023 2022
$\u2019000 $\u2019000
Balance at 1 January
1,534
424
Net remeasurement of loss allowance
46
1,110
Balance at 31 December
1,580
1,534
The credit risk on cash and cash equivalents is limited because funds are deposited with banks with high credit ratings assigned by international credit rating agencies. For deposits in excess of $75 million the Group requires that the institution has an A- (S&P)/A3 (Moody\u2019s) long-term rating. For deposits in excess of $50 million, the Group requires that the institution has a BB- (S&P)/Ba3 (Moody\u2019s) long-term rating. At 31 December 2023 and 2022 cash was deposited with the following banks:
2023
2022
LONG-TERM CREDIT RATING
LONG-TERM CREDIT RATING
$ MILLION
S&P
MOODY\u2019S
$ MILLION
S&P
MOODY\u2019S
Nedbank Ltd
25.8
BB\u2013
Ba2
\u2013
\u2013
\u2013
Barclays Bank plc
23.2
A+ / Stable
A1/ Stable
81.4
A +
A1/ Stable
FirstRand Bank Limited
10.1
BB\u2013
Ba2
\u2013
BBB -
Ba2 /Stable
HSBC Bank plc
\u2013
\u2013
\u2013
1.0
AA- / Stable
A1/ Stable
Absa Bank Mauritius Limited
4.9
\u2013
Ba
20.5
\u2013
Ba2 /Negative
Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled in cash payments. The Group\u2019s objective when managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when they are due. The Group monitors mine payment forecasts, both operating and capital, which assist it in monitoring cash flow requirements and optimising its cash return on investments. The Group aims to maintain the level of its cash and cash equivalents at an amount in excess of expected cash outflows on financial liabilities. The Group monitors the level of expected cash inflows on trade receivables together with expected cash outflows on trade and other payables. The Group has a trade finance facility with Absa Bank for three of the Group\u2019s largest customers. In accordance with this facility, the bank purchases 80% of the receivable without recourse. The facility is for a maximum amount of $30.0 million with limits on the maximum amount that can be factored for each of the customers named in the facility. During the period, no trade receivables were factored under this agreement. At the year end, trade receivables amounting to $45.3 million (2022: $43.1 million) may be factored under this facility and are therefore included in trade receivables measured at fair value through OCI as at 31 December 2023. The cost of this facility for the period, which amounted to $nil million (2022: $0.2 million), is included in finance costs in the statement of comprehensive income and in net cash from operating activities in the statement of consolidated cash flows. The Group has a trade facility with Barclays Bank for customers which it sells to under letter of credit terms. Under this facility, Barclays Bank confirms the letter of credit from the issuing bank and therefore assumes the credit risk. Barclays Bank can also discount these letters of credit thereby providing early payment of receivables to the Group. There is no limit under the Barclays Bank facility. During the period, trade receivables of $10.9 million (2022: $201.4 million) were discounted under this facility. At the year end, there were $65.2 million (2022: $31.2 million) of trade receivables which can be discounted under this facility. The cost of this facility for the period, which amounted to $1.5 million (2022: $2.0 million), is included in finance costs in the statement of comprehensive income and in net cash from operating activities in the statement of consolidated cash flows.
The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2023 based on the gross contractual
undiscounted payments:
Financial liabilities
BETWEEN
LESS THAN TWO AND FIVE MORE THAN
TOTAL ONE YEAR YEARS FIVE YEARS
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
48,799
33,087
15,712
\u2013
Lease liabilities
2,019
390
1,173
456
Trade and other payables
38,564
38,564
\u2013
\u2013
89,382
72,041
16,885
456
The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2022 based on the gross contractual
undiscounted payments:
Financial liabilities
BETWEEN
LESS THAN TWO AND FIVE MORE THAN
TOTAL ONE YEAR YEARS FIVE YEARS
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
80,795
33,653
47,142
\u2013
Lease liabilities
2,409
390
1,447
572
Trade and other payables
35,293
35,293
\u2013
\u2013
118,497
69,336
48,589
572
As disclosed in Note 20, the Group has bank loans that contain loan covenants. A future breach of covenant may require the Group to
repay the loan earlier than indicated in the above table. Under the loan agreement, the covenants are monitored on a regular basis by
Group finance and regularly reported to management and the lenders to ensure compliance with the agreement.
Furthermore, the group has authorised and committed expenditure on operations-related capital projects amounting to $93,664 million
(2022: $11.5 million) as disclosed in Note 26.
Risk concentration
Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical
region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in
economic, political or other conditions. Concentrations indicate the relative sensitivity of the Group\u2019s performance to developments
affecting a particular industry.
The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several
jurisdictions and industries and operate in largely independent markets. Details of concentration of revenue are included in Note 2.
Market risk
Market risk is risk that changes in market prices, foreign exchange rates and interest rates will affect the Group\u2019s income statement. The
objective of market risk management is to manage and control market risk exposures while optimising returns.
Currency risk
The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales,
purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional
currency of all Group entities is US Dollars. The presentational currency of the Group is US Dollars. Sales and bank loans are denominated
in US Dollars, which significantly reduces the exposure of the Group to foreign currency risk. Payable transactions are denominated in
Mozambican Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi.
During the year the Group entered into an agreement with Absa Bank Mauritius Ltd for the purchase and sale of US Dollars and South
African Rand and the purchase of Mozambican Metical. The limit on the facility is $24 million and the maximum tenor is 3 months. The
Group also entered into an agreement with Standard Bank Mauritius Ltd for the purchase of South African Rand. The limit on the facility
is approximately $12.0 million and the maximum tenor is 3 months. There were no forward contracts in place at the period end.
Exposure to currency risk The Group\u2019s gross exposure to currency risk as at 31 December 2023 is as follows.
SOUTH
MOZAMBICAN AFRICAN AUSTRALIAN
METICAL RAND EURO STERLING DOLLAR RENMINBI
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
12,956
1,712
338
395
156
\u2013
Cash and cash equivalents
5,371
9,296
571
499
3
17
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
\u2013
\u2013
(1,255)
\u2013
\u2013
\u2013
Trade and other payables
(12,919)
(1,741)
(296)
\u2013
\u2013
\u2013
Net exposure
5,408
9,267
(642)
894
159
17
The Group\u2019s exposure to currency risk as at 31 December 2022 is as follows.
SOUTH
MOZAMBICAN AFRICAN AUSTRALIAN
METICAL RAND EURO STERLING DOLLAR RENMINBI
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
12,172
756
489
72
88
\u2013
Cash and cash equivalents
1,397
12,894
892
1,129
17
34
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
\u2013
\u2013
(1,255)
\u2013
\u2013
\u2013
Trade and other payables
(20,367)
(2,178)
(502)
(10)
\u2013
\u2013
Net exposure
(6,798)
11,472
(376)
1,191
105
34
Sensitivity analysis A reasonably possible strengthening or weakening of the Mozambique Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi by 10% against the US Dollar would have affected profit or loss by the amounts shown below. The analysis assumes that all other variables remain constant. Profit or loss
SOUTH
MOZAMBICAN AFRICAN AUSTRALIAN
METICAL RAND EURO STERLING DOLLAR RENMINBI
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
31 December 2023
Strengthening
540
927
(64)
89
16
2
Weakening
(540)
(927)
64
(89)
(16)
(2)
31 December 2022
Strengthening
(680)
1,147
(38)
119
11
3
Weakening
680
(1,147)
38
(119)
(11)
(3)
Interest rate risk The loan facilities are arranged at variable rates and expose the Group to cash flow interest rate risk. Variable rates are based on six- month SOFR. The borrowing rate at financial year end was 11.3% (2022: 9.2%). The interest rate profile of the Group\u2019s loan balances at the financial year end was as follows:
2023 2022
$\u2019000 $\u2019000
Variable rate debt
48,799
80,795
Under the assumption that all other variables remain constant, a reasonable possible change of 1% in the six-month SOFR rate results in a $0.5 million (2022: $0.8 million) change in finance costs for the financial year. The above sensitivity analyses are estimates of the impact of market risks assuming the specified change occurs. Actual results in the future may differ materially from these results due to developments in the global financial markets, which may cause fluctuations in interest rates to vary from the assumptions made above and therefore should not be considered a projection of likely future events.
Interest rate benchmark reform
A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered
rates (IBORs) with alternative nearly risk-free rates (referred to as \u201cIBOR reform\u201d), including LIBOR (the London Interbank Offered Rate).
Pursuant to an Amendment and Restatement Agreement entered into on 9 March 2023 in respect of the Group\u2019s debt facilities, the basis
on which interest is calculated in respect of those facilities was amended with effect from 11 March 2023. As a result of the amendment,
interest rates for interest periods commencing from 11 March 2023 onwards were no longer determined by reference to US LIBOR; instead
they are determined on the basis of the applicable Term SOFR Rate. While US LIBOR represented an inter-bank lending rate, Term SOFR
is a published screen rate derived from SOFR, being the secured overnight financing rate (SOFR) administered by the Federal Reserve
Bank of New York. As SOFR represents a risk-free rate, a credit adjustment spread is applied in addition, which spread varies according to
the length of the relevant interest period.
The Group has concluded that the new basis for determining cashflows is economically equivalent to the previous basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-352": { "value": "Risk management framework The Board is ultimately responsible for risk management within the Group. It has delegated responsibility for the monitoring of the effectiveness of the Group\u2019s risk management and internal control systems to the Audit and Risk Committee. The Board and Audit and Risk Committee receive reports from executive management on the key risks to the business and the steps being taken to mitigate such risks. The Audit and Risk Committee is assisted in its role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit and Risk Committee. Credit risk Credit risk is the risk of financial loss to the Group if a customer or a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade receivables from customers. The carrying amount of financial assets represents the maximum credit exposure. The Group\u2019s exposure to credit risk is influenced by the individual circumstances of each customer. The Group also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. Before entering into sales contracts with new customers, the Group uses an external credit scoring system to assess the potential customer\u2019s credit quality. The credit quality of customers are reviewed regularly during the year and where appropriate credit limits or limits to the number of shipments which can be outstanding at any point are imposed. The Group\u2019s customers have been transacting with the Group for a significant number of years, and no customers\u2019 balances have been written off or are credit impaired at the financial year end. In monitoring customer credit risk, customers are reviewed individually and the Group has not identified any factors that would merit reducing exposure to any particular customer. The Group does not require collateral in respect of trade receivables. The gross exposure to credit risk for trade receivables by geographic region was as follows:
2023 2022
$\u2019000 $\u2019000
China
38,693
19,009
Asia (excluding China)
24,905
17,243
Europe
34,150
45,806
USA
29,597
22,776
Africa
97
136
Total
127,442
104,970
At 31 December 2023, $63.8 million (2022: $35.4 million) is due from the Group\u2019s three largest customers. A summary of the Group\u2019s exposure to credit risk for trade receivables is as follows:
2023 2022
$\u2019000 $\u2019000
External credit ratings at least Baa3 (Moody\u2019s)
65,266
31,188
Other
63,756
75,316
Total gross carrying amount
129,022
106,504
Loss allowance
(1,580)
(1,534)
Total
127,442
104,970
The following table provides ageing information relevant to the exposure to credit risk for trade receivables from individual customers. No balances were considered credit impaired at 31 December 2023 or 31 December 2022.
MORE THAN MORE THAN MORE THAN
30 DAYS 60 DAYS 90 DAYS
CURRENT PAST DUE PAST DUE PAST DUE TOTAL
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
2023
127,383
\u2013
\u2013
59
127,442
2022
104,962
\u2013
\u2013
8
104,970
Expected credit loss assessment of trade receivables For trade receivables measured at fair value through OCI and trade receivables measured at amortised cost, the Group allocates to each customer a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, financial statements and available market information about customers) and applying experienced credit judgement. The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2023. Equivalent to Moody\u2019s credit rating
GROSS IMPAIRMENT
WEIGHT CARRYING LOSS
AVERAGE AMOUNT ALLOWANCE CREDIT
LOSS RATE $\u2019000 $\u2019000 IMPAIRED
Other
2.0%
63,756
1,580
No
The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2022. Equivalent to Moody\u2019s credit rating
GROSS IMPAIRMENT
WEIGHT CARRYING LOSS
AVERAGE AMOUNT ALLOWANCE CREDIT
LOSS RATE $\u2019000 $\u2019000 IMPAIRED
Other
2.0%
75,316
1,534
No
The movement in expected credit losses in respect of trade receivables measured at amortised cost or fair value through other comprehensive income during the year was as follows:
2023 2022
$\u2019000 $\u2019000
Balance at 1 January
1,534
424
Net remeasurement of loss allowance
46
1,110
Balance at 31 December
1,580
1,534
The credit risk on cash and cash equivalents is limited because funds are deposited with banks with high credit ratings assigned by international credit rating agencies. For deposits in excess of $75 million the Group requires that the institution has an A- (S&P)/A3 (Moody\u2019s) long-term rating. For deposits in excess of $50 million, the Group requires that the institution has a BB- (S&P)/Ba3 (Moody\u2019s) long-term rating. At 31 December 2023 and 2022 cash was deposited with the following banks:
2023
2022
LONG-TERM CREDIT RATING
LONG-TERM CREDIT RATING
$ MILLION
S&P
MOODY\u2019S
$ MILLION
S&P
MOODY\u2019S
Nedbank Ltd
25.8
BB\u2013
Ba2
\u2013
\u2013
\u2013
Barclays Bank plc
23.2
A+ / Stable
A1/ Stable
81.4
A +
A1/ Stable
FirstRand Bank Limited
10.1
BB\u2013
Ba2
\u2013
BBB -
Ba2 /Stable
HSBC Bank plc
\u2013
\u2013
\u2013
1.0
AA- / Stable
A1/ Stable
Absa Bank Mauritius Limited
4.9
\u2013
Ba
20.5
\u2013
Ba2 /Negative
Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled in cash payments. The Group\u2019s objective when managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when they are due. The Group monitors mine payment forecasts, both operating and capital, which assist it in monitoring cash flow requirements and optimising its cash return on investments. The Group aims to maintain the level of its cash and cash equivalents at an amount in excess of expected cash outflows on financial liabilities. The Group monitors the level of expected cash inflows on trade receivables together with expected cash outflows on trade and other payables. The Group has a trade finance facility with Absa Bank for three of the Group\u2019s largest customers. In accordance with this facility, the bank purchases 80% of the receivable without recourse. The facility is for a maximum amount of $30.0 million with limits on the maximum amount that can be factored for each of the customers named in the facility. During the period, no trade receivables were factored under this agreement. At the year end, trade receivables amounting to $45.3 million (2022: $43.1 million) may be factored under this facility and are therefore included in trade receivables measured at fair value through OCI as at 31 December 2023. The cost of this facility for the period, which amounted to $nil million (2022: $0.2 million), is included in finance costs in the statement of comprehensive income and in net cash from operating activities in the statement of consolidated cash flows. The Group has a trade facility with Barclays Bank for customers which it sells to under letter of credit terms. Under this facility, Barclays Bank confirms the letter of credit from the issuing bank and therefore assumes the credit risk. Barclays Bank can also discount these letters of credit thereby providing early payment of receivables to the Group. There is no limit under the Barclays Bank facility. During the period, trade receivables of $10.9 million (2022: $201.4 million) were discounted under this facility. At the year end, there were $65.2 million (2022: $31.2 million) of trade receivables which can be discounted under this facility. The cost of this facility for the period, which amounted to $1.5 million (2022: $2.0 million), is included in finance costs in the statement of comprehensive income and in net cash from operating activities in the statement of consolidated cash flows. The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2023 based on the gross contractual undiscounted payments: Financial liabilities
BETWEEN
LESS THAN TWO AND FIVE MORE THAN
TOTAL ONE YEAR YEARS FIVE YEARS
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
48,799
33,087
15,712
\u2013
Lease liabilities
2,019
390
1,173
456
Trade and other payables
38,564
38,564
\u2013
\u2013
89,382
72,041
16,885
456
The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2022 based on the gross contractual undiscounted payments: Financial liabilities
BETWEEN
LESS THAN TWO AND FIVE MORE THAN
TOTAL ONE YEAR YEARS FIVE YEARS
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
80,795
33,653
47,142
\u2013
Lease liabilities
2,409
390
1,447
572
Trade and other payables
35,293
35,293
\u2013
\u2013
118,497
69,336
48,589
572
As disclosed in Note 20, the Group has bank loans that contain loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Under the loan agreement, the covenants are monitored on a regular basis by Group finance and regularly reported to management and the lenders to ensure compliance with the agreement. Furthermore, the group has authorised and committed expenditure on operations-related capital projects amounting to $93,664 million (2022: $11.5 million) as disclosed in Note 26. Risk concentration Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Group\u2019s performance to developments affecting a particular industry. The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Details of concentration of revenue are included in Note 2. Market risk Market risk is risk that changes in market prices, foreign exchange rates and interest rates will affect the Group\u2019s income statement. The objective of market risk management is to manage and control market risk exposures while optimising returns. Currency risk The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currency of all Group entities is US Dollars. The presentational currency of the Group is US Dollars. Sales and bank loans are denominated in US Dollars, which significantly reduces the exposure of the Group to foreign currency risk. Payable transactions are denominated in Mozambican Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi. During the year the Group entered into an agreement with Absa Bank Mauritius Ltd for the purchase and sale of US Dollars and South African Rand and the purchase of Mozambican Metical. The limit on the facility is $24 million and the maximum tenor is 3 months. The Group also entered into an agreement with Standard Bank Mauritius Ltd for the purchase of South African Rand. The limit on the facility is approximately $12.0 million and the maximum tenor is 3 months. There were no forward contracts in place at the period end.
Exposure to currency risk
The Group\u2019s gross exposure to currency risk as at 31 December 2023 is as follows.
SOUTH
MOZAMBICAN AFRICAN AUSTRALIAN
METICAL RAND EURO STERLING DOLLAR RENMINBI
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
12,956
1,712
338
395
156
\u2013
Cash and cash equivalents
5,371
9,296
571
499
3
17
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
\u2013
\u2013
(1,255)
\u2013
\u2013
\u2013
Trade and other payables
(12,919)
(1,741)
(296)
\u2013
\u2013
\u2013
Net exposure
5,408
9,267
(642)
894
159
17
The Group\u2019s exposure to currency risk as at 31 December 2022 is as follows.
SOUTH
MOZAMBICAN AFRICAN AUSTRALIAN
METICAL RAND EURO STERLING DOLLAR RENMINBI
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
12,172
756
489
72
88
\u2013
Cash and cash equivalents
1,397
12,894
892
1,129
17
34
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
\u2013
\u2013
(1,255)
\u2013
\u2013
\u2013
Trade and other payables
(20,367)
(2,178)
(502)
(10)
\u2013
\u2013
Net exposure
(6,798)
11,472
(376)
1,191
105
34
Sensitivity analysis
A reasonably possible strengthening or weakening of the Mozambique Metical, South African Rand, Euro, Sterling, Australian Dollar and
Renminbi by 10% against the US Dollar would have affected profit or loss by the amounts shown below. The analysis assumes that all
other variables remain constant.
Profit or loss
SOUTH
MOZAMBICAN AFRICAN AUSTRALIAN
METICAL RAND EURO STERLING DOLLAR RENMINBI
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
31 December 2023
Strengthening
540
927
(64)
89
16
2
Weakening
(540)
(927)
64
(89)
(16)
(2)
31 December 2022
Strengthening
(680)
1,147
(38)
119
11
3
Weakening
680
(1,147)
38
(119)
(11)
(3)
Interest rate risk
The loan facilities are arranged at variable rates and expose the Group to cash flow interest rate risk. Variable rates are based on six-
month SOFR. The borrowing rate at financial year end was 11.3% (2022: 9.2%). The interest rate profile of the Group\u2019s loan balances at the
financial year end was as follows:
2023 2022
$\u2019000 $\u2019000
Variable rate debt
48,799
80,795
Under the assumption that all other variables remain constant, a reasonable possible change of 1% in the six-month SOFR rate results in a
$0.5 million (2022: $0.8 million) change in finance costs for the financial year.
The above sensitivity analyses are estimates of the impact of market risks assuming the specified change occurs. Actual results in the
future may differ materially from these results due to developments in the global financial markets, which may cause fluctuations in
interest rates to vary from the assumptions made above and therefore should not be considered a projection of likely future events.
Interest rate benchmark reform A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as \u201cIBOR reform\u201d), including LIBOR (the London Interbank Offered Rate). Pursuant to an Amendment and Restatement Agreement entered into on 9 March 2023 in respect of the Group\u2019s debt facilities, the basis on which interest is calculated in respect of those facilities was amended with effect from 11 March 2023. As a result of the amendment, interest rates for interest periods commencing from 11 March 2023 onwards were no longer determined by reference to US LIBOR; instead they are determined on the basis of the applicable Term SOFR Rate. While US LIBOR represented an inter-bank lending rate, Term SOFR is a published screen rate derived from SOFR, being the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York. As SOFR represents a risk-free rate, a credit adjustment spread is applied in addition, which spread varies according to the length of the relevant interest period. The Group has concluded that the new basis for determining cashflows is economically equivalent to the previous basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "value": "Credit risk Credit risk is the risk of financial loss to the Group if a customer or a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade receivables from customers. The carrying amount of financial assets represents the maximum credit exposure. The Group\u2019s exposure to credit risk is influenced by the individual circumstances of each customer. The Group also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. Before entering into sales contracts with new customers, the Group uses an external credit scoring system to assess the potential customer\u2019s credit quality. The credit quality of customers are reviewed regularly during the year and where appropriate credit limits or limits to the number of shipments which can be outstanding at any point are imposed. The Group\u2019s customers have been transacting with the Group for a significant number of years, and no customers\u2019 balances have been written off or are credit impaired at the financial year end. In monitoring customer credit risk, customers are reviewed individually and the Group has not identified any factors that would merit reducing exposure to any particular customer. The Group does not require collateral in respect of trade receivables. The gross exposure to credit risk for trade receivables by geographic region was as follows:
2023 2022
$\u2019000 $\u2019000
China
38,693
19,009
Asia (excluding China)
24,905
17,243
Europe
34,150
45,806
USA
29,597
22,776
Africa
97
136
Total
127,442
104,970
At 31 December 2023, $63.8 million (2022: $35.4 million) is due from the Group\u2019s three largest customers. A summary of the Group\u2019s exposure to credit risk for trade receivables is as follows:
2023 2022
$\u2019000 $\u2019000
External credit ratings at least Baa3 (Moody\u2019s)
65,266
31,188
Other
63,756
75,316
Total gross carrying amount
129,022
106,504
Loss allowance
(1,580)
(1,534)
Total
127,442
104,970
The following table provides ageing information relevant to the exposure to credit risk for trade receivables from individual customers. No balances were considered credit impaired at 31 December 2023 or 31 December 2022.
MORE THAN MORE THAN MORE THAN
30 DAYS 60 DAYS 90 DAYS
CURRENT PAST DUE PAST DUE PAST DUE TOTAL
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
2023
127,383
\u2013
\u2013
59
127,442
2022
104,962
\u2013
\u2013
8
104,970
Expected credit loss assessment of trade receivables For trade receivables measured at fair value through OCI and trade receivables measured at amortised cost, the Group allocates to each customer a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, financial statements and available market information about customers) and applying experienced credit judgement.
The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2023.
Equivalent to Moody\u2019s credit rating
GROSS IMPAIRMENT
WEIGHT CARRYING LOSS
AVERAGE AMOUNT ALLOWANCE CREDIT
LOSS RATE $\u2019000 $\u2019000 IMPAIRED
Other
2.0%
63,756
1,580
No
The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2022.
Equivalent to Moody\u2019s credit rating
GROSS IMPAIRMENT
WEIGHT CARRYING LOSS
AVERAGE AMOUNT ALLOWANCE CREDIT
LOSS RATE $\u2019000 $\u2019000 IMPAIRED
Other
2.0%
75,316
1,534
No
The movement in expected credit losses in respect of trade receivables measured at amortised cost or fair value through other
comprehensive income during the year was as follows:
2023 2022
$\u2019000 $\u2019000
Balance at 1 January
1,534
424
Net remeasurement of loss allowance
46
1,110
Balance at 31 December
1,580
1,534
The credit risk on cash and cash equivalents is limited because funds are deposited with banks with high credit ratings assigned by
international credit rating agencies. For deposits in excess of $75 million the Group requires that the institution has an A- (S&P)/A3
(Moody\u2019s) long-term rating. For deposits in excess of $50 million, the Group requires that the institution has a BB- (S&P)/Ba3 (Moody\u2019s)
long-term rating.
At 31 December 2023 and 2022 cash was deposited with the following banks:
2023
2022
LONG-TERM CREDIT RATING
LONG-TERM CREDIT RATING
$ MILLION
S&P
MOODY\u2019S
$ MILLION
S&P
MOODY\u2019S
Nedbank Ltd
25.8
BB\u2013
Ba2
\u2013
\u2013
\u2013
Barclays Bank plc
23.2
A+ / Stable
A1/ Stable
81.4
A +
A1/ Stable
FirstRand Bank Limited
10.1
BB\u2013
Ba2
\u2013
BBB -
Ba2 /Stable
HSBC Bank plc
\u2013
\u2013
\u2013
1.0
AA- / Stable
A1/ Stable
Absa Bank Mauritius Limited
4.9
\u2013
Ba
20.5
\u2013
Ba2 /Negative
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "value": "Expected credit loss assessment of trade receivables For trade receivables measured at fair value through OCI and trade receivables measured at amortised cost, the Group allocates to each customer a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, financial statements and available market information about customers) and applying experienced credit judgement. The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2023. Equivalent to Moody\u2019s credit rating
GROSS IMPAIRMENT
WEIGHT CARRYING LOSS
AVERAGE AMOUNT ALLOWANCE CREDIT
LOSS RATE $\u2019000 $\u2019000 IMPAIRED
Other
2.0%
63,756
1,580
No
The following table provides information about the exposure to credit risk and expected credit losses as at 31 December 2022. Equivalent to Moody\u2019s credit rating
GROSS IMPAIRMENT
WEIGHT CARRYING LOSS
AVERAGE AMOUNT ALLOWANCE CREDIT
LOSS RATE $\u2019000 $\u2019000 IMPAIRED
Other
2.0%
75,316
1,534
No
The movement in expected credit losses in respect of trade receivables measured at amortised cost or fair value through other comprehensive income during the year was as follows:
2023 2022
$\u2019000 $\u2019000
Balance at 1 January
1,534
424
Net remeasurement of loss allowance
46
1,110
Balance at 31 December
1,580
1,534
The credit risk on cash and cash equivalents is limited because funds are deposited with banks with high credit ratings assigned by international credit rating agencies. For deposits in excess of $75 million the Group requires that the institution has an A- (S&P)/A3 (Moody\u2019s) long-term rating. For deposits in excess of $50 million, the Group requires that the institution has a BB- (S&P)/Ba3 (Moody\u2019s) long-term rating. At 31 December 2023 and 2022 cash was deposited with the following banks:
2023
2022
LONG-TERM CREDIT RATING
LONG-TERM CREDIT RATING
$ MILLION
S&P
MOODY\u2019S
$ MILLION
S&P
MOODY\u2019S
Nedbank Ltd
25.8
BB\u2013
Ba2
\u2013
\u2013
\u2013
Barclays Bank plc
23.2
A+ / Stable
A1/ Stable
81.4
A +
A1/ Stable
FirstRand Bank Limited
10.1
BB\u2013
Ba2
\u2013
BBB -
Ba2 /Stable
HSBC Bank plc
\u2013
\u2013
\u2013
1.0
AA- / Stable
A1/ Stable
Absa Bank Mauritius Limited
4.9
\u2013
Ba
20.5
\u2013
Ba2 /Negative
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "value": "
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that
are settled in cash payments. The Group\u2019s objective when managing liquidity is to ensure that it will have sufficient liquidity to meet its
liabilities when they are due.
The Group monitors mine payment forecasts, both operating and capital, which assist it in monitoring cash flow requirements and
optimising its cash return on investments. The Group aims to maintain the level of its cash and cash equivalents at an amount in excess
of expected cash outflows on financial liabilities. The Group monitors the level of expected cash inflows on trade receivables together
with expected cash outflows on trade and other payables.
The Group has a trade finance facility with Absa Bank for three of the Group\u2019s largest customers. In accordance with this facility, the bank
purchases 80% of the receivable without recourse. The facility is for a maximum amount of $30.0 million with limits on the maximum
amount that can be factored for each of the customers named in the facility. During the period, no trade receivables were factored under
this agreement. At the year end, trade receivables amounting to $45.3 million (2022: $43.1 million) may be factored under this facility and
are therefore included in trade receivables measured at fair value through OCI as at 31 December 2023. The cost of this facility for the
period, which amounted to $nil million (2022: $0.2 million), is included in finance costs in the statement of comprehensive income and in
net cash from operating activities in the statement of consolidated cash flows.
The Group has a trade facility with Barclays Bank for customers which it sells to under letter of credit terms. Under this facility, Barclays
Bank confirms the letter of credit from the issuing bank and therefore assumes the credit risk. Barclays Bank can also discount these
letters of credit thereby providing early payment of receivables to the Group. There is no limit under the Barclays Bank facility. During
the period, trade receivables of $10.9 million (2022: $201.4 million) were discounted under this facility. At the year end, there were $65.2
million (2022: $31.2 million) of trade receivables which can be discounted under this facility. The cost of this facility for the period, which
amounted to $1.5 million (2022: $2.0 million), is included in finance costs in the statement of comprehensive income and in net cash from
operating activities in the statement of consolidated cash flows.
The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2023 based on the gross contractual undiscounted payments: Financial liabilities
BETWEEN
LESS THAN TWO AND FIVE MORE THAN
TOTAL ONE YEAR YEARS FIVE YEARS
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
48,799
33,087
15,712
\u2013
Lease liabilities
2,019
390
1,173
456
Trade and other payables
38,564
38,564
\u2013
\u2013
89,382
72,041
16,885
456
The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2022 based on the gross contractual undiscounted payments: Financial liabilities
BETWEEN
LESS THAN TWO AND FIVE MORE THAN
TOTAL ONE YEAR YEARS FIVE YEARS
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Bank loans
80,795
33,653
47,142
\u2013
Lease liabilities
2,409
390
1,447
572
Trade and other payables
35,293
35,293
\u2013
\u2013
118,497
69,336
48,589
572
As disclosed in Note 20, the Group has bank loans that contain loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Under the loan agreement, the covenants are monitored on a regular basis by Group finance and regularly reported to management and the lenders to ensure compliance with the agreement. Furthermore, the group has authorised and committed expenditure on operations-related capital projects amounting to $93,664 million (2022: $11.5 million) as disclosed in Note 26. Risk concentration Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Group\u2019s performance to developments affecting a particular industry. The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Details of concentration of revenue are included in Note 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "value": "Market risk Market risk is risk that changes in market prices, foreign exchange rates and interest rates will affect the Group\u2019s income statement. The objective of market risk management is to manage and control market risk exposures while optimising returns. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "value": "Currency risk The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currency of all Group entities is US Dollars. The presentational currency of the Group is US Dollars. Sales and bank loans are denominated in US Dollars, which significantly reduces the exposure of the Group to foreign currency risk. Payable transactions are denominated in Mozambican Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi. During the year the Group entered into an agreement with Absa Bank Mauritius Ltd for the purchase and sale of US Dollars and South African Rand and the purchase of Mozambican Metical. The limit on the facility is $24 million and the maximum tenor is 3 months. The Group also entered into an agreement with Standard Bank Mauritius Ltd for the purchase of South African Rand. The limit on the facility is approximately $12.0 million and the maximum tenor is 3 months. There were no forward contracts in place at the period end. Exposure to currency risk The Group\u2019s gross exposure to currency risk as at 31 December 2023 is as follows.
SOUTH
MOZAMBICAN AFRICAN AUSTRALIAN
METICAL RAND EURO STERLING DOLLAR RENMINBI
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
12,956
1,712
338
395
156
\u2013
Cash and cash equivalents
5,371
9,296
571
499
3
17
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
\u2013
\u2013
(1,255)
\u2013
\u2013
\u2013
Trade and other payables
(12,919)
(1,741)
(296)
\u2013
\u2013
\u2013
Net exposure
5,408
9,267
(642)
894
159
17
The Group\u2019s exposure to currency risk as at 31 December 2022 is as follows.
SOUTH
MOZAMBICAN AFRICAN AUSTRALIAN
METICAL RAND EURO STERLING DOLLAR RENMINBI
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
Trade and other receivables
12,172
756
489
72
88
\u2013
Cash and cash equivalents
1,397
12,894
892
1,129
17
34
Bank loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Leases
\u2013
\u2013
(1,255)
\u2013
\u2013
\u2013
Trade and other payables
(20,367)
(2,178)
(502)
(10)
\u2013
\u2013
Net exposure
(6,798)
11,472
(376)
1,191
105
34
Sensitivity analysis A reasonably possible strengthening or weakening of the Mozambique Metical, South African Rand, Euro, Sterling, Australian Dollar and Renminbi by 10% against the US Dollar would have affected profit or loss by the amounts shown below. The analysis assumes that all other variables remain constant. Profit or loss
SOUTH
MOZAMBICAN AFRICAN AUSTRALIAN
METICAL RAND EURO STERLING DOLLAR RENMINBI
$\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000 $\u2019000
31 December 2023
Strengthening
540
927
(64)
89
16
2
Weakening
(540)
(927)
64
(89)
(16)
(2)
31 December 2022
Strengthening
(680)
1,147
(38)
119
11
3
Weakening
680
(1,147)
38
(119)
(11)
(3)
", "dimensions": { "concept": "kenmareresourcesplc:DisclosureOfCurrencyRisk", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "Interest rate risk The loan facilities are arranged at variable rates and expose the Group to cash flow interest rate risk. Variable rates are based on six- month SOFR. The borrowing rate at financial year end was 11.3% (2022: 9.2%). The interest rate profile of the Group\u2019s loan balances at the financial year end was as follows:
2023 2022
$\u2019000 $\u2019000
Variable rate debt
48,799
80,795
Under the assumption that all other variables remain constant, a reasonable possible change of 1% in the six-month SOFR rate results in a $0.5 million (2022: $0.8 million) change in finance costs for the financial year. The above sensitivity analyses are estimates of the impact of market risks assuming the specified change occurs. Actual results in the future may differ materially from these results due to developments in the global financial markets, which may cause fluctuations in interest rates to vary from the assumptions made above and therefore should not be considered a projection of likely future events. Interest rate benchmark reform A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as \u201cIBOR reform\u201d), including LIBOR (the London Interbank Offered Rate). Pursuant to an Amendment and Restatement Agreement entered into on 9 March 2023 in respect of the Group\u2019s debt facilities, the basis on which interest is calculated in respect of those facilities was amended with effect from 11 March 2023. As a result of the amendment, interest rates for interest periods commencing from 11 March 2023 onwards were no longer determined by reference to US LIBOR; instead they are determined on the basis of the applicable Term SOFR Rate. While US LIBOR represented an inter-bank lending rate, Term SOFR is a published screen rate derived from SOFR, being the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York. As SOFR represents a risk-free rate, a credit adjustment spread is applied in addition, which spread varies according to the length of the relevant interest period. The Group has concluded that the new basis for determining cashflows is economically equivalent to the previous basis.", "dimensions": { "concept": "kenmareresourcesplc:DisclosureOfInterestRateRisk", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-320": { "value": "
25. Capital management
The Group\u2019s capital management objective is to ensure that entities in the Group will be able to continue as a going concern while
maximising the return to shareholders through the optimisation of debt and equity balances.
The principal activity of the Group is the operation of the Mine. The Group therefore manages its capital to ensure existing operations
are adequately funded and, based on planned mine production levels, that the Mine will continue to achieve positive cash flows allowing
returns to shareholders.
At 31 December 2023, the Group had total debt facilities in place of $150 million (2022: $150 million), details of which are set out in
Note 20.
The Board periodically reviews the capital structure of the Group, including the cost of capital and the risks associated with each class
of capital. The Group manages and, if necessary, adjusts its capital structure taking account of the underlying economic conditions. Any
material adjustments to the Group\u2019s capital structure in terms of the relative proportions of debt and equity are approved by the Board.
The Group is not subject to any externally imposed capital requirements.
The definition of capital/capital structure of the Group consists of debt (which includes bank borrowings as disclosed in Note 20 and
leases as disclosed in Note 12) and equity attributable to equity holders of the Company, comprising issued capital, reserves, retained
profits and other reserves as disclosed in Notes 16 to 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-321": { "value": "
26. Capital commitments
2023 2022
$\u2019000 $\u2019000
Contracts for future expenditure authorised by the Board:
Capital authorised and contracted
93,664
11,535
Capital authorised and not contracted
39,066
12,439
Capital authorised and contracted represents the amount authorised and contracted at 31 December of the relevant financial year to be
spent on mine operations-related approved capital projects.
Capital authorised not contracted represents the amount not contracted but authorised at 31 December of the relevant financial year to
be spent on mine operations-related approved capital projects.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-353": { "value": "26. Capital commitments
2023 2022
$\u2019000 $\u2019000
Contracts for future expenditure authorised by the Board:
Capital authorised and contracted
93,664
11,535
Capital authorised and not contracted
39,066
12,439
Capital authorised and contracted represents the amount authorised and contracted at 31 December of the relevant financial year to be spent on mine operations-related approved capital projects. Capital authorised not contracted represents the amount not contracted but authorised at 31 December of the relevant financial year to be spent on mine operations-related approved capital projects.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-322": { "value": "
27. Related party transactions
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the
categories specified in IAS 24 Related Party Disclosures.
2023 2022
$\u2019000 $\u2019000
Short-term employee benefits
2,354
2,295
Post-employment benefits
113
104
Share-based payments
644
837
Total benefits
3,111
3,236
Further information about the remuneration of individual Directors and payments to former Directors is provided in the Directors\u2019 annual
report on remuneration on pages 128 to 139 and is deemed to be incorporated in this note to the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-354": { "value": "27. Related party transactions Remuneration of key management personnel The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.
2023 2022
$\u2019000 $\u2019000
Short-term employee benefits
2,354
2,295
Post-employment benefits
113
104
Share-based payments
644
837
Total benefits
3,111
3,236
Further information about the remuneration of individual Directors and payments to former Directors is provided in the Directors\u2019 annual report on remuneration on pages 128 to 139 and is deemed to be incorporated in this note to the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-323": { "value": "
28. Kenmare Resources plc
Kenmare Resources Public Company Limited is a public limited company. The place of registration is Ireland and the registered office
address is Styne House, Hatch Street Upper, Dublin 2. The registered number is 37550.
", "dimensions": { "concept": "kenmareresourcesplc:DisclosureOfKenmareResourcesPlc", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-324": { "value": "
29. Events after the statement of financial position date
New Debt Facility
On 4 March 2024, the Group entered into a $200 million Revolving Credit Facility (\u201cRCF\u201d) provided by Absa Bank Limited (acting through
its Corporate and Investment Banking Division), Nedbank Limited (acting through its Nedbank Corporate and Investment Banking
division) (\u201cNedbank\u201d), Rand Merchant Bank and Standard Bank Group (\u201cStandard Bank\u201d). The Mandated Lead Arranger in respect of the
Facility was Rand Merchant Bank.
The interest rate is 4.85% plus SOFR with a term of five years. The facility replaces the existing corporate debt facilities that were put
in place in 2019. The facility envisages the debt sharing of security with mine closure guarantee facility of up to $50 million (an increase
from the $40 million facility under the existing facilities).
Proposed dividend
On 19 March 2024, the Board proposed a final dividend of USc38.54 per share. This proposed dividend is subject to approval by the
shareholders at the Annual General Meeting. These financial statements do not reflect this dividend.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-325": { "value": "
30. Approval of financial statements
The financial statements were approved by the Board on 3 April 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400ETHWP1EKJMDO16", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }