2015	2014
		R’000	R’000
5	INVESTMENT IN ASSOCIATE
	On 2 December 2014, Assore subscribed for a 30,3% stake in IronRidge Resources Limited (IronRidge), against which it was awarded a stake of 29,9% upon its admission to the Alternative Investment Market (AIM) on the London Stock Exchange on 12 February 2015. IronRidge is registered in Australia and is an emerging regional iron ore explorer with two exploration projects in the Nyanga and Ogooue-Ivindo provinces of Gabon and a titanium and bauxite project in the state of Queensland, Australia. In accordance with IFRS, IronRidge is accounted for on the equity accounting basis and Assore has disclosed its share of IronRidge’s loss after taxation in its income statement as “Share of loss of associate, after taxation”. At year-end, the fair value of the group’s investment was R56 383 000 (2014: Rnil) The financial information set out below has been extracted from the provisional results of IronRidge for the year ended 30 June 2015, converted to the group reporting currency as follows:
	Abridged income statement of IronRidge
	Revenue	9	–
	Total reported comprehensive loss for the year	(4 003)	–
	Abridged statement of financial position of IronRidge
	Non-current assets	29 923	–
	Current assets
	Trade and other receivables	277	–
	Cash resources	140 674	–
		170 874	–
	Total liabilities
	Trade and other payables	2 563	–
	Net assets	168 311	–
	Proportion of the group's ownership (%)	29,90	–
	Reconciliation of investment at year-end to share in net asset value (NAV) and goodwill
	Cost of investment	121 953	–
	– Share of NAV	50 306	–
	– Goodwill	71 647	–
	Share of equity losses	(1 197)	–
		120 756	–