Scope and boundary

The IAR of Assore Limited (Assore or group) covers the period 1 July 2012 to 30 June 2013. The group’s financial year ends on 30 June, and unless otherwise indicated or described, the information included in this report refers to the years ended 30 June 2013 and 30 June 2012. The previous IAR covered the period 1 July 2011 to 30 June 2012. Where any restatements have been made to any disclosures in the previous IAR, these are explained within the relevant sections.

The entities reported on include the following:

  • Assore Limited (Assore)
  • Assmang Limited (Assmang), jointly controlled by Assore 50% and therefore proportionately consolidated and African Rainbow Minerals Limited (ARM) 50%, which includes the following operations:
    • Khumani Iron Ore Mine (Khumani);
    • Beeshoek Iron Ore Mine (Beeshoek);
    • Black Rock Manganese Mines (Black Rock);
    • Cato Ridge Works (ferromanganese smelter);
    • Machadodorp Works (ferromanganese smelter);
    • Cato Ridge Alloys Proprietary Limited (CRA) (refined ferromanganese smelter); and
    • Dwarsrivier Chrome Mine (Dwarsrivier).

In addition to determining the strategy and monitoring of the overall management of Assmang in terms of the joint-venture agreement with ARM, Assore has the sole marketing and distribution agency for Assmang’s products and the emphasis on Assmang in this report relates primarily to this role (refer “Business model”).

  • AMT operations, being the subsidiary companies of Assore, which include:
    • Rustenburg Minerals Development Company Proprietary Limited (Rustenburg Minerals);
    • Zeerust Chrome Mines Limited (Zeerust);
    • Wonderstone Limited (Wonderstone); and
    • Head Office operations (Head Office), combining African Mining and Trust Company Limited (AMT) and Ore & Metal Company Limited (Ore & Metal), where relevant.

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The IAR has been prepared on the basis of the group’s consolidated financial statements, prepared in accordance with IFRS and relevant facts, issues and risks that are pertinent to the group’s operations. Guidelines used in compiling the separate elements of the IAR include:

Mineral resources and reserves report   South African Code for Reporting Mineral Resources and Mineral Reserves (SAMREC Code), and the Australian Institute of Mining and Metallurgy Joint Ore Reserves Committee Code (JORC Code)   Here
Corporate governance and risk management report   King Code on Corporate Governance, issued in September 2009 (King III)   Here
Black economic empowerment status report   Mineral and Petroleum Resources Development Act and the Broad-based Socio-economic Empowerment Charter for the South African Mining Industry issued thereunder (the Mining Charter) Codes of Good Practice, issued by the Department of Trade and Industry (DTI)   Here
Sustainability report   Various relevant guidelines, as well as those contained in the global reporting initiative (GRI) G3 indicators   Here
Annual financial statements   International Financial Reporting Standards (IFRS), Financial Reporting Guides, issued by the South African Institute of Chartered Accountants, South African Companies Act and JSE Listings Requirements   Here